Friday Watch

Night Trading

• Asian equity indices are -1.0% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 126.0 +3.0 basis points.
  
• Asia Pacific Sovereign CDS Index 112.50 unch.
  
• S&P 500 futures +.16%.
  
• NASDAQ 100 futures +.20%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (KBH)/-.17

Economic Releases
8:30 am EST

• Durable Goods Orders for August are estimated to fall -1.0% versus a +.3% gain in July.
• Durables Ex Transports for August are estimated to rise +1.0% versus a -3.8% decline in July.
  

10:00 am EST

• New Home Sales for August are estimated to rise to 295K versus 276K in July.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Duke speaking, Fed's Lacker speaking, Fed's Plosser speaking and the Fed's Bernanke speaking could also impact trading today.
  

BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 75% net long heading into the day.