Sunday, December 29, 2019

Monday Watch

Today's Headlines
  • Asian Stocks Set for Muted Open, at 18-Month High. Asian stocks are set to drift on Monday around the highest in a year and a half, with few financial market catalysts going into the year-end. Futures slipped in Tokyo and were little changed in Hong Kong. Australian equities opened flat. U.S. futures were little changed after stocks ended Friday mixed as traders assessed a rally that’s added more than $5 trillion to equities this year. The S&P 500 Index notched a fifth straight weekly advance. Treasuries rose on Friday, when the dollar logged its biggest drop since October. Nikkei 225 futures fell 0.3% in Singapore. Australia’s S&P/ASX 200 Index fell 0.1%. Hang Seng Index futures were little changed. S&P 500 futures rose about 0.1%. The S&P 500 was little changed Friday. 
Wall Street Journal:
Night Trading
  • Asian indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 53.0 unch.
  • China Sovereign CDS 30.75 -1.25 basis points.
  • Bloomberg Emerging Markets Currency Index 66.58 +.03%.
  • FTSE 100 futures n/a.
  • S&P 500 futures +.09%.
  • NASDAQ 100 futures +.15%.

Earnings of Note
Before the Open:
  • None of note
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • Advance Goods Trade Balance for Nov. is estimated at -$69.0B versus -$66.5B in Oct.
  • Retail Inventories MoM for Nov. is estimated to rise +.1% versus a +.3% gain in Oct.
  • Wholesale Inventories MoM for Nov. is estimated to rise +.2% versus a +.1% gain in Oct.
9:45 am EST
  • The MNI Chicago PMI for Dec. is estimated to rise to 48.0 versus 46.3 in Nov.
10:00 am EST
  • Pending Home Sales MoM for Nov. is estimated to rise +1.5% versus a -1.7% decline in Oct. 
  • Dallas Fed Manufacturing Activity for Dec. is estimated to rise to 0.0 from -1.3 in Nov.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China Manufacturing PMI report could also impact trading today.
Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by consumer and commodity shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the week.

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