Wednesday Watch

Night Trading 

• Asian equity indices are -.25%. to +.50% on average.

• Asia Ex-Japan Investment Grade CDS Index 83.25 unch.

• China Sovereign CDS 36.5 unch.
  

• Bloomberg Emerging Markets Currency Index 61.71 +.01%.
• Bloomberg Global Risk-On/Risk Off Index 3,372.0 -37.0 points.
• Volatility Index(VIX) futures 20.20 -.16%.
• FTSE 100 futures +.04%.

• S&P 500 futures +.04%.

• NASDAQ 100 futures +.12%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BF/B)/.33
• (CPB)/.66
• (UNFI)/.92
• (VRA)/-.19
  

After the Close:

• (GME)/-.84
• (OXM)/1.06
• (RH)/4.12
• (VRNT)/.36
  

Economic Releases

10:00 am EST

• Wholesale Trade Sales MoM for April.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,892,000 barrels versus a -5,079,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +820,560 barrels versus a +1,499,000 barrel gain the prior week. Distillate inventories are estimated to rise by +1,450,780 barrels versus a +3,720,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.61% versus a +1.7% gain prior.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German Balance of Trade report, $38B 10Y T-Note auction, weekly MBA Mortgage Applications report, Deutsche Bank Basic Materials Conference and the BofA Tech Conference 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 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 100% net long heading into the day.