Friday Watch

Night Trading 

• Asian equity indices are -1.5%  to -.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 67.5 -2.5 basis points.

• China Sovereign CDS 41.25 -1.5 basis points.

• Bloomberg Emerging Markets Currency Index 60.52 -.25%.
• FTSE 100 futures -.32%.

• S&P 500 futures -.46%.

• NASDAQ 100 futures -.56%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (CSIQ)/.12
• (DISH)/.57
• (EBIX)/.65
• (MGA)/-1.64
• (VIRT)/1.55
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The Change in Non-Farm Payrolls for July is estimated to fall to 1480K versus 4800K in June.
• The Unemployment Rate for July is estimated to fall to 10.5% versus 11.1% in June.
• Average Hourly Earnings MoM for July is estimated to fall -.5% versus a -1.2% decline in June.
  

10:00 am EST

• Wholesale Trade Sales MoM for June.

3:00 pm EST

• Consumer Credit for June is estimated at $10.0B versus -$18.28B in May.

Upcoming Splits

• None of note

Other Potential Market Movers

• The German Trade Balance 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 industrial shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon. The Portfolio is 50% net long heading into the day.