Thursday Watch

Night Trading 

• Asian equity indices are -.25% to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 84.50 -.75 basis point. 
• Asia Pacific Sovereign CDS Index 21.25 unch.
• Bloomberg Emerging Markets Currency Index 73.71 -.01%.
• S&P 500 futures -.06%.
• NASDAQ 100 futures +.03%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (ABB)/.33
• (ABT)/.61
• (ADS)/3.74
• (BK)/.85
• (BX)/.62
• (DHR)/.97
• (GPC)/1.31
• (KEY)/.34
• (NUE)/1.06
• (PM)/1.23
• (PII)/1.09
• (PPG)/1.83
• (SAP)/.94
• (SHW)/4.56
• (SNA)/2.57
• (TRV)/2.14
• (UNP)/1.39
• (COF)/1.90
• (CTAS)/1.11
• (EBAY)/.45
• (ISRG)/5.77
• (MSFT)/.71
• (NCR)/.75
• (SWKS)/1.52
• (V)/.81

Economic Releases 

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 245K versus 247K the prior week.
• Continuing Claims are estimated to rise to 1949K versus 1945K prior.
• Philly Fed Business Outlook Index for July is estimated to fall to 23.0 versus 27.6 in June.
  

9:45 am EST

• The Leading Index for June is estimated rise +.4% versus a +.3% gain in May.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Mario Draghi press conference, ECB rate decision, BoJ decision, Bloomberg Economic Expectations Index for July, weekly EIA natural gas inventory report, weekly Bloomberg Consumer Comfort Index could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by industrial and commodity 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.