Wednesday, May 22, 2019

Thursday Watch

Night Trading 
  • Asian equity indices are -1.0% to -.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 73.0 +1.75 basis points.
  • China Sovereign CDS 50.5 +2.25 basis points.
  • Bloomberg Emerging Markets Currency Index 65.64 -.10%.
  • S&P 500 futures -.41%.
  • NASDAQ 100 futures -.59%.

Earnings of Note 
Company/Estimate
Before the Open:
  • (BBY)/.87
  • (BJ)/.25
  • (HRL)/.45
  • (MDT)/1.47
  • (RY)/2.21
  • (SINA)/.37
  • (TK)/-.09
  • (TTC)/1.21
  • (TD)/1.68
  • (WB)/.62
After the Close:
  • (ADSK)/.47
  • (DECK)/.06
  • (HPE)/.36
  • (HPQ)/.51
  • (INTU)/5.39
  • (LGF/A)/.22
  • (ROST)/1.12
  • (SPLK)/-.14
  • (VSAT)/.07
Economic Releases
8:30 am EST
  • Initial Jobless Claims are estimated to rise to 215K versus 212K the prior week.
  • Continuing Claims are estimated to rise to 1666K versus 1660K prior.
9:45 am EST
  • The preliminary Markit US Manufacturing PMI report for May is estimated to rise to 52.7 versus 52.6 in April. 
  • The preliminary Markit US Services PMI report for May is estimated to rise to 53.5 versus 53.0 in April.
10:00 am EST
  • New Home Sales for April are estimated to fall to 675K versus 692K in March.
11:00 am EST
  • The Kansas City Fed Manufacturing Activity Index for May is estimated to rise to 6.0 versus a reading of 5.0 in April.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Kaplan speaking, Fed's Barkin speaking, Fed's Daly speaking, Eurozone GDP/Manufacturing PMI reports, weekly EIA natural gas inventory report and the (WHR) investor day could also impact trading today.
BOTTOM LINE: Asian indices are lower, weighed down by technology and industrial shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon. The Portfolio is 50% net long heading into the day.

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