Thursday Watch

Night Trading 

• Asian equity indices are +.5% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 80.5 -4.25 basis points. 

• China Sovereign CDS 55.0 -3.25 basis points.

• Bloomberg Emerging Markets Currency Index 68.67 +.16%.

• FTSE 100 futures +.29%.

• S&P 500 futures +.26%.

• NASDAQ 100 futures +.52%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (MO)/.95

• (ABC)/1.51

• (APTV)/1.21

• (BAX)/.73

• (CELG)/2.31

• (COP[)/1.02

• (ETN)/1.43

• (GE)/.24

• (IP)/1.59

• (MA)/1.52

• (NOC)/4.45

• (PH)/2.42

• (RTN)/2.87

• (SHW)/3.55

• (TSCO)/1.09

• (UPS)/1.91

• (VLO)/1.11

• (YRCW)/.39

After the Close:

• (AFL)/.94

• (AMZN)/5.51

• (CY)/.33

• (DECK)/5.29

• (MCK)/3.16

• (POST)/.97

• (SKYW)/1.07

• (SYMC)/.39

• (YUMC)/.08

Economic Releases

7:30 am EST

• Challenger Job Cuts YoY for January.
  

8:30 am EST

• The Employment Cost Index for 4Q is estimated to rise +.8% versus a +.8% gain in 3Q.

• Initial Jobless Claims for last week are estimated to rise to 215K versus 199K the prior week.

• Continuing Claims are estimated to rise to 1721K versus 1713K prior.

9:45 am EST

• The Chicago Purchasing Manager report for January is estimated to fall to 61.5 versus 63.8 in Dec. 
  

10:00 am EST

• New Home Sales for November are estimated to rise to 567K versus 544K in October.
  

4:00 pm EST

• Net Long-Term TIC Flows for Nov.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The China PMI report, Eurozone GDP report, Japan Unemployment Rate report and the weekly Bloomberg Consumer Comfort Index could also impact trading today.

BOTTOM LINE:  Asian indices are higher, boosted by industrial and technology shares in the region. I expect US stocks to open mixed and to strengthen into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.