Wednesday Watch

Night Trading 

• Asian equity indices are -.5% to -.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 73.50 +9.0 basis points. 

• China Sovereign CDS 44.0 -.5 basis point.

• Bloomberg Emerging Markets Currency Index 67.93 -.01%.

• FTSE 100 futures +.51%.

• S&P 500 futures -.04%.

• NASDAQ 100 futures -.05%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (GIS)/.69

After the Close:

• (GES)/.75
• (MLHR)/.61
• (MU)/1.68
• (WSM)/1.97
• (WOR)/.56

Economic Releases
10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory gain of +336,000 barrels versus a -3,862,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -2,608,440 barrels versus a -4,624,000 barrel decline the prior week. Distillate inventories are estimated to fall by -1,172,220 barrels versus a +383,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.32% versus a +.1% gain prior.
  

2:00 pm EST

• The FOMC is expected to leave the benchmark Fed Funds rate between 2.25-2.5%.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's press conference, UK CPI report, weekly MBA Mortgage Applications report and the (NTNX) investor day could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by technology and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing modestly mixed.  The Portfolio is 75% net long heading into the day.