Friday Watch

Night Trading

• Asian equity indices are -.50% to unch. on average.

• Asia Ex-Japan Investment Grade CDS Index 99.0 +2.5 basis points.

• Asia Pacific Sovereign CDS Index 65.5 -.75 basis point.

• FTSE-100 futures unch.

• S&P 500 futures +.07%.

• NASDAQ 100 futures  +.09%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (BIG)/.30

Economic Releases
8:30 am EST

• Personal Income for July is estimated to rise +.3% versus a +.4% gain in June.
• Personal Spending for July is estimated to rise +.2% versus a +.4% gain in June.
• The PCE Core MoM for July is estimated to rise +.1% versus a +.1% gain in June. 

9:00 am EST

• ISM Milwaukee for August is estimated to fall to 60.0 versus 63.87 in July.

9:45 am EST

• Chicago Purchasing Manager for August is estimated to rise to 56.5 versus 52.6 in July.

9:55 am EST

• Final Univ. of Michigan Consumer Confidence for August is estimated to rise to 80.0 versus a prior estimate of 79.2

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone CPI report could also impact trading today.

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