Friday Watch

Night Trading 

• Asian equity indices are -1.75% to -.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 140.5 +1.25 basis points 
• Asia Pacific Sovereign CDS Index 50.75 -1.0 basis point.
• Bloomberg Emerging Markets Currency Index 72.07 -1.46%. 
• S&P 500 futures -1.72%. 
• NASDAQ 100 futures -1.62%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (FINL)/.21

Economic Releases  
8:30 am EST

• Durable Goods Orders for May are estimated to fall -.5% versus a +3.4% gain in April.
• Durables Ex Transports for May are estimated to rise +.1% versus a +.5% gain in April.
• Cap Goods Orders Non-Defense Ex Air for May are estimated to rise +.4% versus a -.6% decline in April.

10:00 am EST

• Final Univ. of Mich. Consumer Sentiment for June is estimated to fall to 94.1 versus 94.3 in May.

Upcoming Splits 

• (SSNC) 2-for-1
• (CORE) 2-for-1

Other Potential Market Movers

• The France GDP report could also impact trading today.

BOTTOM LINE:  Asian indices are sharply lower, weighed down by commodity and technology shares in the region. I expect US stocks to open sharply lower and to maintain losses into the afternoon. The Portfolio is 50% net long heading into the day.