Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 52.75 +1.75 basis points.

• China Sovereign CDS 34.5  +1.75 basis points.

• Bloomberg Emerging Markets Currency Index  66.25 -.01%.
• FTSE 100 futures +.03%.

• S&P 500 futures -.02%.

• NASDAQ 100 futures +.03%.

Morning Preview Links

Earnings of Note 

Company/Estimate

Before the Open:

• (AAL)/1.17
• (CMCSA)/.77
• (FCX)/.0
• (JBLU)/.54
• (KEY)/.48
• (KMB)/1.70
• (PG)/1.37
• (LUV)/1.09
• (TRV)/3.26
• (UNP)/2.05
• (VFC)/1.21

After the Close:

• (ETFC)/.83
• (INTC)/1.25
• (ISRG)/3.38
• (MRTN)/.28
• (SWKS)/1.66

Economic Releases 

8:30 am EST

• Initial Jobless Claims for last week are estimated to rise to 214K versus 204K the prior week.
• Continuing Claims are estimated to fall to 1750K versus 1767K prior.

10:00 am EST

• The Leading Index for Dec. is estimated to fall -.2% versus unch. in Nov.
  

11:00 am EST

• The Kansas City Fed Manufacturing Activity Index for Jan. is estimated to rise to -6 versus -8 in Dec. 
• Bloomberg consensus estimates call for a weekly crude oil inventory gain of +361,450 barrels versus a -2,549,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +2,978,200 barrels versus a +6,678,000 barrel gain the prior week. Distillate inventories are estimated to rise by +2,179,400 barrels versus a +8,171,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.47% versus a -.8% decline the prior week.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The ECB decision/press conference, Bloomberg Economic Expectations Index for Jan., weekly Bloomberg Consumer Comfort Index and the weekly EIA natural gas inventory report could also impact trading today.

Market Hours

Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are lower, weighed down by technology and commodity 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.