Tuesday, December 25, 2018

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
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.

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