Thursday Watch

Night Trading 

• Asian equity indices are +.25% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 79.0 +1.5 basis points. 

• Asia Pacific Sovereign CDS Index 20.25 +1.25 basis points.

• Bloomberg Emerging Markets Currency Index 74.96 +.06%.

• S&P 500 futures -.09%.

• NASDAQ 100 futures -.08%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (BKS)/-.12
• (DCI)/.53
• (HOV)/-.01
• (JW/A)/.62
• (FNSR)/.40
• (RDFN)/.05
• (PAY)/.36
• (ZUMZ)/-.06

Economic Releases 

8:30 am EST

• Initial Jobless Claims for last week are estimated to rise to 245K versus 236K the prior week. 
• Continuing Claims are estimated to rise to 1945K versus 1942K prior.
• Final 2Q Unit Labor Costs are estimated to rise +.3% versus a prior estimate of a +.6% gain.

11:00 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory gain of +3,672,780 barrels versus a -5,392,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -5,976,110 barrels versus a +35,000 barrel gain the prior week. Distillate inventories are estimated to fall by -2,994,560 barrels versus a +7348,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall -10.2% versus a +1.2% gain prior.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Dudley speaking, Fed's Mester speaking, ECB Decision/Press Conference, Japan GDP report, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report, BofA Merrill Media/Communications/Entertainment Conference, (FAST) August Sales report, (PSMT) Monthly Sales report, (B) investor day and the (SQM) investor day could also impact trading today.

BOTTOM LINE:  Asian indices are higher, boosted by technology and industrial 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.