Thursday Watch

Night Trading 

• Asian equity indices are -.75% to -.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 77.5 -.25 basis point 
• Asia Pacific Sovereign CDS Index 12.75 +.25 basis point.
• Bloomberg Emerging Markets Currency Index 70.55 -.03%.
• FTSE 100 futures -.40%.
• S&P 500 futures -.03%.
• NASDAQ 100 futures -.10%.

Morning Preview Links

Earnings of Note
Company/Estimate
Before the Open:

• (MIK)/.38

After the Close:

• (ADBE)/1.54
• (FNSR)/.12
• (JBL)/.44

Economic Releases

8:30 am EST

• Retail Sales Advance MoM for May are estimated to rise +.4% versus a +.3% gain in April.
• Retail Sales Ex Autos MoM for May are estimated to rise +.5% versus a +.3% gain in April.
• Retail Sales Ex Autos and Gas for May are estimated to rise +.4% versus a +.3% gain in April. 
• The Import Price Index MoM for May is estimated to rise +.5% versus a +.3% gain in April.
• The Import Price Index Ex Petro for May is estimated to rise +.2% versus a +.1% gain in April.
• The Export Price Index MoM for May is estimated to rise +.3% versus a +.6% gain in April.
• Initial Jobless Claims for last week are estimated to rise to 223K versus 222K the prior week. 
• Continuing Claims are estimated to fall to 1734K versus 1741K prior.

10:00 am EST

• Business Inventories for April are estimated to rise +.3% versus unch. in March.
  

Upcoming Splits

• (TREX) 2-for-1
• (HBNC) 3-for-2

Other Potential Market Movers

• The China Retail Sales/Industrial Production report, ECB rate decision, Australia Unemployment report, weekly Bloomberg Consumer Comfort Index, weekly EIA national gas inventory report, Credit Suisse Semi Supply Chain Conference, (AXL) investor day and the (PII) investor meeting could also impact trading today.

BOTTOM LINE:  Asian indices are lower, weighed down by technology and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.