Night Trading
- Asian equity indices are -1.25% to -.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 65.75 +1.25 basis points.
- China Sovereign CDS 40.25 +1.25 basis points.
- Bloomberg Emerging Markets Currency Index 65.30 -.05%.
- FTSE 100 futures +.06%.
- S&P 500 futures +.02%.
- NASDAQ 100 futures +.03%.
Earnings of Note
Company/Estimate
Before the Open:
- (CPB)/.71
- (GIII)/1.94
- (JW/A)/.65
After the Close:
- (HOME)/-.02
- (FIVE)/.17
- (HRB)/-.92
- (RH)/2.25
- (SMTC)/.40
- (SNPS)/1.13
Economic Releases
8:15 am EST
- The ADP Employment Change for Nov. is estimated to rise to 135K versus 125K in Oct.
10:00 am EST
- The ISM Non-Manufacturing Index for Nov. is estimated to fall to 54.5 versus 54.7 in Oct.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,486,310 barrels versus a +1,572,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +1,469,750 barrels versus a +5,132,000 barrel gain the prior week. Distillate inventories are estimated to rise by +327,420 barrels versus a +725,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.84% versus a -.2% decline prior.
Upcoming Splits
- None of note
Other Potential Market Movers
- The Fed's Quarles speaking, Berenberg European Conference, Eurozone PMI report, weekly MBA Mortgage Applications report and the impeachment hearing could also impact trading today.
BOTTOM LINE:
Asian indices are lower, weighed down by commodity and industrial
shares in the region. I expect US stocks to open modestly lower and to
rally into the afternoon, finishing modestly higher. The Portfolio is
100% net long heading into the day.
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