Friday Watch

Night Trading 

• Asian equity indices are +.25% to +.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 120.0 -4.25 basis points.
• Asia Pacific Sovereign CDS Index 47.25 -1.5 basis points.
• Bloomberg Emerging Markets Currency Index 73.06 +.02%. 
• S&P 500 futures +.03%. 
• NASDAQ 100 futures +.05%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (C)/1.10
• (FHN)/.23
• (INFY)/15.11
• (PNC)/1.75
• (USB)/.80
• (WFC)/1.01 

Economic Releases  
8:30 am EST

• Retail Sales Advance MoM for June are estimated to rise +.1% versus a +.5% gain in May.
• Retail Sales Ex Autos MoM for June are estimated to rise +.4% versus a +4% gain in May.
• Retail Sales Ex Autos and Gas for June are estimated to rise +.3% versus a +.3% gain in May.
• The CPI MoM for June is estimated to rise +.2% versus a +.2% gain in May.
• The CPI Ex Food and Energy MoM for June is estimated to rise +.2% versus a +.2% gain in May.
• Real Avg Weekly Earnings YoY for June.    
• Empire Manufacturing for July is estimated to fall to 5.0 versus 6.01 in June.     

9:15 am EST

• Industrial Production MoM for June is estimated to rise +.3% versus a -.4% decline in May.
• Capacity Utilization for June is estimated to rise to 75.1% versus 74.9% in May.
• Manufacturing Production for June is estimated to rise +.3% versus a -.4% decline in May.  

10:00 am EST

• Business Inventories for May are estimated to rise +.1% versus a +.1% gain in April.
• Preliminary Univ. of Mich. Consumer Sentiment for July is estimated to fall to 93.3 versus 93.5 in June.

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Fed's Kashkari speaking and the Eurozone Trade Balance report could also impact trading today.

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