Friday Watch

Night Trading 

• Asian equity indices are -1.25%  to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 74.75 -.5 basis point.

• China Sovereign CDS 42.75 unch.

• Bloomberg Emerging Markets Currency Index 61.28 +.05%.
• FTSE 100 futures -.62%.

• S&P 500 futures +.21%.

• NASDAQ 100 futures +.32%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (AXP)/.02
• (BLMN)/1.14
• (CRI)/-.25
• (GNTX)/.12
• (HON)/1.24
• (NEE)/2.51
• (SLB)/-.01
• (VZ)/1.15

After the Close:

• None of note

Economic Releases

9:45 am EST

• The Markit US Manufacturing PMI for July is estimated to rise to 52.0 versus 49.8 in June.
• The Markit US Services PMI for July is estimated to rise to 51.0 versus 47.9 in June.
  

10:00 am EST

• New Home Sales MoM for June is estimated to rise +3.6% versus a 16.6% gain in May.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone PMI 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 industrial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.