Wednesday Watch

Night Trading 

• Asian equity indices are +.50% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 77.0 -1.5 basis points. 

• Asia Pacific Sovereign CDS Index 15.50 -.5 basis point.

• Bloomberg Emerging Markets Currency Index 72.83 +.04%.

• S&P 500 futures +.05%.

• NASDAQ 100 futures +.09%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (DE)/1.43

• (RMAX)/.51

• (SFL)/.27

Economic Releases 

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 240K versus 249K the prior week.

• Continuing Claims are estimated to rise to 1880K versus 1860K prior.

• Durable Goods Orders for October are estimated to rise +.3% versus a +2.0% gain in September.

• Durables Ex Transports for October are estimated to rise +.5% versus a +.7% gain in September.

• Cap Goods Orders Non-Defense Ex-Air for October are estimated to rise +.6% versu sa +1.7% gain in September.

10:00 am EST

• Final Univ. of Mich. Consumer Sentiment for November is estimated to rise to 98.0 versus 97.8 in October.

2:00 pm EST

• FOMC Meeting Minutes.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Australia Construction Orders report, weekly Bloomberg Consumer Comfort Index and weekly MBA Mortgage Applications report could also impact trading today.

BOTTOM LINE:  Asian indices are higher, boosted by industrial and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.