Wednesday Watch

Night Trading 

• Asian equity indices are -.25% to +.50% on average.

• Asia Ex-Japan Investment Grade CDS Index 67.75 unch. 

• China Sovereign CDS 42.75 -.25 basis point.
  

• Bloomberg Emerging Markets Currency Index 67.34 +.06%.

• FTSE 100 futures -.08%.

• S&P 500 futures +.23%.

• NASDAQ 100 futures +.23%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (AYI)/1.78
• (SIG)/3.82

After the Close:

• (RECN)/.22

Economic Releases
8:15 am EST

• The ADP Employment Change for March is estimated to fall to 175K versus 183K in Feb.
  

10:00 am EST

• The ISM Non-Manufacturing Index for March is estimated to fall to 58.0 versus 59.7 in Feb.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -590,910 barrels versus a +2,800,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -2,072,730 barrels versus a -2,883,000 barrel decline the prior week. Distillate inventories are estimated to fall by -786,360 barrels versus a -2,075,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.9% versus a -2.3% decline prior.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Kashkari speaking, Chinese trade talks in Washington, China Manufacturing/Services PMI reports, PBMs testimony to Senate and the weekly MBA Mortgage Applications report could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by industrial and technology shares in the region. I expect US stocks to open mixed and to strengthen into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.