Wednesday, December 18, 2019

Thursday Watch

Night Trading 
  • Asian equity indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 55.25 -1.5 basis points.
  • China Sovereign CDS 32.25 -.75 basis point.
  • Bloomberg Emerging Markets Currency Index  66.27 +.03%.
  • FTSE 100 futures +.05%.
  • S&P 500 futures -.05%.
  • NASDAQ 100 futures -.04%.

Earnings of Note 
Before the Open:
  • (ACN)/1.99
  • (APOG)/.76
  • (CAG)/.57
  • (DRI)/1.07
  • (RAD)/.15
  • (SAFM)/-1.01
After the Close:
  • (NKE)/.58
  • (SCHL)/1.77
  • (AIR)/.60
Economic Releases 
8:30 am EST
  • The Current Account Deficit for 3Q is estimated at -$122.0B versus -$128.2B in 2Q.
  • The Philly Fed Business Outlook Index for Dec. is estimated to fall to 8.0 versus 10.4 in Nov.
  • Initial Jobless Claims for last week are estimated to fall to 225K versus 252K the prior week.
  • Continuing Claims are estimated to rise to 1676K versus 1667K prior.
10:00 am EST
  • The Leading Index for Nov. is estimated to rise +.1% versus a -.1% decline in Oct.
  • Existing Home Sales for Nov. is estimated to fall to 5.44M versus 5.46M in Oct.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Japan Inflation Data report, Bloomberg Economic Expectations Index for Dec., weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report and the (MCK) sell-side analyst meeting could also impact trading today.
BOTTOM LINE: Asian indices are slightly lower, weighed down by consumer and industrial 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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