Tuesday, November 03, 2020

Wednesday Watch

Night Trading 
  • Asian equity indices are -.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 66.75 -2.25 basis points.
  • China Sovereign CDS 37.75 -1.5 basis points.
  • Bloomberg Emerging Markets Currency Index 58.99 +.77%.
  • Bloomberg Global Risk-On/Risk Off Index -128.0 +264.0 points.
  • Volatility Index(VIX) futures 30.20 -8.97%
  • FTSE 100 futures n/a.
  • S&P 500 futures +.71%.
  • NASDAQ 100 futures +.47%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (CCJ)/-.05
  • (HLT)/-.04
  • (PRGO)/.86
  • (SMG)/.06
  • (WEN)/.17
After the Close:
  • (ALB)/.76
  • (ALL)/1.76
  • (APA)/-.39
  • (BLUE)/-3.02
  • (CF)/.06
  • (EXPE)/-.79
  • (H)/-1.31
  • (MRO)/-.28
  • (MTCH)/.52
  • (MELI)/.21
  • (MET)/1.58
  • (QCOM)/1.18
  • (RGLD)/.84
Economic Releases
8:15 am EST
  • The ADP Employment Change for Oct. is estimated to fall to 650K versus 749K in Sept.
8:30 am EST
  • The Trade Balance for Sept. is estimated to shrink to -$63.9B versus -$67.1B in Aug.
10:00 am EST
  • The ISM Services Index for Oct. is estimated to fall to 57.5 versus 57.8 in Sept.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +581,900 barrels versus a +4,320,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -404,560 barrels versus a -892,000 decline prior. Distillate inventories are estimated to fall by -2,789,110 barrels versus a -4,491,000 barrel decline prior. Finally, Refinery Utilization is estimated to fall by -.43% versus a +1.7% gain prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone Services PMI report, Australia Balance of Trade report and the weekly MBA Mortgage Applications report 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 lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

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