Friday Watch

Night Trading

• Asian equity indices are +.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 142.0 -3.0 basis points.

• Asia Pacific Sovereign CDS Index 111.0 -3.25 basis points.

• FTSE-100 futures +.42%.

• S&P 500 futures +.07%.

• NASDAQ 100 futures +.19%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (ANR)/-.59

• (AXL)/.30

• (EAT)/.74

• (CVC)/.05

• (CBOE)/.51

• (CVX)/2.98

• (CHD)/.60

• (ETN)/1.11

• (IT)/.53

• (RUTH)/.17

• (SEE)/.25

• (SUP)/.20

• (TDS)/.12

• (VIAB)/1.30

• (RAIL)/-.10

Economic Releases
8:30 am EST

• The Change in Non-Farm Payrolls for July is estimated to fall to 185K versus 195K in June.

• The Unemployment Rate for July is estimated to fall to 7.5% versus 7.6% in June.

• Average Hourly Earnings for July are estimated to rise +.2% versus a +.4% gain in June.

• Personal Income for June is estimated to rise +.4% versus a +.5% gain in May.

• Personal Spending for June is estimated to rise +.5% versus a +.3% gain in May.

• PCE Core for June is estimated to rise +.1% versus a +.1% gain in May.

10:00 am EST

• Factory Orders for June are estimated to rise +2.3% versus a +2.1% gain in May.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Bullard speaking, China Non-Manufacturing PMI report, Eurozone PPI, ISM New York for July and the (DELL) shareholder meeting could also impact trading today.

BOTTOM LINE: Asian indices are higher, boosted by industrial and real estate shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.