Monday, December 27, 2021

Tuesday Watch

Night Trading 

  • Asian equity indices are -.25% to +1.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 80.0 unch. 
  • China Sovereign CDS 41.5 -.5 basis point.
  • Bloomberg Emerging Markets Currency Index 55.51 -.11%. 
  • Bloomberg Global Risk-On/Risk Off Index 3,067.0 +36.0 points.
  • Volatility Index(VIX) futures 21.1 +.6%.
  • Euro Stoxx 50 futures -.05%.
  • S&P 500 futures -.05%.
  • NASDAQ 100 futures -.05%. 
Morning Preview Links

Earnings of Note 
Before the Open: 
  • None of note
After the Close:
  • (CALM)/.29
Economic Releases
9:00 am EST
  • The FHFA House Price Index MoM for Oct. is estimated to rise +.9% versus a +.9% gain in Sept.
  • The S&P CoreLogic CS 20-City MoM for Oct. is estimated to rise +.9% versus a +.96% gain in Sept.
10:00 am EST
  • The Richmond Fed Manufacturing Index for Dec. is estimated at 11.0 versus 11.0 in Nov.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Japan Construction data report, weekly US retail sales reports and the 5Y T-note auction could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 1:00 pm EST
BOTTOM LINE: Asian indices are modestly higher, boosted by technology 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.

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