Friday Watch

Evening Recommendations
Deutsche Bank:

• Cut (AAPL) to Hold, target $102.

Night Trading

• Asian equity indices are -.75% to +.50% on average.

• Asia Ex-Japan Investment Grade CDS Index 98.0 -1.0 basis point.

• Asia Pacific Sovereign CDS Index 71.75 +.25 basis point.

• FTSE-100 futures +.39%.

• S&P 500 futures +.20%.

• NASDAQ 100 futures  +.23%.

Morning Preview Links

Earnings of Note
Company/Estimate

• None of note

Economic Releases
8:30 am EST

• The Trade Deficit for August is estimated at -$40.8B versus -$40.5B in July. 

• The Change in Non-Farm Payrolls for September is estimated at 215K versus 142K in August.

• The Unemployment Rate for September is estimated at 6.1% versus 6.1% in August.

• Average Hourly Earnings for September are estimated to rise +.2% versus a +.2% gain in August.

9:45 am EST

• Final US Services PMI for September is estimated at 58.5 versus a prior estimate of 58.5.

10:00 am EST

• ISM Non-Manufacturing for September is estimated to fall to 58.5 versus 59.6 in August.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone Services PMI could also impact trading today.

BOTTOM LINE: Asian indices are mostly lower, weighed down 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 50% net long heading into the day.