Tuesday, February 15, 2022

Wednesday Watch

Evening Headlines

Bloomberg:      
Wall Street Journal:
Fox News:   
CNBC.com:
Zero Hedge:
Newsmax:   
TheGatewayPundit.com: 
SKirsch.com:
Night Trading 
  • Asian equity indices are +.5% to +1.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 97.75 -1.75 basis points. 
  • China Sovereign CDS 52.75 -1.25 basis points.
  • Bloomberg Emerging Markets Currency Index 54.64 -.04%. 
  • Bloomberg Global Risk-On/Risk Off Index 3,538.0 +67. points.
  • Volatility Index(VIX) futures 25.7 +.4%.
  • Euro Stoxx 50 futures +.16%.
  • S&P 500 futures -.30%.
  • NASDAQ 100 futures -.34%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ADI)/1.78
  • (GOLD)/.30
  • (CROX)/1.90
  • (GRMN)/1.43
  • (GNRC)/2.41
  • (HLT)/.75
  • (KHC)/.63
  • (OC)/1.91
  • (R)/2.49
  • (SHOP)/1.31
  • (SAH)/1.85
  • (TTD)/.28
  • (VMC)/1.17
  • (WING)/.32
After the Close:
  • (ALB)/.98
  • (AMAT)/1.85
  • (CAKE)/.58
  • (CSCO)/.81
  • (CPRT)/1.07
  • (DASH)/.07
  • (H)/-.18
  • (MRO)/.56
  • (NVDA)/1.22
  • (PXD)/3.87
  • (RGLD)/.91
  • (SPWR)/.01
  • (SNPS)/2.37
  • (TRIP)/.07
  • (TRUP)/.03
  • (VMI)/2.65
  • (VECO)/.37
Economic Releases
8:30 am EST
  • Retail Sales Advance MoM for Jan. is estimated to rise +2.0% versus a -1.9% decline in Dec.
  • Retail Sales Ex Autos MoM for Jan. is estimated to rise +1.0% versus a -2.3% decline in Dec.
  • Retail Sales Ex Auto and Gas for Jan. is estimated to rise +1.0% versus a -2.5% decline in Dec.  
  • The Import Price Index MoM for Jan. is estimated to rise +1.2% versus a -.2% decline in Dec.
  • The Export Price Index MoM for Jan. is estimated to rise +1.2% versus a -1.8% decline in Dec.
9:15 am EST
  • Industrial Production MoM for Jan. is estimated to rise +.5% versus a -.1% decline in Dec.
  • Capacity Utilization for Jan. is estimated to rise to 76.8% versus 76.5% in Dec.
  • Manufacturing Production for Jan. is estimated to rise +.2% versus a -.3% decline in Dec. 
10:00 am EST
  • Business Inventories for Dec. is estimated to rise +2.1% versus a +1.3% gain in Nov.
  • The NAHB Housing Market Index for Feb. is estimated to fall to 82.0 versus 83.0 in Jan.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -919,330 barrels versus a -4,756,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +520,110 barrels versus a -1,644,000 barrel decline the prior week. Distillate inventories are estimated to fall by -1,544,560 barrels versus a -930,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.8% versus a +1.5% gain the prior week.
2:00 pm EST
  • Jan. 26th FOMC Meeting Minutes.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The UK GDP report, 20Y T-Bond auction, weekly MBA Mortgage Applications report, Keefe Bruyette Woods Financial Services Conference and the CSFB Financial Services Forum could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly higher, boosted by consumer and technology shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

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