Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 84.5 +.25 basis point.

• China Sovereign CDS 49.25 +1.5 points.

• Bloomberg Emerging Markets Currency Index 60.72 +.01%.
• FTSE 100 futures n/a

• S&P 500 futures -.42%.

• NASDAQ 100 futures -.21%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (CMC)/.31
• (KR)/1.14

After the Close:

• (HOME)/-.41
• (SWBI)/.34

Economic Releases 
8:30 am EST

• The Philly Fed Business Outlook Index for June is estimated to rise to -22.7 versus -43.1 in May.
• Initial Jobless Claims for last week are estimated to fall to 1290K versus 1542K the prior week. 
• Continuing Claims are estimated to fall to 19850K versus 20929K prior.
  

10:00 am EST

• The Leading Index for May is estimated to rise +2.4% versus a -4.4% decline in April.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The BoE rate decision, Japan Inflation Data report, Bloomberg Economic Expectations Index for June, 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 modestly lower, weighed down by financial 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 50% net long heading into the day.