Friday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 80.75 +.75 basis point. 

• Asia Pacific Sovereign CDS Index 10.75 unch.

• Bloomberg Emerging Markets Currency Index 66.41 -.03%.

• FTSE 100 futures -.22%

• S&P 500 futures +.04%.

• NASDAQ 100 futures +.10%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (BKE)/.30

• (FL)/.70

• (HIBB)/.08

• (UBNT)/1.01

After the Close:

• None of note

Economic Releases 
8:30 am EST

• Preliminary Durable Goods Orders for July are estimated to fall -1.0% versus a +.8% gain in June. 

• Preliminary Durables Ex Transports for July are estimated to rise +.5% versus a +.2% gain in June. 

• Preliminary Cap Goods Orders Non-Defense Ex Air for July is estimated to rise +.5% versus a +.2% gain in June.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Powell speaking, Jackson Hole Fed Conference and the Eurozone GDP report could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by industrial and consumer shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.