Friday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 73.5 -.25 basis point.

• China Sovereign CDS 43.75 unch.

• Bloomberg Emerging Markets Currency Index 61.42 +.10%.
• FTSE 100 futures +.82%.

• S&P 500 futures +.56%.

• NASDAQ 100 futures +1.26%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (ABBV)/2.20
• (AXL)/-2.03
• (BAH)/.86
• (CAT)/.72
• (CBOE)/1.24
• (CBRE)/.41
• (CHTR)/2.66
• (CVX)/-.89
• (CHD)/.62
• (CL)/.69
• (XOM)/-.60
• (FCAU)/-.87
• (GT)/-2.03
• (IDXX)/1.17
• (ITW)/.71
• (ITT)/.37
• (JCI)/.48
• (LYB)/.69
• (MRK)/1.05
• (NWL)/.18
• (PSX)/-.84
• (SNA)/1.83
• (UAA)/-.40
• (VFC)/-.68
• (WY)/.01
  

After the Close:

• (BCC)/.46

Economic Releases

8:30 am EST

• Personal Income for June is estimated to fall -.6% versus a -4.2% decline in May.
• Personal Spending for June is estimated to rise +5.2% versus a +8.2% gain in May.
• The PCE Core Deflator MoM for June is estimated to rise +.2% versus a +.1% gain in May.
• The Employment Cost Index for 2Q is estimated to rise +.6% versus a +.8% gain in 1Q.
  

9:45 am EST

• The MNI Chicago PMI for July is estimated to rise to 44.5 versus 36.6 in June.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Spain GDP report  could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly higher, boosted by consumer and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.