Thursday Watch

Night Trading 

• Asian equity indices are -.5% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 92.75 -.5 basis point. 

• Asia Pacific Sovereign CDS Index 22.5 -.25 basis point.

• Bloomberg Emerging Markets Currency Index 72.35 +.06%.

• S&P 500 futures +.06%. 

• NASDAQ 100 futures +.04%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (APD)/1.38

• (ALXN)/1.24

• (AB)/.44

• (AAL)/.57

• (AMT)/1.40

• (AZN)/.82

• (BWA)/.84

• (BSX)/.30

• (BMY)/.74

• (CBG)/.34

• (CELG)/1.63

• (CLF)/.20

• (CME)/1.20

• (CMCSA)/.45

• (DPZ)/1.17

• (DOW)/.99

• (F)/.34

• (JCI)/.49

• (LLL)/1.81

• (MGM)/.31

• (PH)/1.86

• (POT)/.11

• (PX)/1.33

• (RTN)/1.60

• (RS)/1.40

• (LUV)/.63

• (UAA)/-.04

• (UNP)/1.23

• (UPS)/1.29

• (ZBH)/2.11

• (AFL)/1.62

• (GOOG)/9.42

• (AMZN)/1.10

• (BIDU)/.92

• (CERN)/.58

• (EXPE)/.09

• (GPRO)/-.45

• (INTC)/.65

• (KLAC)/1.55

• (MSFT)/.70

• (MHK)/2.72

• (SKYW)/.52

• (SBUX)/.45

• (WDC)/2.14

Economic Releases  

8:30 am EST

• Advance Goods Trade Balance for March is estimated at -$65.2B versus -$63.9B in February.

• Preliminary Wholesale Inventories MoM for March is estimated to rise +.2% versus a +.4% gain in February.

• Preliminary Durable Goods Orders for March is estimated to rise +1.3% versus a +1.8% gain in February.

• Preliminary Durables Ex Transports for March is estimated to rise +.4% versus a +.5% gain in February.

• Preliminary Cap Goods Orders Non-Defense Ex Air for March are estimated to rise +.5% versus a -.1% decline in February.

• Initial Jobless Claims for last week are estimated to rise to 245K versus 244K the prior week. 

• Continuing Claims are estimated to rise to 2007K versus 1979K prior.
  

10:00 am EST

• Pending Home Sales MoM for March are estimated to fall -1.0% versus a +5.5% gain in February.
  

11:00 am EST

• Kansas City Fed Manufacturing Activity for April is estimated to fall to 17.0 versus 20.0 in March.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone Consumer Confidence report, China Industrial Production report, Japan CPI report, $28B 7Y T-Note auction and the (PFE) annual meeting could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by consumer and industrial 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.