Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 78.5 -5.5 basis points.

• China Sovereign CDS 35.5 -2.0 basis points.
  

• Bloomberg Emerging Markets Currency Index 59.56 -.05%.
• Bloomberg Global Risk-On/Risk Off Index 2,395.0 -9.0 points.
• Volatility Index(VIX) futures 21.4 -1.4%.
• FTSE 100 futures -.57%.

• S&P 500 futures +.02%.

• NASDAQ 100 futures +.06%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BJ)/.65
• (EL)/.50
• (KSS)/1.26
• (M)/.18
• (WOOF)/.19
• (USCR)/1.42
  

After the Close:

• (AMAT)/1.78
• (ROST)/.96
  

Economic Releases

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 364K versus 375K the prior week.
• Continuing Claims are estimated to fall to 2800K versus 2866K prior.
• Philly Fed Business Outlook Index for Aug. is estimated to rise to 23.3 versus 21.9 in July.
  

10:00 am EST

• The Leading Index for July is estimated to rise +.7% versus a +.7% gain in June.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Japan Inflation Data report, weekly Langer Consumer Comfort Index, weekly EIA natural gas inventory report, 2Q Mortgage Delinquencies/MBA Mortgage Foreclosures reports and the (UHAL) investor meeting could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are lower, weighed down by commodity and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 75% net long heading into the day.