Thursday Watch

Night Trading 

• Asian equity indices are +.25% to +1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 71.0 -2.25 basis points. 

• Asia Pacific Sovereign CDS Index 13.25 -.5 basis point.

• Bloomberg Emerging Markets Currency Index 75.88 +.12%.

• FTSE 100 futures +.54%.

• S&P 500 futures +.25%.

• NASDAQ 100 futures +.32%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (AAN)/.56

• (AVP)/.07

• (GPN)/1.06

• (ECA)/.11

• (OMC)/1.54

• (RS)/1.00

• (ZTS)/.66

• (ANET)/1.42

• (CBS)/1.14

• (CGNX)/.25

• (OSTK)/-.03

• (SHAK)/.06

Economic Releases

8:30 am EST

• Empire Manufacturing for February is estimated to rise to 18.0 versus 17.7 in January. 

• Initial Jobless Claims for last week are estimated to rise to 228K versus 221K the prior week.

• Continuing Claims are estimated to rise to 1925K versus 1923K prior.

• PPI Final Demand MoM for January is estimated to rise +.4% versus a -.1% decline in December.

• PPI Ex Food and Energy MoM for January is estimated to rise +.2% versus a +.1% gain in December.

• Philly Fed Business Outlook Index for February is estimated to fall to 21.6 versus 22.2 in January.

9:15 am EST

• Industrial Production MoM for January is estimated to rise +.2% versus a +.9% gain in December.

• Manufacturing Production for January is estimated to rise +.3% versus a +.1% gain in December.

• Capacity Utilization is estimated to rise to 78.0% versus 77.9% in December.

10:00 am EST

• The NAHB Housing Market Index for February is estimated at 72.0 versus 72.0 in January.

4:00 pm EST

• Net Long-Term TIC Flows for December.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Australia Employment report, Eurozone Trade Balance report, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report and the (EMR) investor conference 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.