Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 72.0 -1.25 basis points. 

• China Sovereign CDS 51.75 -.25 basis point.

• Bloomberg Emerging Markets Currency Index 68.16 -.11%.

• FTSE 100 futures +.05%.

• S&P 500 futures -.13%.

• NASDAQ 100 futures -.17%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (BG)/.22

• (DLPH)/.88

• (DPZ)/.88

• (HRL)/.44

• (NEM)/.26

• (PWR)/.90

• (RS)/1.76

• (SGMS)/.08

• (SFM)/.18

• (TK)/.05

• (TTC)/.50

• (WEN)/.15

After the Close:

• (BIDU)/1.82

• (BEAT)/.43

• (BYD)/.34

• (CZR)/-.11

• (DBX)/.08

• (FSLR)/.64

• (FLR)/.61

• (HPE)/.35

• (INTU)/.86

• (KHC)/.94

• (RMAX)/.49

• (ROKU)/.04

• (STMP)/2.90

• (TTD)/.79

• (OLED)/.32

Economic Releases

8:30 am EST

• The Philly Fed Business Outlook Index for Feb. is estimated to fall to 14.0 versus 17.0 in Jan.

• Initial Jobless Claims are estimated to fall to 228K versus 239K the prior week.

• Continuing Claims are estimated to fall to 1743K versus 1773K prior.

• Durable Goods Orders for Dec. is estimated to rise +1.7% versus a +.7% gain in Nov.

• Durables Ex Transports for Dec. is estimated to rise +.3% versus a -.4% decline in Nov.

• Cap Goods Orders Non-Defense Ex-Air for Dec. is estimated to rise +.2% versus a -.6% decline in Nov.
  

9:45 am EST

• Markit US Manufacturing PMI for Feb. is estimated to fall to 54.8 versus 54.9 in Jan. 

• Markit US Services PMI for Feb. is estimated to rise to 54.3 versus 54.2 in January.
  

10:00 am EST

• The Leading Index for Jan. is estimated to rise +.1% versus a -.1% decline in Dec.

• Existing Home Sales MoM for Jan. is estimated to rise +.2% versus a -6.4% decline in Dec.

11:00 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory gain of +2,630,080 barrels versus a +3,633,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -269,360 barrels versus a +408,000 barrel gain the prior week. Distillate inventories are estimated to fall by -1,404,360 barrels versus a +1,187,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.33% versus a -4.8% decline prior.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone PMI report, Bloomberg Economic Expectations Index for Feb., weekly US retail sales reports, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report, (RGNX) analyst day and the (ITRI) business update could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by commodity 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 100% net long heading into the day.