Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 86.0 +1.5 basis points. 

• China Sovereign CDS 49.5 +1.25 basis points.
  

• Bloomberg Emerging Markets Currency Index 54.58 unch. 
• Bloomberg Global Risk-On/Risk Off Index 3,148.0 +42.0 points.
• Volatility Index(VIX) futures 20.7 +.67%.
• Euro Stoxx 50 futures +.29%.

• S&P 500 futures -.07%

• NASDAQ 100 futures -.08%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (DE)/3.87
  

After the Close:

• None of note
  

Economic Releases 

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 260K versus 268K the prior week.
• Continuing Claims are estimated to fall to 2030K versus 2080K the prior week.
• Advance Goods Trade Balance for Oct. is estimated at -$95.0B versus -$96.3B in Sept.
• Wholesale Inventories MoM for Oct. is estimated to rise +1.0% versus a +1.4% gain in Sept.
• Retail Inventories MoM for Oct. is estimated to rise +.4% versus a -.2% loss in Sept. 
• Durable Goods Orders for Oct. is estimated to rise +.2% versus a -.3% decline in Sept.
• Durables Ex Transports for Oct. is estimated to rise +.2% versus a -.3% decline in Sept.
• Cap Goods Orders Non-Defense Ex-Air for Oct. is estimated to rise +.5% versus a +.8% gain in Sept.
  

10:00 am EST

• Personal Income for Oct. is estimated to rise +.2% versus a -1.0% decline in Sept.
• Personal Spending for Oct. is estimated to rise +1.0% versus a +.6% gain in Sept. 
• The PCE Core MoM for Oct. is estimated to rise +.4% versus a +.2% gain in Sept.
• New Home Sales for Oct. is estimated at 800K versus 800K in Sept.
  

2:00 pm EST

• The FOMC Meeting Minutes for Nov. 3rd.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone GDP report, weekly Langer Consumer Comfort Index and the weekly 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 lower, weighed down 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 75% net long heading into the day.