Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 80.0 -.25 basis point. 
• Asia Pacific Sovereign CDS Index 18.75 unch.
• Bloomberg Emerging Markets Currency Index 74.0 +.06%.
• S&P 500 futures -.05%.
• NASDAQ 100 futures -.01%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (CBOE)/.86
• (CI)/2.48
• (CTB)/.74
• (ITT)/.63
• (NWL)/.87
• (SUP)/.46
• (TM)/153.14
• (BRK/B)/2800.98

Economic Releases 

8:30 am EST

• The Change in Non-Farm Payrolls for July is estimated to fall to 180K versus 222K in June.
• The Unemployment Rate for July is estimated to fall to 4.3% versus 4.4% in June.
• The Average Hourly Earnings MoM for July is estimated to rise +.3% versus a +.2% gain in June.
• The Trade Deficit for June is estimated at -$44.5B versus -$46.5B in May.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone Retail Sales report and German Factory Orders report could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by industrial 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 75% net long heading into the day.