Wednesday Watch

Night Trading 

• Asian equity indices are -.75% to -.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 99.0 +3.5 basis points. 

• Asia Pacific Sovereign CDS Index 11.75 unch.

• Bloomberg Emerging Markets Currency Index 66.71 +.03%.

• FTSE 100 futures n/a.

• S&P 500 futures +.06%.

• NASDAQ 100 futures +.08%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• None of note

After the Close:

• None of note

Economic Releases

9:00 am EST

• The S&P CoreLogic 20-City Composite Home Price Index MoM for October is estimated to rise +.3% versus a +.33% gain in September.

10:00 am EST

• The Richmond Fed Manufacturing Index for Dec. is estimated to rise to 15.0 versus 14.0 in Nov.

Upcoming Splits

• None of note

Other Potential Market Movers

• The BoJ's Kuroda speaking and $41B 5Y T-Note auction could also impact trading today.

BOTTOM LINE:  Asian indices are lower, weighed down by technology and commodity shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing modestly higher.  The Portfolio is 25% net long heading into the day.