Thursday Watch

Evening Recommendations
Citigroup:

• Reiterated Buy on (BBBY), target $59.
• Reiterated Sell on (WAG), target $33.

Night Trading

• Asian equity indices are -.25% to +.50% on average.
• Asia Ex-Japan Investment Grade CDS Index 103.0 -1.5 basis points.
  
• Asia Pacific Sovereign CDS Index 104.0 -1.25 basis points.
  
• S&P 500 futures +.07%
  
• NASDAQ 100 futures +.10%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (PNY)/-.09

Economic Releases
8:30 am EST

• Durable Goods Orders for November are estimated to fall -.5% versus a -3.3% decline in October.
• Durables Ext Transports for November are estimated to rise +1.8% versus a -2.7% decline in October.
• Cap Goods Orders Non-defense Ex Air for November are estimated to rise +3.1% versus a -4.5% decline in October.
• Personal Income for November is estimated to rise +.2% versus a +.5% gain in October.
• Personal Spending for November is estimated to rise +.5% versus a +.4% gain in October.
• PCE Core for November is estimated to rise +.1% versus unch. in October.
• Initial Jobless Claims for last week are estimated at 420K versus 420K the prior week.
• Continuing Claims are estimated to fall to 4100K versus 4135K prior.
  

9:55 am EST

• Final Univ. of Mich. Consumer Confidence for December is estimated to rise to 74.5 versus a prior estimate of 74.2.
  

10:00 am EST

• New Home Sales for November are estimated to rise to 300K versus 283K in October.

Upcoming Splits

• (ABV) 5-for-1
  

Other Potential Market Movers

• The weekly EIA natural gas inventory report could also impact trading today.
  

BOTTOM LINE: Asian indices are mostly higher, boosted by commodity 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.