Wednesday, December 04, 2019

Thursday Watch

Night Trading 
  • Asian equity indices are +.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 65.0 -.75 basis point.
  • China Sovereign CDS 39.5 +.75 basis point.
  • Bloomberg Emerging Markets Currency Index  65.49 +.03%.
  • FTSE 100 futures +.11%.
  • S&P 500 futures -.08%.
  • NASDAQ 100 futures -.11%.
Morning Preview Links

Earnings of Note 
Before the Open:
  • (AZZ)/.56
  • (BF/B)/.52
  • (DG)/1.38
  • (JILL)/.10
  • (KR)/.49
  • (SIG)/-1.09
  • (TIF)/.85
  • (TD)/1.74
After the Close:
  • (COO)/3.27
  • (CRWD)/-.12
  • (KFY)/.81
  • (OKTA)/-.12
  • (ULTA)/2.14
  • (ZUMZ)/.60
Economic Releases
7:30 am EST
  • Challenger Job Cuts YoY for Nov.
8:30 am EST
  • Initial Jobless Claims for last week are estimated to rise to 215K versus 213K the prior week.
  • Continuing Claims are estimated to rise to 1660K versus 1640K prior.
  • The Trade Deficit for Oct. is estimated at -$48.6B versus -$52.5B in Sept.
10:00 am EST
  • Factory Orders for Oct. are estimated to rise +.3% versus a -.6% decline in Sept.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Quarles speaking, Eurozone retail sales report, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report, Goldman Sachs Auto Conference, BofA Merrill Solar/Alt Energy Symposium, (WFC) analyst meeting, (WMB) analyst day, (EW) investor day and the (BIIB) Aducanumab Phase 3 Topline results could also impact trading today.
BOTTOM LINE: Asian indices are higher, boosted by commodity and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.

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