Tuesday, June 14, 2022

Wednesday Watch

Evening Headlines

Bloomberg:           
 Wall Street Journal:
Fox News:
Zero Hedge
TheGatewayPundit.com: 
The Epoch Times:
OpenVAERS:
SKirsch.com:
Night Trading 
  • Asian equity indices are -1.25% to -.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 134.0 unch. 
  • China Sovereign CDS 85.0 -1.75 basis points.
  • Bloomberg Emerging Markets Currency Index 50.59 +.04%.  
  • Bloomberg Global Risk-On/Risk Off Index 4,632.0 -15.0 points.
  • Volatility Index(VIX) futures 31.8 -.19%.
  • Euro Stoxx 50 futures +.20%.
  • S&P 500 futures +.41%.
  • NASDAQ 100 futures +.61%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • None of note
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • Empire Manufacturing for June is estimated to rise to 2.5 versus -11.6 in May.  
  • Retail Sales Advance MoM for May is estimated to rise +.1% versus a +.9% gain in April.
  • Retail Sales Ex Autos MoM for May is estimated to rise +.7% versus a +.6% gain in April.
  • Retail Sales Ex Autos and Gas for May is estimated to rise +.4% versus a +1.0% gain in April.
  • The Import Price Index MoM for for May is estimated to rise +1.1% versus unch. in April.
  • The Import Price Index ex Petrol MoM for May is estimated to rise +.6% versus a +.4% gain in April.
  • The Export Price Index MoM for May is estimated to rise +1.3% versus a +.6% gain in April.
10:00 am EST
  • Business Inventories for April is estimated to rise +1.2% versus a +2.0% gain in March.
  • The NAHB Housing Market Index for June is estimated to fall to 67.0 versus 69.0 in May.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of-1,230,860 barrels versus a +2,025,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +223,570 barrels versus a -812,000 barrel decline the prior week. Distillate inventories are estimated to rise by +168,430 barrels versus a +2,592,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.47% versus a +1.6% gain prior.
2:00 pm EST
  • The FOMC is expected to raise the benchmark Fed Funds Rate +50.0 basis points to 1.25%-1.5%. 
4:00 pm EST
  • Net Long-Term TIC Flows for April.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The FOMC Presser, China Industrial Production report, weekly MBA Mortgage Applications report, (BDC) investor day and the JMP Securities Life Sciences Conference 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 commodity and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.

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