Tuesday, July 19, 2022

Wednesday Watch

Evening Headlines

Bloomberg:
Wall Street Journal:     
Fox News:
Zero Hedge:
Newsmax:
 The Epoch Times:
 OpenVAERS:
SKirsch.com:
Night Trading 
  • Asian equity indices are +.75% to +1.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 170.75 +1.5 basis points. 
  • China Sovereign CDS 84.25 -2.5 basis points.
  • Bloomberg Emerging Markets Currency Index 49.27 +.03%.  
  • Bloomberg Global Risk-On/Risk Off Index 4,683.0 +133.0 points.
  • Volatility Index(VIX) futures 26.9 -.7%.
  • Euro Stoxx 50 futures +.50%.
  • S&P 500 futures +.34%.
  • NASDAQ 100 futures +.46%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ABT)/1.14
  • (ASML)/3.53
  • (BMI)/.52
  • (BKR)/.22
  • (BIIB)/4.14
  • (CMA)/1.77
  • (FHN)/.35
  • (LAD)/12.14
  • (MTB)/3.18
  • (NDAQ)/1.92
  • (NTRS)/1.93
After the Close:
  • (AA)/2.63
  • (CCK)/2.03
  • (CCI)/1.91
  • (CSX)/.47
  • (DFS)/3.77
  • (KMI)/.26
  • (KNX)/1.35
  • (LSTR)/3.27
  • (LVS)/-.28
  • (SLG)/1.70
  • (STLD)/6.26
  • (TSLA)/1.80
  • (UAL)/1.88
  • (VMI)/3.35
Economic Releases
10:00 am EST:
  • Existing Home Sales for June is estimated to fall to 5.36M versus 5.41M in May.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +748,000 barrels versus a +3,254,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +961,290 barrels versus a +5,825,000 barrel gain the prior week. Distillate inventories are estimated to rise by +1,687,710 barrels versus a +2,668,000 barrel gain the prior week. Refinery Utilization is estimated to rise by +.34% versus a +.4% gain prior.
Upcoming Splits
  • (GME) 4-for-1
Other Potential Market Movers
  • The UK CPI report, 20Y T-Bond auction and the weekly MBA Mortgage Applications report could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are modestly 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.

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