Night Trading
- Asian equity indices are -.75% to unch. on average.
- Asia Ex-Japan Investment Grade CDS Index 64.5 +.75 basis point.
- China Sovereign CDS 43.0 +1.0 basis point.
- Bloomberg Emerging Markets Currency Index 67.63 -.01%.
- S&P 500 futures -.05%.
- NASDAQ 100 futures -.09%.
Earnings of Note
Company/Estimate
Before the Open:
- (ABT)/.80
- (ASML)/.95
- (BAC)/.71
- (BK)/.96
- (CMA)/2.00
- (PGR)/1.41
- (TXT)/.86
- (USB)1.07
After the Close:
- (AA)/-.01
- (BXS)/.61
- (CCI)/1.39
- (EBAY)/.,62
- (IBM)/3.09
- (KMI)/.24
- (NFLX)/.55
- (SLG)/1.74
- (URI)/4.51
Economic Releases
8:30 am EST
- Housing Starts for June is estimated to fall to 1260K versus 1269K in May.
- Building Permits for June is estimated to rise to 1300K versus 1294K in May.
10:30 am EST
- Bloomberg
consensus estimates call for a weekly crude oil inventory decline of
-3,785,270 barrels versus a -9,499,000 barrel decline the prior week.
Gasoline supplies are estimated to fall by -2,421,100 barrels versus a
-1,455,000 barrel decline the prior week. Distillate inventories are
estimated to rise by +780,400 barrels versus a +3,729,000 barrel gain
the prior week. Finally, Refinery Utilization is estimated to fall by
-.49% versus a +.5% gain prior.
2:00 pm EST
- US Fed's Beige Book report.
Upcoming Splits
- None of note
Other Potential Market Movers
- The UK CPI report, Eurozone Consumer Confidence report, weekly MBA Mortgage Applications report and the House Hearing on (FB)'s cryptocurrency could also impact trading today.
BOTTOM LINE:
Asian indices are mostly lower, weighed down by industrial and
technology shares in the region. I expect US stocks to open modestly
lower and to rally into the afternoon, finishing mixed. The Portfolio is
75% net long heading into the day.
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