Tuesday, December 07, 2021

Wednesday Watch

Evening Headlines

Wall Street Journal:
Fox News: 
Zero Hedge:
Night Trading 
  • Asian equity indices are +.5% to +1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 88.0 -4.0 basis points. 
  • China Sovereign CDS 48.0 -3.75 basis points.
  • Bloomberg Emerging Markets Currency Index 53.71 -.03%. 
  • Bloomberg Global Risk-On/Risk Off Index 2,436.0 +8.0 points.
  • Volatility Index(VIX) futures 24.0 -.6%.
  • Euro Stoxx 50 futures +.05%.
  • S&P 500 futures +.21%
  • NASDAQ 100 futures +.31%. 
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (BF/B)/.53
  • (CPB)/.81
  • (KFY)/1.37
  • (PLAB)/.25
  • (THO)/3.19
  • (UNFI)/.60
  • (VRA)/.26
  • (WEBR)/-.18
After the Close:
  • (GME)/-.52
  • (OXM)/.29
  • (RH)/6.59
Economic Releases 
10:00 am EST
  • JOLT Job Openings for Oct. is estimated to rise to 10469K versus 10438K in Sept.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,169,100 barrels versus a -909,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +1,398,110 barrels versus a +4,029,000 barrel gain the prior week. Distillate inventories are estimated to rise by +541,110 barrels versus a +2,160,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.49% versus a +.2% gain prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Bank of Canada Decision, weekly MBA Mortgage Applications report, (EW) investor conference, ROTH Consumer Conference, (LUV) investor day and the (MCK) investor day could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 1:00 pm EST
BOTTOM LINE: Asian indices are higher, boosted by technology and transportation 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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