Thursday Watch

Night Trading

• Asian equity indices are -.25% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 165.0 -10.0 basis points.

• Asia Pacific Sovereign CDS Index 132.75 -2.0 basis points.

• FTSE-100 futures -.16%.

• S&P 500 futures -.06%.

• NASDAQ 100 futures +.04%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (COCO)/.03

• (CPB)/.42

• (FRED)/.09

• (PLL)/.89

• (WMS)/.31

• (CRM)/.07

• (KKD)/.16

• (OVTI)/.43

• (GCO)/.60

• (JOSB)/.52

Economic Releases
8:30 am EST

• Initial Jobless Claims are estimated to fall to 332K versus 336K the prior week.

• Continuing Claims are estimated to fall to 2988K versus 2999K prior.

• 2Q GDP is estimated to rise +2.2% versus a prior estimate of a +1.7% gain.

• 2Q Personal Consumption is estimated to rise +1.7% versus a prior estimate of a +1.8% gain.

• 2Q GDP Price Index is estimated to rise +.7% versus a prior estimate of a +.7% gain.

• 2Q Core PCE is estimated to rise +.8% versus a prior estimate of a +.8% gain.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Bullard speaking, Fed's Lacker speaking, Italian 10Y bond auction, German CPI data, Japan inflation data, 7Y T-Note auction, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report and the (LSTR) mid-quarter update could also impact trading today.

BOTTOM LINE: Asian indices are mostly higher, boosted by financial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.