Friday Watch

Night Trading 

• Asian equity indices are -.5% to unch. on average.
• Asia Ex-Japan Investment Grade CDS Index 76.75 +1.75 basis points. 
• Asia Pacific Sovereign CDS Index 12.25 +.25 basis point
• Bloomberg Emerging Markets Currency Index 72.58 -.01%.
• FTSE 100 futures +.32%.
• S&P 500 futures -.28%.
• NASDAQ 100 futures -.34%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (BABA)/.88
• (AXL)/.83
• (CBOE)/1.28
• (CELG)/1.96
• (IDXX)/.92
• (ITT)/.73
• (NWL)/.26
• (VFC)/.66

Economic Releases

8:30 am EST

• The Change in Non-Farm Payrolls for April is estimated to rise to 192K versus 103K in March.
• The Unemployment Rate for April is estimated to fall to 4.0% versus 4.1% in March.
• Average Hourly Earnings MoM for April are estimated to rise +.2% versus a +.3% gain in March.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Dudley speaking, Fed's Quarles speaking, Fed's Kaplan speaking, Fed's Bostic speaking, Fed's George speaking, Eurozone retail sales report and the (FAST) April sales report could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by industrial and technology shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing modestly higher.  The Portfolio is 50% net long heading into the day.