Wednesday Watch

Night Trading 

• Asian equity indices are -.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 127.75 -3.5 basis points. 

• China Sovereign CDS 79.25 +3.0 basis points.
  

• Bloomberg Emerging Markets Currency Index 50.74 -.04%.  
• Bloomberg Global Risk-On/Risk Off Index 4,971.0 +26.0 points.
• Volatility Index(VIX) futures 30.15 -.73%.
• Euro Stoxx 50 futures n/a.

• S&P 500 futures -.09%.

• NASDAQ 100 futures -.02%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (KFY)/1.55
• (PDCO)/.56
• (WGO)/2.96

After the Close:

• (FUL)/1.07
• (KBH)/2.03
• (SCS)/-.18
• (WOR)/.83
  

Economic Releases

• None of note

Upcoming Splits

• (FTNT) 5-for-1
  

Other Potential Market Movers

• The Fed's Powell testifying to Senate, Fed's Bullard speaking, UK PPI report, 20Y T-Bond auction, weekly MBA Mortgage Applications report, JPMorgan Energy/Power/Renewables Conference and the (ZS) investor briefing 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 commodity and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.