Thursday Watch

Night Trading 

• Asian equity indices are -.5% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 76.75 +.75 basis point. 
• Asia Pacific Sovereign CDS Index 12.5 +.25 basis point.
• Bloomberg Emerging Markets Currency Index 74.57 -.02%.
• FTSE 100 futures -.13%.
• S&P 500 futures +.24%.
• NASDAQ 100 futures +.38%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (APOG)/.76
• (OZRK)/.85
• (BLK)/6.41
• (DAL)/.73
• (RAD)/-.02

Economic Releases

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 230K versus 242K the prior week.
• Continuing Claims are estimated to rise to 1843K versus 1808K prior. 
• The Import Price Index MoM for March is estimated to rise +.1% versus a +.4% gain in February.
• The Export Price Index MoM for March is estimated to rise +.2% versus a +.2% gain in February.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Kashkari speaking, Eurozone Industrial Production report, $13B 30Y T-Note auction, weekly EIA natural gas inventory report, Bloomberg April US Economic Survey, weekly Bloomberg Consumer Comfort Index, (BKE)/(CATO)/(LB) monthly sales reports and the (CLDR) analyst day 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 weaken into the afternoon, finishing modestly lower.  The Portfolio is 75% net long heading into the day.