Night Trading
- Asian equity indices are -1.0% to -.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 65.75 -.47%.
- China Sovereign CDS 46.75 -1.25 basis points.
- Bloomberg Emerging Markets Currency Index 65.39 unch.
- FTSE 100 futures n/a.
- S&P 500 futures +.05%.
- NASDAQ 100 futures +.07%.
Earnings of Note
Company/Estimate
Before the Open:
- (ADI)/1.23
- (LOW)/2.00
- (TGT)/1.62
- (PLCE)/.18
After the Close:
- (LB)/.20
- (JWN)/.77
- (SPLK)/.12
- (SNPS)/1.10
Economic Releases
10:00 am EST
- Existing Home Sales for July is estimated to rise to 5.4M versus 5.27M in June.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,391,560 barrels versus a +1,580,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -72,560 barrels versus a -1,412,000 barrel decline the prior week. Distillate inventories are estimated to rise by +35,330 barrels versus a -1,938,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.06% versus a -1.6% decline prior.
2:00 pm EST
- July 31 FOMC Meeting Minutes.
Upcoming Splits
- None of note
Other Potential Market Movers
- The Canadian CPI report and the weekly MBA Mortgage Applications report could also impact trading today.
BOTTOM LINE:
Asian indices are lower, weighed down by financial and consumer shares
in the region. I expect US stocks to open modestly lower and to rally
into the afternoon, finishing mixed. The Portfolio is 50% net long
heading into the day.
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