Tuesday, November 09, 2021

Wednesday Watch

Evening Headlines

Bloomberg:            
Fox News:   
Zero Hedge: 
TheGatewayPundit.com:
Night Trading 
  • Asian equity indices are -.5% to unch. on average.
  • Asia Ex-Japan Investment Grade CDS Index 94.0 +4.0 basis points.
  • China Sovereign CDS 56.25 +1.25 basis points.
  • Bloomberg Emerging Markets Currency Index 58.29 -.02%. 
  • Bloomberg Global Risk-On/Risk Off Index 2,856.0 -22.0 points.
  • Volatility Index(VIX) futures 20.91 +.40%.
  • Euro Stoxx 50 futures -.05%.
  • S&P 500 futures -.19%
  • NASDAQ 100 futures -.20%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ENR)/.73
  • (PRGO)/.65
  • (WEBR)/-.18
  • (WEN)/.18
  • (WWW)/.61
After the Close:
  • (AFRM)/-.28
  • (BZH)/.82
  • (BYND)/-.39
  • (BRKS)/.77
  • (BMBL)/.08
  • (GDRX)/.02
  • (RRGB)/-.54
  • (DIS)/.51
Economic Releases
8:30 am EST:
  • Initial Jobless Claims for last week are estimated to fall to 260K versus 269K the prior week.
  • Continuing Claims are estimated to fall to 2050K versus 2105K prior.
  • The CPI MoM for Oct. is estimated to rise +.6% versus a +.4% gain in Sept.
  • The CPI Ex Food and Energy MoM for Oct. is estimated to rise +.4% versus a +.2% gain in Sept.
  • Real Avg. Weekly Earnings YoY for Oct.
10:00 am EST
  • Wholesale Trade Sales MoM for Sept.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +1,677,560 barrels versus a +3,290,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,044,130 barrels versus a -1,488,000 barrel decline the prior week. Distillate inventories are estimated to fall by -1,995,130 barrels versus a +2,160,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.75% versus a +1.2% gain prior.
2:00 pm EST
  • The Monthly Budget Statement for Oct. is estimated at -$179.0B versus -$61.5B in Sept.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China CPI report, $25B 30Y T-Note auction, weekly Langer Consumer Comfort Index, weekly MBA Mortgage Applications report, (OC) investor day, (SWI) analyst/investor day, (MA) investment meeting and the Morgan Stanley Chemicals/Ag/Packaging Conference could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are modestly lower, weighed down by financial 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 75% net long heading into the day.

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