Friday Watch

Night Trading 

• Asian equity indices are -1.5% to -1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 58.5 +1.25 basis points.

• China Sovereign CDS 36.0 +2.25 basis points.

• Bloomberg Emerging Markets Currency Index 60.71 -.02%.
• Bloomberg Global Risk-On/Risk Off Index -198.0 -76.0 points.
• Volatility Index(VIX) futures 37.92 -2.8%
• FTSE 100 futures -.4%.

• S&P 500 futures -.3%.

• NASDAQ 100 futures -1.20%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• None of note
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST:

• The Change in Non-Farm Payrolls for Aug. is estimated to fall to 1350K versus 1763K in July.
• The Unemployment Rate for Aug. is estimated to fall to 9.8% versus 10.2% in July.
• Average Hourly Earnings MoM for Aug. is estimated unch. versus a +.2% gain in July.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Canadian Unemployment Rate report could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly lower, weighed down by technology and commodity shares in the region. I expect US stocks to open lower and to maintain losses into the afternoon. The Portfolio is 25% net long heading into the day.