Wednesday, December 05, 2018

Thursday Watch

Night Trading 
  • Asian equity indices are -1.0% to -.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 93.75 +3.75 basis points. 
  • Asia Pacific Sovereign CDS Index 9.75 + .5 basis point.
  • Bloomberg Emerging Markets Currency Index 67.21 -.06%.
  • FTSE 100 futures -.71%.
  • S&P 500 futures -.82%.
  • NASDAQ 100 futures -1.04%.
Morning Preview Links

Earnings of Note
Before the Open:
  • (HOME)/.15
  • (DLTH)/-.10
  • (GCO)/.86
  • (GIII)/1.81
  • (HRB)/-.93
  • (HOV)/.19
  • (KFY)/.80
  • (KR)/.43
  • (LE)/.10
  • (MIK)/.44
  • (PDCO)/.37
  • (SIG)/-1.10
  • (PLCE)/3.07
  • (TTC)/.33
After the Close:
  • (AVGO)/5.58
  • (COO)/2.96
  • (LULU)/.70
  • (ULTA)/2.16
  • (UNFI)/.73
  • (ZUMZ)/.49
Economic Releases
7:30 am EST
  • Challenger Job Cuts YoY for November.
8:15 am EST
  • The ADP Employment Change report for November is estimated to fall to 195K versus 227K in October.
8:30 am EST
  • The Trade Deficit for October is estimated to widen to -$55.0B versus -$54.0B in September.
  • Initial Jobless Claims for last week are estimated to fall to 225K versus 234K the prior week.
  • Continuing Claims are estimated to fall to 1695K versus 1710K prior.
10:00 am EST
  • The ISM Non-Manufacturing report for November is estimated to fall to 59.0 versus 60.3 in October. 
  • Factory Orders for October are estimated to fall -2.0% versus a +.7% gain in September.
11:00 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,961,110 barrels versus a +3,577,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +912,500 barrels versus a -764,000 barrels the prior week. Distillate inventories are estimated to rise by +962,500 barrels versus a +2,610,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.45% versus a +2.9% gain prior.
12:00 pm EST
  • 3Q Household Change in Net Worth. 
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Powell House Testimony, Fed's Williams speaking, Fed's Bostic speaking, OPEC meeting, Australia Retail Sales report, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report and the (BKE)/(CATO)/(LB) monthly sales reports could also impact trading today.
BOTTOM LINE:  Asian indices are mostly lower, weighed down by technology and financial shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon.  The Portfolio is 25% net long heading into the day.

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