Thursday Watch

Night Trading 

• Asian equity indices are +.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 77.25 +.25 basis point. 

• Asia Pacific Sovereign CDS Index 13.0 +.25 basis point

• Bloomberg Emerging Markets Currency Index 71.15 -.02%.

• FTSE 100 futures +.31%.

• S&P 500 futures unch.

• NASDAQ 100 futures +.05%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (HOV)/-.05

• (SJM)/2.19

• (MTN)/6.10

After the Close:

• (HOME)/.27

• (AVGO)/4.74

• (COO)/2.84

• (PAY)/.28

• (ZUMZ)/-.12

Economic Releases

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 220K versus 221K the prior week.

• Continuing Claims are estimated to rise to 1738K versus 1726K prior.

12:00 pm EST

• 1Q Household Change in Net Worth.
  

3:00 pm EST

• Consumer Credit for April is estimated at $14.0B versus $11.622B in March.

Upcoming Splits

• (PFBI) 5-for-4

Other Potential Market Movers

• The Japan GDP report, German Factory Orders report, Eurozone GDP report, Bloomberg June US Economic Survey, weekly Bloomberg Consumer Comfort Index, RBC Capital Mining/Materials Conference, Piper Jaffray Consumer Conference, Credit Suisse Chemical/Ag Conference, (RL) investor day and the (AIG) investor meeting could also impact trading today.

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