Wednesday Watch

Night Trading 

• Asian equity indices are -1.5% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 82.0 +6.75 basis points.

• China Sovereign CDS 38.0 +1.75 basis points.

• Bloomberg Emerging Markets Currency Index 60.97 +.03%.
• Bloomberg Global Risk-On/Risk Off Index 3,064.0 +3.0 points.
• Volatility Index(VIX) futures 21.20 +.7%.
• FTSE 100 futures n/a.

• S&P 500 futures -.12%.

• NASDAQ 100 futures -.38%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ANTM)/6.44
• (ASML)/2.59
• (HAL)/.17
• (KNX)/.72
• (NVR)/65.83
• (VZ)/1.28
  

After the Close:

• (BXS)/.63
• (CP)/4.48
• (CMG)/4.79
• (CCI)/1.47
• (DFS)/2.60
• (KMI)/.24
• (LRCX)/6.59
• (LSTR)/1.63
• (LVS)/-.22
• (RHI)/.78
• (SLG)/1.59
• (SAVE)/-2.56 
• (VMI)/2.12
• (WHR)/5.04
  

Economic Releases

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -3,265,5000 barrels versus a -5,890,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +947,000 barrels versus a +309,000 barrel gain the prior week. Distillate inventories are estimated to fall by -1,278,000 barrels versus a -2,083,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.59% versus a +1.0% gain prior.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The UK inflation data, weekly MBA Mortgage Applications report, $24B 20Y T-Bond auction and the (AAPL)/(GOOG) testimony to Senate on App Store could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.