Wednesday Watch

Night Trading 

• Asian equity indices are -.25% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 57.0 -1.0 basis point.

• China Sovereign CDS 36.25 unch.

• Bloomberg Emerging Markets Currency Index 60.73 -.03%.
• Bloomberg Global Risk-On/Risk Off Index 410.0 +22.0 points.
• Volatility Index(VIX) futures 30.6 +.58%
• FTSE 100 futures -.70%.

• S&P 500 futures -.11%.

• NASDAQ 100 futures -.30%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (BRC)/.52

After the Close:

• (MLHR)/.30

Economic Releases

8:30 am EST:

• Retail Sales Advance MoM for Aug. is estimated to rise +1.0% versus a +1.2% gain in July.
• Retail Sales Ex Autos MoM for Aug. is estimated to rise +1.0% versus a +1.9% gain in July.
• Retail Sales Ex Autos and Gas for Aug. is estimated to rise +.9% versus a +1.5% gain in July.
  

10:00 am EST

• Business Inventories for July is estimated to rise +.1% versus a -1.1% decline in June.
• The NAHB Housing Market Index for Sept. is estimated at 78.0 versus 78.0 in Aug.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory gain of +1,453,2000 barrels versus a +2,033,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,059,400 barrels versus a -2,954,000 barrel decline the prior week. Distillate inventories are estimated to fall by -227,700 barrels versus a -1,675,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise +1.46% versus a -4.9% decline prior.

2:00 pm EST

• The FOMC is expected to leave the benchmark Fed Funds Rate at 0.0-.25%.
  

4:00 pm EST

• Net Long-Term TIC Flows for July.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The FOMC press conference, UK inflation data report, weekly MBA Mortgage Applications report, Wells Fargo Consumer Conference, Morgan Stanley Autos/Industrials Conference and the (NTAP) analyst day could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and commodity shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.