Monday, March 22, 2021

Tuesday 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 66.75 n/a.
  • China Sovereign CDS 32.75 +2.0 basis points.
  • Bloomberg Emerging Markets Currency Index 61.17 -.08%.
  • Bloomberg Global Risk-On/Risk Off Index 2,944.0 +34.0 points.
  • Volatility Index(VIX) futures 21.9 +.78%.
  • FTSE 100 futures unch.
  • S&P 500 futures +.10%.
  • NASDAQ 100 futures +.03%.
Morning Preview Links

Earnings of Note 
Before the Open: 
  • None of note
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • The 4Q Current Account Deficit is estimated to widen to -$188.0B versus -$178.5B in 3Q.
10:00 am EST
  • New Home Sales for Feb. is estimated to fall to 870K versus 923K in Jan.
  • The Richmond Fed Manufacturing Index for March is estimated to rise to 16.0 versus 14.0 in February.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Powell/Treasury's Yellen testimonies to House, Fed's Brainard speaking, UK unemployment rate, weekly US retail sales reports, $60B 2Y T-Note auction, (BWA) investor day, Sidoti investor conference, Credit Suissee Digital Consumer Retail Conference could also impact trading today.
Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are modestly higher, boosted by technology and consumer shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 75% net long heading into the day.

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