Thursday Watch

Night Trading

• Asian indices are -.50% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 155.50 -5.0 basis points.
• S&P 500 futures +.55%.
  
• NASDAQ 100 futures +.54%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (NOVL)/.07
• (OVTI)/.17
• (JCG)/.57
• (GES)/.49
• (BCSI)/.40
• (COST)/.66
• (HNZ)/.59
• (BIG)/.67
• (TIF)/.37

Economic Releases
8:30 am EST

• 1Q GDP is estimated to rise +3.4% versus a prior estimate of a +3.2% gain.
• 1Q Personal Consumption is estimated to rise +3.8% versus a prior estimate of a +3.6% gain.
• 1Q GDP Price Index is estimated to rise +.9% versus a prior estimate of a +.9% gain.
• 1Q Core PCE is estimated to rise +.6% versus a prior estimate of a .6% gain.
• Initial Jobless Claims for last week are estimated to fall to 455K versus 471K the prior week.
• Continuing Claims are estimated to fall to 4613K versus 4625K prior.
  

Upcoming Splits

• (IDSA) 3-for-2
  

Other Potential Market Movers

• The Fed's Bullard speaking, $31 Bln 7-Year Treasury Note Auction, weekly EIA natural gas inventory report, Citi Healthcare Conference, UBS Oil/Gas Conference, Barclays Communications/Media/Technology Conference, (BRS) analyst meeting, (NEM) investor day, (NVLS) Q2 Mid-Quarter Update and the (AEL) investor day could also impact trading today.
  

BOTTOM LINE: Asian indices are mostly lower, weighed down by real estate and automaker shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.