Wednesday, December 29, 2021

Thursday Watch

Evening Headlines

Wall Street Journal:
Fox News:
Zero Hedge:  
Night Trading 
  • Asian equity indices are -.25% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 81.0 -1.75 basis points. 
  • China Sovereign CDS 40.5 -1.0 basis point.
  • Bloomberg Emerging Markets Currency Index 54.44 -.03%. 
  • Bloomberg Global Risk-On/Risk Off Index 3,228.0 +12.0 points.
  • Volatility Index(VIX) futures 19.97 -.19%.
  • Euro Stoxx 50 futures +.26%.
  • S&P 500 futures +.01%.
  • NASDAQ 100 futures -.02%. 
Morning Preview Links

Earnings of Note 
Before the Open: 
  • None of note
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • Initial Jobless Claims for last week rose to 207K versus 205K the prior week.
  • Continuing Claims for last week are estimated to rise to 1875K versus 1859K prior.
9:45 am EST
  • MNI Chicago PMI for Dec. is estimated to rise to 62.0 versus 61.8 in Nov.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Canada GDP report, weekly EIA natural gas inventory report and weekly Langer Consumer Comfort Index could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 1:00 pm EST
BOTTOM LINE: Asian indices are mostly higher, boosted by consumer 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 75% net long heading into the day.

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