Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 90.5 unch. 
• Asia Pacific Sovereign CDS Index 19.25 -.25 basis point.
• Bloomberg Emerging Markets Currency Index 73.04 -.05%.
• S&P 500 futures -.09%.
• NASDAQ 100 futures -.01%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (BIG)/.99

Economic Releases 

8:30 am 

• 1Q GDP is estimated to rise +.9% versus a prior estimate of a +.7% gain.
• 1Q Personal Consumption is estimated to rise +.4% versus a prior estimate of a +.3%  gain.
• The 1Q GDP Price Index is estimated to rise +2.3% versus a prior estimate of a +2.3% gain.
• The 1Q Core PCE is estimated to rise +2.0% versus a prior estimate of a +2.0% gain.
• Preliminary Durable Goods Orders for April are estimated to fall by -1.5% versus a +1.7% gain in March.
• Preliminary Durables Ex Transports for April are estimated to rise +.4% versus a +.8% gain in March.
• Preliminary Cap Goods Orders Non-Defense Ex-Air for April are estimated to rise +.5% versus a +.5%Gain in March.

10:00 am EST

• Final Univ. of Mich. Consumer Sentiment for May is estimated to fall to 97.5 versus a prior estimate of 97.7.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Japan inflation data could also impact trading today.

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