Monday, February 25, 2019

Tuesday Watch

Night Trading 
  • Asian equity indices are -.50% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 70.75 -1.5 basis points
  • China Sovereign CDS 49.75 -1.75 basis points.
  • Bloomberg Emerging Markets Currency Index 68.36 -.01%.
  • FTSE 100 futures -.65%.
  • S&P 500 futures -.40%.
  • NASDAQ 100 futures -.56%.
Morning Preview Links

Earnings of Note
Before the Open:
  • (AMWD)/1.33
  • (AZO)/.10
  • (CLVS)/-1.72
  • (CBRL)/2.54
  • (DISCA)/.81
  • (HD)/2.16
  • (SJM)/2.02
  • (LL)/.16
  • (M)/2.53
  • (SAFM)/-1.48
  • (TPH)/.65
After the Close:
  • (EOG)/1.37
  • (JAZZ)/3.03
  • (MELI)/-.11
  • (MYL)/1.36
  • (NBR)/-.18
  • (PANW)/1.22
  • (PZZA)/.15
  • (PSA)/2.78
  • (RRGB)/.37
  • (TOL)/.61
Economic Releases
8:30 am EST
  • Housing Starts for Dec. is estimated to fall to 1255K versus 1256K in Nov.
  • Building Permits for Dec. is estimated to fall to 1290K versus 1328K in Nov.
9:00 am EST
  • The House Price Purchase Index for 4Q.
  • The FHFA House Price Index MoM for Dec. is estimated to rise +.4% versus a +.4% gain in Nov.
  • The S&P Corelogic CS 20-City MoM for Dec. is estimated to rise +.3% versus a +.3% gain in Nov.
10:00 am EST
  • The Richmond Fed Manufacturing Index for Feb. is  estimated to rise to 5.0 versus -2.0 in Jan.
  • The Conference Board Consumer Confidence Index for Feb. is estimated to rise to 124.9 versus 120.2 in Jan.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Powell testimony to Senate, German Consumer Confidence report, $32B 7Y T-Note auction, weekly US retail sales reports, US drugmakers testimony to Congress, Simmons Energy Conference, (TROW) investor day and the (JPM) investor day could also impact trading today.
BOTTOM LINE:  Asian indices are mostly lower, weighed down by commodity and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.

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