Friday Watch

Night Trading 

• Asian equity indices are -.5% to unch. on average.
• Asia Ex-Japan Investment Grade CDS Index 81.5 +2.75 basis points. 
• Asia Pacific Sovereign CDS Index 10.5 +.25 basis point
• Bloomberg Emerging Markets Currency Index 65.44 -.26%.
• FTSE 100 futures -.65%.
• S&P 500 futures -.11%.
• NASDAQ 100 futures -.06%.

Morning Preview Links

Earnings of Note
Company/Estimate
Before the Open:

• (BIG)/.67

After the Close:

• None of note

Economic Releases 
9:45 am EST

• The Chicago Purchasing Manager for August is estimated to fall to 63.0 versus 65.5 in July.

Upcoming Splits

• None of note

Other Potential Market Movers

• The China Manufacturing PMI report and the Eurozone CPI  report could also impact trading today.

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