Tuesday, January 23, 2018

Wednesday Watch

Night Trading 
  • Asian equity indices are -.5% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 62.75 -.5 basis point
  • Asia Pacific Sovereign CDS Index 10.75 unch.
  • Bloomberg Emerging Markets Currency Index 75.79 +.07%.
  • S&P 500 futures -.02%.
  • NASDAQ 100 futures -.04%.
Morning Preview Links

Earnings of Note
Company/Estimate
  • (ABT)/.73
  • (CMCSA)/.47
  • (GD)/2.38
  • (GE)/.29
  • (ITW)/1.61
  • (NSC)/1.57
  • (PGR)/.77
  • (RCL)/1.20
  • (SWK)/2.15
  • (UTX)/1.56
  • (BGG)/.24
  • (CCI)/.98
  • (DLB)/.60
  • (ETH)/.51
  • (FFIV)/2.05
  • (F)/.39
  • (LRCX)/3.67
  • (LVS)/.77
  • (RJF)/1.44
  • (TER)/.35
  • (URI)/3.41
  • (VAR)/.94
  • (WHR)/4.02
  • (XLNX)/.63
Economic Releases
9:00 am EST
  • The FHFA House Price Index MoM for November is estimated to rise +.5% versus a +.5% gain in October.
9:45 am EST
  • Preliminary Markit US Manufacturing PMI for January is estimated to fall to 55.0 versus 55.1 in December. 
  • Preliminary Markit US Services PMI for January is estimated to rise to 54.3 versus 53.7 in December.
10:00 am EST
  • Existing Home Sales for December are estimated to fall to 5.7M versus 5.81M in November.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +1,589,110 barrels versus a +3,620,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +1,589,110 barrels versus a +3,620,000 barrel gain the prior week.  Distillate inventories are estimated to fall by -17,330 barrels versus a -3,887,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -.5% versus a -2.3% decline prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone Services PMI report, weekly MBA Mortgage Applications report, $34B 5Y T-Note auction, CIBC Institutional Investor Conference and the (KMI) analyst meeting could also impact trading today.
BOTTOM LINE:  Asian indices are mostly lower, weighed down by technology and retail shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 100% net long heading into the day.

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