Friday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 72.25 -1.75 basis points. 

• China Sovereign CDS 47.75 -2.25 basis points.
  

• Bloomberg Emerging Markets Currency Index 68.15 -.03%.

• FTSE 100 futures +.94%.

• S&P 500 futures +.06%.

• NASDAQ 100 futures +.11%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (HIBB)/.39
• (JKS)/.48
• (TIF)/1.60

Economic Releases
9:45 am EST

• The Markit US Manufacturing PMI for March is estimated to rise to 53.5 versus 53.0 in February.
• The Markit US Services PMI for March is estimated to fall to 55.5 versus 56.0 in February.
  

10:00 am EST

• Wholesale Inventories MoM for Jan. are estimated to rise +.1% versus a +1.1% gain in Dec.
• Existing Home Sales for Feb. is estimated to rise to 5.1M versus 4.94M in Jan.

2:00 pm EST

• The Monthly Budget Statement for Feb. is estimated to widen to -$227.0B versus -$215.2B in Jan.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurzone Services PMI report could also impact trading today.

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