Thursday Watch

Night Trading 

• Asian equity indices are -.25% to +.50% on average.
• Asia Ex-Japan Investment Grade CDS Index 85.75 -1.75 basis points. 
• Asia Pacific Sovereign CDS Index 13.0 unch.
• Bloomberg Emerging Markets Currency Index 69.62 -.07%.
• FTSE 100 futures +.05%
• S&P 500 futures +.03%.
• NASDAQ 100 futures +.11%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (ADS)/4.67
• (BBT)/1.01
• (BX)/.74
• (BK)/1.02
• (DHR)/1.09
• (DPZ)/1.74
• (FITB)/.57
• (GPC)/1.57
• (KEY)/.42
• (NUE)/2.09
• (PM)/1.23
• (SAP)/1.00
• (TSM)/2.75
• (UNP)/1.95

After the Close:

• (COF)/2.62
• (CTAS)/1.68
• (ETFC)/.88
• (ISRG)/2.49
• (MSFT)/1.08
• (SWKS)/1.60

Economic Releases 
8:30 am EST

• Initial Jobless Claims for last week are estimated to rise to 220K versus 214K the prior week.
• Continuing Claims are estimated to fall to 1729K versus 1739K prior.
• Philly Fed Business Outlook for July is estimated to rise to 21.5 versus 19.9 in June.
  

10:00 am EST

• The Leading Index for June is estimated to rise +.4% versus a +.2% gain in May.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Australia Unemployment report, Japan CPI report, weekly Bloomberg Consumer Comfort Index, Bloomberg Economic Expectations Index for July, weekly EIA natural gas inventory report and the (FUL) investor day could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by industrial and financial 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.