Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 86.75 +1.25 basis points.

• China Sovereign CDS 37.5 unch.
  

• Bloomberg Emerging Markets Currency Index 59.88 -.03%.
• Bloomberg Global Risk-On/Risk Off Index 3,110.0 -32.0 points.
• Volatility Index(VIX) futures 19.9 -.03%.
• FTSE 100 futures -.13%.

• S&P 500 futures -.09%.

• NASDAQ 100 futures -.02%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (HELE)/2.51
• (FIZZ)/.52
  

After the Close:

• (LEVI)/.09
• (PSMT)/.64
  

Economic Releases

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 350K versus 364K the prior week. 
• Continuing Claims are estimated to to fall to 3350K versus 3469K prior.
  

11:00 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -4,478,550 barrels versus a -6,718,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,631,700 barrels versus a +1,522,000 barrel gain the prior week. Distillate inventories are estimated to fall by -93,200 barrels versus a -869,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.39% versus a +.7% gain prior.

2:00 pm EST

• Consumer Credit for May is estimated to fall to $18.0B versus $18.612B in April.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German trade data report, weekly EIA natural gas inventory report, (COST) June sales results and the (FEYE) July investor briefing could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and consumer shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.