Thursday Watch

Night Trading 

• Asian equity indices are -.75% to unch. on average.
• Asia Ex-Japan Investment Grade CDS Index 107.25 -1.75 basis points.
• Asia Pacific Sovereign CDS Index 35.5 -1.75 basis points.
• Bloomberg Emerging Markets Currency Index 73.43 +.03%. 
• S&P 500 futures -.01%. 
• NASDAQ 100 futures -.03%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (BKS)/-.18
• (CONN)/-.12
• (DCI)/.49
• (HAIN)/.57
• (NAV)/-.21
• (FNSR)/.30
• (KFY)/.53
• (RH)/.29
• (VNCE)/-.06
• (ZUMZ)/-.08 

Economic Releases
8:30 am EST

• Initial Jobless Claims for last week are estimated to rise to 265K versus 264K the prior week.
• Continuing Claims are estimated to fall to 2151K versus 2159K prior. 

11:00 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory build of  +631,000 barrels versus a +2,276,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -737,700 barrels versus a -691,000 barrel decline the prior week. Distillate inventories are estimated to rise by +1,199,800 barrels versus a +1,496,000 gain the prior week. Finally, Refinery Utilization is estimated to fall by -.26% versus a +.3% gain prior.
  

3:00 pm EST

• Consumer Credit for July is estimated to rise to $16.0B versus $12.32BN in June.
  

Upcoming Splits 

• None of note

Other Potential Market Movers

• The ECB rate decision/press conference, China inflation data, Bloomberg US Economic Survey for Sept., weekly Bloomberg Consumer Comfort Index and the EIA natural gas inventory report could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by technology 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.