Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 89.25 +.25 basis point 

• China Sovereign CDS 52.5 +.25 basis point.
  

• Bloomberg Emerging Markets Currency Index 57.0 -.11%. 
• Bloomberg Global Risk-On/Risk Off Index 3,299.0 +39.0 points.
• Volatility Index(VIX) futures 19.9 -.3%.
• Euro Stoxx 50 futures -.07%.

• S&P 500 futures +.05%

• NASDAQ 100 futures +.03%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BIDU)/12.95
• (LOW)/2.34
• (TGT)/2.81
• (TJX)/.81
• (WEBR)/-.18
  

After the Close:

• (BBWI)/.60
• (CSCO)/.80
• (CPRT)/1.00
• (KLIC)/2.16
• (NVDA)/1.11
• (VSCO)/.70
  

Economic Releases

8:30 am EST

• Housing Starts for Oct. is estimated to rise to 1580K versus 1555K in Sept.
• Building Permits for Oct. is estimated to rise to 1630K versus 1589K in Sept.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory gain of +871,700 barrels versus a +1,002,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -669,000 barrels versus a -1,555,000 barrel decline the prior week. Distillate inventories are estimated to fall by -1,103,000 barrels versus a -2,613,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise +.47% versus a +.4% gain prior.
  

Upcoming Splits

• (ANET) 4-for-1
  

Other Potential Market Movers

• The Fed's Waller speaking, UK Retail Sales report, UK CPI report, 20Y T-Bond auction, weekly MBA Mortgage Applications report, BofA Consumer/Retail Conference and the BofA Energy Conference 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 commodity and consumer shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.