Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.50% on average.
• Asia Ex-Japan Investment Grade CDS Index 75.5 -.25 basis point. 
• Asia Pacific Sovereign CDS Index 12.25 -.25 basis point.
• Bloomberg Emerging Markets Currency Index 71.02 -.12%.
• FTSE 100 futures +.41%.
• S&P 500 futures +.32%.
• NASDAQ 100 futures +.60%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (BKE)/.36
• (CAE)/.32
• (FL)/1.24
• (HIBB)/1.14

After the Close:

• None of note

Economic Releases
8:30 am EST

• Durable Goods Orders for April is estimated to fall -1.3% versus a +2.6% gain in March.
• Durables Ex Transports for April is estimated to rise +.5% versus a +.1% gain in March.
• Cap Goods Orders Non-Defense Ex Air for April is estimated to rise +.7% versus a -.4% decline in March.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Kaplan speaking, Fed's Bostic speaking, Fed's Evans speaking, German IFO and the (EFX) investor meeting could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by consumer and energy shares in the region. I expect US stocks to open modestly higher and to maintain gains into the afternoon.  The Portfolio is 100% net long heading into the day.