Wednesday, March 31, 2021

Thursday Watch

Evening Headlines
Wall Street Journal:
Fox News: 
Zero Hedge:
Night Trading 
  • Asian equity indices are -.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 64.0 +.25 basis point.
  • China Sovereign CDS 34.75 unch.
  • Bloomberg Emerging Markets Currency Index 60.15 -.11%.
  • Bloomberg Global Risk-On/Risk Off Index 2,887.0 -27.0 points.
  • Volatility Index(VIX) futures 22.60 -.33%.
  • FTSE 100 futures -.04%.
  • S&P 500 futures +.07%.
  • NASDAQ 100 futures +.22%.
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (KMX)/1.26
After the Close:
  • None of note
Economic Releases
7:30 am EST
  • Challenger Job Cuts YoY for March.
8:30 am EST
  • Initial Jobless Claims for last week are estimated to fall to 675K versus 684K the prior week.
  • Continuing Claims are estimated to fall to 3750K versus 3870K prior.
10:00 am EST
  • Construction Spending MoM for Feb. is estimated to fall -1.0% versus a +1.7% gain in Jan.
  • ISM Manufacturing for March is estimated to rise to 61.5 versus 60.8 in Feb. 
  • ISM Prices Paid for March is estimated to fall to 83.5 versus 86.0 in Feb.
  • Wards Total Vehicle Sales for March is estimated to fall to 83.5 versus 86.0 in Feb.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Australia Retail Sales report, weekly EIA natural gas inventory report and the weekly Langer Consumer Comfort Index could also impact trading today.
Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and technology 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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