Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 58.0 -2.0 basis points.

• China Sovereign CDS 29.25 -1.25 basis points.

• Bloomberg Emerging Markets Currency Index 61.64 -.02%.
• Bloomberg Global Risk-On/Risk Off Index 1,464.0 +20.0 points.
• Volatility Index(VIX) futures 24.51 +.35%
• FTSE 100 futures -.41%.

• S&P 500 futures -.32%.

• NASDAQ 100 futures -.23%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (PDCO)/.39
• (RY)/2.07
  

After the Close:

• (CMTL)/.09
• (CRWD)/.00
• (FIVE)/.19
• (GES)/.05
• (OKTA)/-.01
• (PVH)/.18
• (SMTC)/.46
• (SNOW)-.26
• (SPLK)/.09
• (SNPS)/1.57
• (VRNT)/.79
• (ZS)/.06
  

Economic Releases 

8:15 am EST

• The ADP Employment Change for Nov. is estimated to rise to 430K versus 365K in Oct.

10:30 am EST:

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,900,000 barrels versus a -754,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +1,554,820 barrels versus a +2,180,000 barrel gain the prior week. Distillate inventories are estimated to fall by -1,092,090 barrels versus a -1,441,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.63% versus a +1.3% gain prior.
  

2:00 pm EST

• US Fed Beige Book release. 

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Treasury's Mnuchin/Fed Chairman Powell testifying to House, Fed's Quarles speaking, Eurozone Unemployment Rate, weekly MBA Mortgage Applications report, Credit Suisse Industrials Conference and the (COHU) investor conference 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 consumer shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.