Thursday Watch

Night Trading 

• Asian equity indices are -.75% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 148.5 -1.0 basis point. 
• Asia Pacific Sovereign CDS Index 54.0 -1.5 basis points.
• Bloomberg Emerging Markets Currency Index 71.50 -.01%. 
• S&P 500 futures -.07%. 
• NASDAQ 100 futures -.11%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (KR)/.69
• (RAD)/.04
• (FNSR).,25
• (MRVL)/.09
• (ORCL)/.82
• (SWHC)/.54

Economic Releases  
8:30 am EST

• The Current Account Balance for 1Q is estimated at -$125.0B versus -$125.3B in 4Q.
• Initial Jobless Claims are estimated to rise to 270K versus 264K the prior week.
• Continuing Claims are estimated to rise to 2140K versus 2095K prior.
• Philly Fed Business Outlook for June is estimated to rise to 1.0 versus -1.8 in May.
• The CPI MoM for May is estimated to rise +.3% versus a +.4% gain in April.
• The CPI Ex Food and Energy MoM for May is estimated to rise +.2% versus a +.2% gain in April.    
• Real Avg Weekly Earnings YoY for May. 

10:00 am EST

• The NAHB Housing Market Index for June is estimated to rise to 59.0 versus 58.0 in May.

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Swiss rate decision, Bloomberg Economic Expectations Index for June, weekly Bloomberg Consumer Comfort Index and the (MGM) investor day could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by industrial and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.