Thursday Watch

Night Trading 

• Asian equity indices are -.25% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 124.25 +.25 basis point.
• Asia Pacific Sovereign CDS Index 48.75 +.25 basis point.
• Bloomberg Emerging Markets Currency Index 72.70 +.04%. 
• S&P 500 futures -.09%. 
• NASDAQ 100 futures -.07%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (BLK)/4.78
• (DAL)/1.41
• (FCS)/.18
• (JPM)/1.43
• (OMC)/1.33
• (PGR)/.32
• (TSM)/2.61
• (RECN)/.21 

Economic Releases  
8:30 am EST

• Initial Jobless Claims are estimated to rise to 265K versus 254K the prior week.
• Continuing Claims are estimated to rise to 2130K versus 2124K prior.
• PPI Final Demand MoM for June is estimated to rise +.3% versus a +.4% gain in May.
• PPI Ex Food and Energy MoM for June is estimated to rise +.1% versus a +.3% gain in May.    

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Fed's Bullard speaking, Fed's Lockhart speaking, Fed's George speaking, Fed's Kaplan speaking, China GDP/Retail Sales reports, BoE Rate Decision, Bloomberg US Economic Survey for July, weekly Bloomberg Consumer Comfort Index and the weekly EIA natural gas inventory report could also impact trading today.

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