Tuesday, March 16, 2021

Wednesday Watch

Evening Headlines
Wall Street Journal:
Fox News:   
Zero Hedge:
The Epoch Times:
Night Trading 
  • Asian equity indices are -.5% to unch. on average.
  • Asia Ex-Japan Investment Grade CDS Index 60.25 -.5 basis point.
  • China Sovereign CDS 31.25 +.25 basis point.
  • Bloomberg Emerging Markets Currency Index 61.42 -.02%.
  • Bloomberg Global Risk-On/Risk Off Index 2,991.0 +19.0 points.
  • Volatility Index(VIX) futures 24.1 +.01%.
  • FTSE 100 futures unch.
  • S&P 500 futures +.03%.
  • NASDAQ 100 futures -.05%.
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (CTAS)/2.23
  • (SINA)/.86
After the Close:
  • (FIVE)/2.11
  • (MLHR)/.58
  • (JEF)/.91
  • (SMTC)/.48
  • (WSM)/3.27
Economic Releases
8:30 am EST
  • Housing Starts for Feb. is estimated to fall to 1562K versus 1580K in Jan.
  • Building Permits for Feb. is estimated to fall to 1750K versus 1881K in Jan.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +2,076,910 barrels versus a +13,798,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -2,312,090 barrels versus a -11,869,000 barrel decline the prior week. Distillate inventories are estimated to fall by -1,477,090 barrels versus a -5,504,000 barrel decline the prior week.Finally, Refinery Utilization is estimated to rise by +5.26% versus a +13.0% gain prior.
2:00 pm EST
  • The FOMC is expected to leave the benchmark Fed Funds rate at 0.00-.25%.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The FOMC press release, Eurozone Core Inflation report, Australia unemployment report, weekly MBA Mortgage Applications report and the Maxim Emerging Growth Conference could also impact trading today.
Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by commodity and industrial 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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