Wednesday, December 11, 2019

Thursday Watch

Night Trading 
  • Asian equity indices are -.25% to +1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 63.0 -1.0 basis point.
  • China Sovereign CDS 37.25 -1.25 basis points.
  • Bloomberg Emerging Markets Currency Index  65.95 +.06%.
  • FTSE 100 futures +.17%.
  • S&P 500 futures +.12%.
  • NASDAQ 100 futures +.14%.

Earnings of Note 
Before the Open:
  • (CIEN)/.63
After the Close:
  • (ADBE)/2.26
  • (AVGO)/5.35
  • (COST)/1.72
  • (ORCL)/.89
Economic Releases 
8:30 am EST
  • PPI Final Demand MoM for Nov. is estimated to rise +.2% versus a +.4% gain in Oct.
  • PPI Ex Food and Energy MoM for Nov. is estimated to rise +.2% versus a +.3% gain in Oct.
  • Initial Jobless Claims for last week are estimated to rise to 214K versus 203K the prior week.
  • Continuing Claims are estimated to fall to 1678K versus 1693K prior.
12:00 pm EST
  • Household Change in Net Worth for 3Q.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The ECB rate decision/press conference, $16B 30Y T-Bond auction, weekly Bloomberg Consumer Comfort Index, weekly EIA Energy Inventory report, BofA Water Conference, (DAL) investor day, (MET) investor day and the (ALB) investor day could also impact trading today.
BOTTOM LINE: Asian indices are mostly higher, boosted by industrial 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 100% net long heading into the day.

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