Wednesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 82.75 +2.75 basis points. 

• China Sovereign CDS 41.5 unch.
  

• Bloomberg Emerging Markets Currency Index 55.20 -.17%. 
• Bloomberg Global Risk-On/Risk Off Index 3,111.0 +15.0 points.
• Volatility Index(VIX) futures 20.5 -.39%.
• Euro Stoxx 50 futures -.01%.

• S&P 500 futures +.20%.

• NASDAQ 100 futures +.38%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• (FCEL)/-.04
  

Economic Releases

8:30 am EST

• Advance Goods Trade Balance for Nov. is estimated to widen to -$88.3B versus -$82.9B in Oct.
• Wholesale Inventories MoM for Nov. is estimated to rise +1.5% versus a +2.3% gain in Oct.
• Retail Inventories MoM for Nov. is estimated to rise +.5% versus a +.1% gain in Oct.
• Pending Home Sales MoM for Nov. is estimated to rise +.7% versus a +7.5% gain in Oct.
  

10:00 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -3,166,000 barrels versus a -4,715,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +600,880 barrels versus a +5,533,000 barrel gain the prior week. Distillate inventories are estimated to fall by -178,250 barrels versus a +396,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.15% versus a -.2% decline prior.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Japan industrial data report and the weekly MBA mortgage application reports 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 commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.