Thursday Watch

Night Trading 

• Asian equity indices are unch. to +1.0% on average.
• Asia Ex-Japan Investment Grade CDS Index 138.25 -.75 basis point. 
• Asia Pacific Sovereign CDS Index 56.275 +.5 basis point. 
• Bloomberg Emerging Markets Currency Index 73.32 -.09%. 
• S&P 500 futures -.02%. 
• NASDAQ 100 futures -.07%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (ALK)/1.42
• (ADS)/3.81
• (AZZ)/.67
• (BBT)/.65
• (BIIB)/4.47
• (BX)/.39
• (BK)/.68
• (DHR)/1.03
• (DHI)/.46
• (FCS)/.14
• (FITB)/.35
• (GM)/1.00
• (JCI)/.82
• (MAN)/.93
• (NUE)/.27
• (NVR)/14.96
• (PJC)/.86
• (PPG)/1.30
• (PHM)/.20
• (DGX)/1.12
• (RS)/.88
• (SHW)/1.62
• (LUV)/.84
• (UA)/.02
• (UNP)/1.10
• (VZ)/1.06
• (GOOG)/7.96
• (BGG)/.89
• (CCI)/1.04
• (MXIM)/.42
• (MSFT)/.64
• (NSC)/.98
• (SLB)/.39
• (SBUX)/.39
• (SWFT)/.21
• (V)/.66 

Economic Releases  
8:30 am EST

• The Chicago Fed National Activity Index for March is estimated to rise to -.15 versus -.29 in February.
• Initial Jobless Claims for last week are estimated to rise to 265K versus 253K the prior week.
• Continuing Claims are estimated at 2171K versus 2171K prior.  
• Philly Fed Business Outlook Index for April is estimated to fall to 9.0 versus 12.4 in March. 
  

9:00 am EST

• The FHFA House Price Index MoM for February is estimated to rise +.4% versus a +.5% gain in January.

10:00 am EST

• The Leading Index for March is estimated to rise +.4% versus a +.1% gain in February.
  

Upcoming Splits 

• None of note

Other Potential Market Movers

• The ECB rate decision, ECB press conference, BOJ rate decision, UK retail sales report, Eurozone Business Climate Index, German CPI, Bloomberg Economic Expectations Index for April, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report, (RF) annual meeting and (TXN) general meeting could also impact trading today.

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