Thursday Watch

Night Trading 

• Asian equity indices are -.50% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 138.5 -.25 basis point. 
• Asia Pacific Sovereign CDS Index 51.5 +.5 basis point.
• Bloomberg Emerging Markets Currency Index 72.89 +.08%. 
• S&P 500 futures -.12%. 
• NASDAQ 100 futures -.09%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (CBK)/-.10
• (SJM)/1.19
• (HRB)/3.17
• (KFY)/.54
• (MFRM)/-.04

Economic Releases
8:30 am EST

• Initial Jobless Claims are estimated to rise to 270K versus 267K the prior week.
• Continuing Claims are estimated to fall to 2171K versus 2172K prior.
  

10:00 am EST

• Wholesale Inventories MoM for April are estimated to rise +.1% versus a +.1% gain in March.
• Wholesale Trade Sales MoM for April are estimated to rise +1.1% versus a +.7% gain in March. 
  

12:00 pm EST

• Household Change in Net Worth for 1Q. 

Upcoming Splits 

• None of note

Other Potential Market Movers

• The German Trade Balance report, $12B 30Y T-Bond auction, Citi Small/Mid-Cap Conference, (EAT) investor day and the (SNCR) 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 50% net long heading into the day.