Wednesday, March 24, 2021

Thursday Watch

Evening Headlines
Wall Street Journal:
Zero Hedge:
The Epoch Times: 
Night Trading 
  • Asian equity indices are unch. to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 65.5 -.75 basis point.
  • China Sovereign CDS 34.0 +.5 basis point.
  • Bloomberg Emerging Markets Currency Index 60.46 +.04%.
  • Bloomberg Global Risk-On/Risk Off Index 2,554.0 +50.0 points.
  • Volatility Index(VIX) futures 22.8 -.86%.
  • FTSE 100 futures -.28%.
  • S&P 500 futures +.19%.
  • NASDAQ 100 futures +.14%.
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (CCL)/-1.63
  • (DRI)/.69
After the Close:
  • (OXM)/.21
  • (PRGS)/.75
Economic Releases
8:30 am EST
  • Initial Jobless Claims for last week are estimated to fall to 730K versus 770K the prior week.
  • Continuing Claims are estimated to fall to 4000K versus 4124K prior.
11:00 am EST
  • The Kansas City Fed Manufacturing Activity Index for March is estimated to rise to 26 versus 24 in Feb.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Japan CPI report, $62B 7Y T-Note auction, weekly Langer Consumer Comfort Index, weekly EIA natural gas inventory report, Truist Utilities/Midstream/Alt Energy Summit, (CE) investor day and the (ALKS) investor day could also impact trading today.
Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are modestly higher, boosted by industrial 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.

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