Tuesday, April 16, 2019

Wednesday Watch

Night Trading 
  • Asian equity indices are unch. to +.50% on average.
  • Asia Ex-Japan Investment Grade CDS Index 64.0 unch.
  • Asia Pacific Sovereign CDS Index 42.0 -.25 basis point.
  • Bloomberg Emerging Markets Currency Index 67.39 -.04%.
  • S&P 500 futures +.01%
  • NASDAQ 100 futures +.08%.

Earnings of Note 
Company/Estimate
Before the Open:
  • (ABT)/.62
  • (ASML)/.48
  • (BMI)/.37
  • (BK)/.96
  • (KSU)/1.44
  • (MS)/1.17
  • (PEP)/.93
  • (TXT)/.69
  • (USB)/1.00 
After the Close:
  • (AA)/-.14
  • (BXS)/.55
  • (CCI)/1.37
  • (ETFC)/.93
  • (KMI)/.25
  • (LVS)/.86
  • (PIR)/-.24
  • (SLG)/1.70 
  • (URI)/3.04
Economic Releases
8:30 am EST
  • The Trade Balance report for Feb. is estimated to widen to -$53.4B versus -.
10:00 am EST
  • Wholesale Inventories MoM for Feb. is estimated to rise +.3% versus a +1.2% gain in Jan.
  • Wholesale Trade Sales MoM for Feb. is estimated to rise +.3% versus a +.5% gain in Jan.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +1,564,330 barrels versus a +7,029,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,720,750 barrels versus a -7,710,000 barrel decline the prior week. Distillate inventories are estimated to fall by -1,176,750 barrels versus a -116,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.89% versus a +1.1% gain prior.
2:00 pm EST
  • U.S. Fed Beige Book.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China Retail Sales/Industrial Production/GDP reports, UK Inflation data, weekly MBA Mortgage Applications report and the BofA Merrill Auto Summit 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.

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