Thursday, August 23, 2018

Friday Watch

Night Trading 
  • Asian equity indices are -.75% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 80.75 +.75 basis point. 
  • Asia Pacific Sovereign CDS Index 10.75 unch.
  • Bloomberg Emerging Markets Currency Index 66.41 -.03%.
  • FTSE 100 futures -.22%
  • S&P 500 futures +.04%.
  • NASDAQ 100 futures +.10%.
Morning Preview Links

Earnings of Note
Before the Open:
  • (BKE)/.30
  • (FL)/.70
  • (HIBB)/.08
  • (UBNT)/1.01
After the Close:
  • None of note
Economic Releases 
8:30 am EST
  • Preliminary Durable Goods Orders for July are estimated to fall -1.0% versus a +.8% gain in June. 
  • Preliminary Durables Ex Transports for July are estimated to rise +.5% versus a +.2% gain in June. 
  • Preliminary Cap Goods Orders Non-Defense Ex Air for July is estimated to rise +.5% versus a +.2% gain in June.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Powell speaking, Jackson Hole Fed Conference and the Eurozone GDP report could also impact trading today.
BOTTOM LINE:  Asian indices are mostly lower, weighed down by industrial and consumer 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.

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