Wednesday Watch

Night Trading 

• Asian equity indices are -1.25% to -.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 85.0 +.5 basis point.

• China Sovereign CDS 40.0 +1.75 basis points.

• Bloomberg Emerging Markets Currency Index 61.56 unch.
• Bloomberg Global Risk-On/Risk Off Index 3,188.0 -19.0 points.
• Volatility Index(VIX) futures 21.6 +.81%.
• FTSE 100 futures -.68%.

• S&P 500 futures -.18%.

• NASDAQ 100 futures -.09%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ADI)/1.45
• (CCL)/-1.50
• (EXP)/1.24
• (LOW)/2.44
• (TGT)/2.02
• (TJX)/.28
• (VIPS)/2.17
  

After the Close:

• (CSCO)/.82
• (CPRT)/.78
• (JEF)/.95
• (LB)/.98
• (SCVL)/1.40
• (SQM)/.23
• (SNPS)/1.53
  

Economic Releases

2:00 pm EST

• FOMC Meeting Minutes.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The UK inflation data, weekly EIA energy inventory report, weekly MBA Mortgage Applications report, BMO Farm to Market Conference, Wells Fargo Financial Services Conference, JPMorgan Homebuilding/Products Conference, BofA Transport/Airlines/Industrials Conference and the (AVID) investor day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are lower, weighed down by industrial and commodity 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.