Wednesday, December 16, 2020

Thursday Watch

Evening Headlines

Wall Street Journal:
Fox News:       
Zero Hedge:

The Epoch Times:
Daily Caller:
NTD News:
Night Trading 
  • Asian equity indices are -.5% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 57.25 unch.
  • China Sovereign CDS 28.0 unch.
  • Bloomberg Emerging Markets Currency Index 62.62 +.04%.
  • Bloomberg Global Risk-On/Risk Off Index 1,403.0 +38.0 points.
  • Volatility Index(VIX) futures 24.15 +.21%
  • FTSE 100 futures +.13%.
  • S&P 500 futures +.06%.
  • NASDAQ 100 futures +.08%.
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (ACN)/2.05
  • (CCL)/-1.84
  • (GIS)/.93
  • (JBL)/1.15
  • (NAV)/.31
  • (RAD)/-.05
  • (SAFM)/.23
After the Close:
  • (AIR)/.18
  • (BB)/-.01
  • (FDX)/3.99 
  • (SCHL)/1.38
  • (SCS)/.03
Economic Releases
8:30 am EST:
  • Initial Jobless Claims for last week are estimated to fall to 815K versus 853K the prior week.
  • Continuing Claims are estimated to fall to 5700K versus 5757K prior.
  • Housing Starts for Nov. are estimated to rise to 1535K versus 1530K in Oct.
  • Building Permits for Nov. are estimated to rise to 1560K versus 1545K in Oct.
  • The Philly Fed Business Outlook Index for Dec. is estimated to fall to 20.0 versus 26.3 in Nov.
11:00 am EST
  • The Kansas City Fed Manufacturing Activity for Dec. is estimated to fall to 9.0 versus 11.0 in Nov.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The BoE Rate Decision, Eurozone Inflation Data, weekly EIA natural gas inventory report, Bloomberg weekly Consumer Comfort Index, Bloomberg Economic Expectations Index for Dec. and the Moderna FDA meeting for EUA covid-19 vaccine approval could also impact trading today.
Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by financial 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 75% net long heading into the day.

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