Friday Watch

Night Trading 

• Asian equity indices are -.50% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 145.5 +.75 basis point. 
• Asia Pacific Sovereign CDS Index 55.5 +1.25 basis points.
• Bloomberg Emerging Markets Currency Index 70.67 +.05%. 
• S&P 500 futures +.25%. 
• NASDAQ 100 futures +.34%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (BKE)/.57
• (CPB)/.64
• (DE)/1.48
• (FL)/1.39
• (HIBB)/1.20

Economic Releases 
10:00 am EST

• Existing Home Sales for April are estimated to rise to 5.4M versus 5.22M in March. 

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Fed's Tarullo speaking, Canadian inflation report, (CHK) annual meeting and the (JCP) annual meeting could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by consumer and commodity 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.