Tuesday, February 23, 2021

Wednesday Watch

Evening Headlines

Wall Street Journal: 
Fox News:
CNBC.com:
MarketWatch.com:       
Zero Hedge:
Newsmax:    
TheGatewayPundit.com:
The Epoch Times:
Night Trading 
  • Asian equity indices are -.5% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 58.0 -.5 basis point.
  • China Sovereign CDS 29.25 -.25 basis point.
  • Bloomberg Emerging Markets Currency Index 62.74 +.03%.
  • Bloomberg Global Risk-On/Risk Off Index 2,762.0 +27.0 points.
  • Volatility Index(VIX) futures 24.9 +.6%.
  • FTSE 100 futures +.17%.
  • S&P 500 futures +.14%.
  • NASDAQ 100 futures +.20%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (EV)/.89
  • (ELAN)/.10
  • (EXC)/.66
  • (FDP)/-.14
  • (ITRI)/.30
  • (LOW)/1.21
  • (ODP)/.83
  • (OSTK)/.05
  • (RGEN)/.31
  • (SINA)/.86
  • (TEN)/1.04
  • (TJX)/.61
  • (UTHR)/3.51
  • (WEX)/1.47
After the Close:
  • (DDD)/.10
  • (APA)/-.13
  • (BKNG)/-3.59
  • (GH)/-.47
  • (LB)/2.11
  • (NTAP)/1.01
  • (NVDA)/1.98
  • (PSA)/2.85
  • (RDFN)/.04
  • (RCII)/1.02
  • (STAA)/.10
  • (TDOC)/-.27
  • (UPLD)/.45
Economic Releases
10:00 am EST
  • New Home Sales for Jan. is estimated to rise to 855K versus 842K in Dec. 
10:30 am EST
  • Bloomberg consensus estimates call for a crude oil inventory decline of -6,742,000 barrels versus a -7,2457,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -3,515,730 barrels versus a +672,000 barrel gain the prior week. Distillate inventories are estimated to fall by -4,718,450 barrels versus a -3,422,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -6.99% versus a +.1% gain prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Powell testifying to House, Fed's Clarida speaking, Fed's Brainard speaking, German GDP report, $61B 5Y T-Note auction, weekly MBA Mortgage Applications report, Credit Suisse Financial Services Forum, Wells Fargo Real Estate Conference, Citi Healthcare Services/Medtech/Tools/HCIT Conference, (MAT) analyst day and the (STX) analyst event 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 industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.

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