Friday Watch

Night Trading 

• Asian equity indices are +.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 695.0 -1.5 basis points. 

• Asia Pacific Sovereign CDS Index 12.75 -.5 basis point.

• Bloomberg Emerging Markets Currency Index 76.14 +.13%.

• FTSE 100 futures +.41%.

• S&P 500 futures +.05%.

• NASDAQ 100 futures +.12%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (AXL)/.78

• (B)/.67

• (CPB)/.81

• (KO)/.38

• (DE)/1.19

• (IPGP)/1.70

• (ITT)/.59

• (SJM)/2.16

• (KHC)/.95

• (NHI)/1.33

• (NWL)/.68

• (R)/1.36

• (VFC)/1.02

• (VMC)/.74

Economic Releases

8:30 am EST

• The Import Price Index MoM for January is estimated to rise +.6% versus a +.1% gain in December. 

• The Import Price Index Ex Petrol for January is estimated to rise +.1% versus a -.2% decline in December.

• The Export Price Index MoM for January is estimated to rise +.3% versus a -.1% decline in December.

• Housing Starts for January are estimated to rise to 1235K versus 1192K in December.

• Building Permits for January is estimated to fall to 1300K versus 1302K in December.

10:00 am EST

• Univ. of Mich. Consumer Sentiment for February is estimated to fall to 95.4 versus 95.7 in January.

Upcoming Splits

• None of note

Other Potential Market Movers

• The UK Retail Sales report, (HAS) investor update and the (MAT) analyst meeting could also impact trading today.

BOTTOM LINE:  Asian indices are higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.