Wednesday Watch

Night Trading 

• Asian equity indices are -.25% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 82.75 -1.25 basis points. 

• China Sovereign CDS 42.75 -1.25 basis points.
  

• Bloomberg Emerging Markets Currency Index 54.43 +.27%. 
• Bloomberg Global Risk-On/Risk Off Index 2,655.0 +26.0 points.
• Volatility Index(VIX) futures 23.3 +.6%.
• Euro Stoxx 50 futures +.31%.

• S&P 500 futures -.05%.

• NASDAQ 100 futures -.18%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (KMX)/1.44
• (CTAS)/2.65
• (MSM)/1.20
• (PAYX)/.80
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The Chicago Fed National Activity Index for Nov. is estimated to fall to .4 versus .76 in Oct.

10:00 am EST

• The Conference Board Consumer Confidence Index for Dec. is estimated to rise to 111.0 versus 109.5 in Nov.
• Existing Home Sales for Nov. is estimated to rise to 6.53M versus 6.34M in Oct.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,979,130 barrels versus a -4,584,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -108,250 barrels versus a -719,000 barrel decline the prior week. Distillate inventories are estimated to fall by -677,880 barrels versus a -2,852,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.3% versus unch. prior.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone PPI report and the weekly MBA Mortgage Applications report 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 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.