Friday Watch

Night Trading 

• Asian equity indices are +.5% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 75.0 -1.25 basis point. 

• Asia Pacific Sovereign CDS Index 12.5 -.25 basis point

• Bloomberg Emerging Markets Currency Index 73.41 unch.

• FTSE 100 futures +.20%.

• S&P 500 futures -.14%.

• NASDAQ 100 futures +.21%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (ALV)/1.83

• (B)/.68

• (CVX)/1.51

• (CL)/.73

• (D)/1.05

• (XOM)/1.12

• (HTLD)/.17

• (LYB)/2.77

• (PSX)/.89

• (COL)/1.76

• (SPG)/2.83

• (TEN)/1.69

• (VFC)/.65

• (WY)/.34

Economic Releases

8:30 am EST

• The 1Q Employment Cost Index is estimated to rise +.7% versus a +.6% gain in 4Q.

• Advance 1Q GDP is estimated to rise +2.0% versus a +2.9% gain in 4Q. 

• Advance 1Q Personal Consumption is estimated to rise +1.1% versus a +4.0% gain in 4Q. 

• Advance 1Q GDP Price Index is estimated to rise +2.2% versus a +2.3% gain in 4Q.

• Advance 1Q Core PCE QoQ is estimated to rise +2.6% versus a +1.9 gain in 4Q.

10:00 am EST

• Final Univ. of Mich. Consumer Sentiment for April is estimated to rise to 98.0 versus a prior estimate of 97.8.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Australia PPI report, China Industrial Profits report, Eurozone GDP report, Eurozone Services PMI report and the North/South Korean Summit could also impact trading today.

BOTTOM LINE:  Asian indices are 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 75% net long heading into the day.