Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 67.25 -.5 basis point. 

• China Sovereign CDS 47.0 -5.0 basis points.

• Bloomberg Emerging Markets Currency Index 67.59 -.01%.

• FTSE 100 futures +.44%.

• S&P 500 futures -.07%.

• NASDAQ 100 futures -.08%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (VRA)/.24

After the Close:

• (SMTC)/.53
• (WSM)/1.97
• (CLDR)/-.07

Economic Releases
8:30 am EST

• PPI Final Demand MoM for Feb. is estimated to rise +.2% versus a -.1% decline in Jan.
• PPI Ex Food and Energy MoM for Feb. is estimated to rise +.2% versus a +.3% gain in Jan.
• Durable  Goods Orders for Jan. is estimated to fall -.4% versus a +1.2% gain in Dec.
• Durables Ex Transports for Jan. is estimated to rise +.1% versus a +.1% gain in Dec.
• Cap Goods Orders Non-Defense Ex-Air for Jan. is estimated to rise +.2% versus a -1.0% decline in Dec.

10:00 am EST

• Construction Spending MoM for Jan. is estimated to rise +.5% versus a -.6% decline in Dec.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone Industrial Production report, $16B 30Y T-Note auction, weekly MBA Mortgage Applications report, weekly EIA energy inventory data, (AXP) investor day, (CY) analyst day and the (EFX) investor meeting could also impact trading today.

BOTTOM LINE:  Asian indices are slightly lower, weighed down by financial 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 100% net long heading into the day.