Tuesday, April 13, 2021

Wednesday Watch

Evening Headlines
Wall Street Journal:
Fox News:
Zero Hedge:
The Epoch Times:
Night Trading 
  • Asian equity indices are -.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 81.25 +8.75 basis points.
  • China Sovereign CDS 39.25 +1.25 basis points.
  • Bloomberg Emerging Markets Currency Index 60.60 +.05%.
  • Bloomberg Global Risk-On/Risk Off Index 3,170.0 -6.0 points.
  • Volatility Index(VIX) futures 20.5 +.33%.
  • FTSE 100 futures +.02%.
  • S&P 500 futures -.03%.
  • NASDAQ 100 futures -.01%.
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (BBBY/.31)
  • (GS)/8.93
  • (JPM)/2.94
  • (WFC)/.65
After the Close:
  • (SJR)/.34
Economic Releases
8:30 am EST
  • The Import Price Index MoM for March is estimated to rise +.9% versus a +1.3% gain in Feb.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,580,080 barrels versus a -3,522,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +555,270 barrels versus a +4,044,000 barrel gain the prior week. Distillate inventories are estimated to rise by +1,510,000 barrels versus a +1,452,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.33% versus a +.1% gain prior.
2:00 pm EST 
  • US Fed Beige Book release.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Powell speaking, Fed's Clarida speaking, Eurozone Industrial Production report and the MBA Mortgage Applications report could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and consumer shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.

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