Tuesday, March 02, 2021

Wednesday Watch

Night Trading 
  • Asian equity indices are +.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 59.5 +.5 basis point.
  • China Sovereign CDS 30.5 +.5 basis point.
  • Bloomberg Emerging Markets Currency Index 61.66 -.01%.
  • Bloomberg Global Risk-On/Risk Off Index 2,547.0 +71.0 points.
  • Volatility Index(VIX) futures 26.90 -.49%.
  • FTSE 100 futures +.17%.
  • S&P 500 futures +.25%.
  • NASDAQ 100 futures +.43%.
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (BF/B)/.43
  • (DLTR)/2.12
  • (DY)/.07
  • (PDCO)/.51
  • (SINA)/.86
  • (WEN)/.18
After the Close:
  • (AEO)/.36
  • (JEF)/.91
  • (MRVL)/.29
  • (OKTA)/-.01
  • (RRGB)/-1.08
  • (SNOW)/-.17
  • (SQM)/.20
  • (SPLK)/.03
Economic Releases
 8:15 am EST
  • The ADP Employment Change for Feb. is estimated to rise to 200K versus 174K in Jan.
10:00 am EST
  • The ISM Services Index for Feb. is estimated at 58.7 versus 58.7 in Jan.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -735,200 barrels versus a +1,285,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -2,087,200 barrels versus a +12,000 barrel gain the prior week. Distillate inventories are estimated to fall by -3,484,700 barrels versus a -4,969,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +4.1% versus a -14.5% decline prior.
2:00 pm EST
  • US Fed Beige Book release.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The weekly MBA Mortgage Application report could also impact trading today.
Market Hours
Normal:
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are 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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