Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 83.5 +1.25 basis points. 
• Asia Pacific Sovereign CDS Index 17.25 +.5 basis point.
• Bloomberg Emerging Markets Currency Index 73.04 -.04%.
• S&P 500 futures +.11%.
• NASDAQ 100 futures +.16%.

Morning Preview Links

Earnings of Note
Company/Estimate

• None of note

Economic Releases 

8:30 am EST

• Housing Starts for May are estimated to rise to 1220K versus 1172K in April.
• Building Permits for May are estimated to rise to 1249K versus 1229K in April.

10:00 am EST 

• The Labor Market Conditions Index for May is estimated to fall to 3.0 versus 3.5 in April. 
• Preliminary Univ. of Mich. Consumer Sentiment for June is estimated to fall to 97.0 versus 97.1 in May.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Kaplan speaking, Eurozone CPI report, FTSE Russell Reconstitution List Updates, (GLW) Investor Meeting and the (CNC) Investor Day could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by industrial and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.