Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 66.5 +.5 basis point.

• China Sovereign CDS 39.75 unch.

• Bloomberg Emerging Markets Currency Index 59.21 -.02%.
• Bloomberg Global Risk-On/Risk Off Index 190.0 -3.0 points.
• Volatility Index(VIX) futures 28.55 -1.13%
• FTSE 100 futures +.91%.

• S&P 500 futures +.32%.

• NASDAQ 100 futures +.38%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (ALLY)/.70
• (BMI)/.38
  
• (BK)/.94
• (JBHT)/1.28
• (KSU)/1.90
• (SLB)/.13
• (STT)/1.41
• (VFC)/.47
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• Retail Sales Advance MoM for Sept. is estimated to rise +.8% versus a +.6% gain in Aug.
• Retail Sales Ex Autos MoM for Sept. is estimated to rise +.4% versus a +.7% gain in Aug.
• Retail Sales Ex Auto and Gas for Sept. is estimated to rise +.5% versus a +.7% gain in Aug.
  

9:15 am EST

• Industrial Production MoM for Sept. is estimated to rise +.6% versus a +.4% gain in Aug.
• Capacity Utilization for Sept. is estimated to rise to 71.8% versus 71.4% in Aug.
• Manufacturing Production for Sept. is estimated to rise +.6% versus a +1.0% gain in Aug.
  

10:00 am EST

• Business Inventories for Aug. is estimated to rise +.4% versus a +.1% gain in July.
• Preliminary Univ. of Mich. Consumer Sentiment for Oct. is estimated to rise to 80.5 versus 80.4 in Sept.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone PMI report and the (SAFM) investor day could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly higher, boosted by financial and industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finished mixed. The Portfolio is 50% net long heading into the day.