Friday Watch

Night Trading 

• Asian equity indices are -.75% to -.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 93.75 -.25 basis point.
• Asia Pacific Sovereign CDS Index 26.25 unch.
• Bloomberg Emerging Markets Currency Index 70.82 -.03%. 
• S&P 500 futures -.14%. 
• NASDAQ 100 futures -.14%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (BIG)/2.22

Economic Releases

10:00 am EST

• ISM Non-Manufacturing Composite for February is estimated at 56.5 versus 56.5 in January. 

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Yellen speaking, Fed's Fischer speaking, Fed's Evans speaking, Fed's Lacker speaking, Fed's Powell speaking, Eurozone Retail Sales report and the Eurozone Services PMI report could also impact trading today.

BOTTOM LINE:  Asian indices are modestly lower, weighed down by commodity and technology shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.