Friday Watch

Night Trading 

• Asian equity indices are -.75% to unch. on average.

• Asia Ex-Japan Investment Grade CDS Index 74.0 -.25 basis point. 

• Asia Pacific Sovereign CDS Index 18.5 +.5 basis point.

• Bloomberg Emerging Markets Currency Index 74.57 +.02%.

• S&P 500 futures -.19%.

• NASDAQ 100 futures -.17%.

Morning Preview Links

Earnings of Note
Company/Estimate

• None of note

Economic Releases 
8:30 am EST

• Empire Manufacturing for September is estimated to fall to 18.0 versus 25.2 in August.
• Advance Retail Sales MoM for August is estimated to rise +.1% versus a +.6% in July.
• Retail Sales Ex Autos MoM for August is estimated to rise +.5% versus a +.5% gain in July.
• Retail Sales Ex Autos and Gas for August is estimated to rise +.3% versus a +.5% gain in July.

9:15 am EST

• Industrial Production MoM for August is estimated to rise +.1% versus a +.2% gain in July.
• Capacity Utilization for August is estimated at 76.7% versus 76.7% in July.
• Manufacturing Production for August is estimated to rise +.3% versu a -.1% decline in July.

10:00 am EST

• Preliminary Univ. of Mich. Consumer Sentiment for September is estimated to fall to 95.0 versus 96.8 in August. 
• Business Inventories for July are estimated to rise +.2% versus a +.5% gain in June.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone Trade Balance report 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.