Thursday Watch

Night Trading 

• Asian equity indices are -1.25% to -.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 92.5 +2.75 basis points. 
• Asia Pacific Sovereign CDS Index 20.75 +.75 basis point.
• Bloomberg Emerging Markets Currency Index 72.70 -.33%.
• S&P 500 futures +.04%.
• NASDAQ 100 futures +.13%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (BABA)/.66
• (BKE)/.33
• (EXP)/.85
• (HIBB)/.96
• (MNRO)/.32
• (PERY)/.84
• (RL)/.78
• (TK)/.11
• (PLCE)/1.64
• (WMT)/.96
• (AMAT)/.76
• (ADSK)/-.23
• (GPS)/.29
• (MCK)/3.01
• (ROST)/.80
• (CRM)/.26

Economic Releases 

8:30 am EST

• Initial Jobless Claims for last week are estimated to rise to 240K versus 236K the prior week.
• Continuing Claims are estimated to rise to 1950K versus 1918K prior.
• Philly Fed Business Outlook Index for May is estimated to fall to 18.5 versus 22.0 in April.

10:00 am EST

• The Leading Index for April is estimated to rise +.4% versus a +.4% gain in March.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Mester speaking, Australia Employment Change report, weekly Bloomberg Consumer Comfort Index, Bloomberg Economic Expectations Index for May, weekly EIA natural gas inventory report, BofA Merrill Transports Conference, (MT) general meeting and the (DB) annual meeting could also impact trading today.

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