Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.50% on average.

• Asia Ex-Japan Investment Grade CDS Index 81.0 -.75 basis point. 

• Asia Pacific Sovereign CDS Index 20.25 -.75 basis point.

• Bloomberg Emerging Markets Currency Index 74.02 -.05%.

• S&P 500 futures -.02%.

• NASDAQ 100 futures -.04%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (BIG)/.62

Economic Releases 

8:30 am EST

• Durable Goods Orders for July are estimated to fall -6.0% versus a +6.4% gain in June.
• Durables Ex Transports for July are estimated to rise +.4% versus a +.1% gain in June.
• Cap Goods Orders Non-Defense Ex-Air for July are estimated to rise +.4% versus unch. in June.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Jackson Hole Fed Conference and German GDP 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 mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 75% net long heading into the day.