Wednesday Watch

Night Trading 

• Asian equity indices are -1.0% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 99.75 +1.75 basis points. 

• China Sovereign CDS 60.75 +3.0 basis points.
  

• Bloomberg Emerging Markets Currency Index 53.45 -.06%. 
• Bloomberg Global Risk-On/Risk Off Index 4,294.0 -82.0 points.
• Volatility Index(VIX) futures 24.7 -.7%.
• Euro Stoxx 50 futures -.26%.

• S&P 500 futures -.02%.

• NASDAQ 100 futures -.06%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (GBX)/.19
• (RPM)/.30
• (SCHN)/1.38
• (SMPL)/.27
  

After the Close:

• (LEVI)/.42
• (RGP)/.40
  

Economic Releases

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,183,000 barrels versus a -3,449,000 barrel gain the prior week. Gasoline supplies are estimated to decline by -201,780 barrels versus a +785,000 barrel gain the prior week. Distillate inventories are estimated to fall by -598,000 barrels versus a +1,395,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.28% versus a +1.0% gain prior.

2:00 pm EST

• FOMC March 16 Meeting Minutes.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Harker speaking, German Factory Orders report, weekly MBA Mortgage Applications report and the FDA meeting on Covid boosters could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are lower, weighed down by technology and consumer shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon. The Portfolio is 25% net long heading into the day.