Friday Watch

Night Trading 

• Asian equity indices are -.5% to unch. on average.
• Asia Ex-Japan Investment Grade CDS Index 116.0 unch. 
• Asia Pacific Sovereign CDS Index 32.75 unch.
• Bloomberg Emerging Markets Currency Index 72.68 -.12%. 
• S&P 500 futures -.17%. 
• NASDAQ 100 futures -.15%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• None of note

Economic Releases
8:30 am EST

• The Change in Non-farm Payrolls for September is estimated to rise to 172K versus 151K in August.
• The Unemployment Rate for September is estimated at 4.9% versus 4.9% in August.   
• Average Hourly Earnings MoM for September is estimated to rise +.3% versus a +.1% gain in August. 

10:00 am EST

• Wholesale Inventories MoM for August are estimated to fall -.1% versus a prior estimate of a -.1% decline.
• Wholesale Trade Sales MoM for August are estimated to rise +.1% versus a -.4% decline in July.
  

3:00 pm EST

• Consumer Credit for August is estimated to fall to $16.45B versus $17.713B in July. 

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Fed's Fischer speaking, Fed's Mester speaking, Fed's George speaking, Fed's Brainard speaking, China Services PMI report and the German Industrial Production report could also impact trading today.

BOTTOM LINE:  Asian indices are lower, weighed down by industrial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.