Thursday Watch

Night Trading 

• Asian equity indices are -1.5% to -.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 75.5 +.75 basis point.

• China Sovereign CDS 46.25 +1.0 basis point.

• Bloomberg Emerging Markets Currency Index 59.22 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 23.0 -3.0 points.
• Volatility Index(VIX) futures 32.5 +.08%
• FTSE 100 futures -.94%.

• S&P 500 futures -.21%.

• NASDAQ 100 futures -.45%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (ACN)/1.73
• (BB)/.02
• (KMX)/1.07
• (DRI)/.05
• (FDS)/2.53
• (JBL)/.67
• (RAD)/.14
  

After the Close:

• (AIR)/-.05
• (COST)/2.80
• (JEF)/.34
• (SCHL)/-1.74
• (MTN)/-3.53
  

Economic Releases

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 840K versus 860K the prior week.
• Continuing Claims are estimated to fall to 12300K versus 12628K prior.
  

10:00 am EST

• New Home Sales for Aug. is estimated to fall to 890K versus 901K in July.
  

11:00 am EST

• Kansas City Fed Manufacturing Activity for Sept. is estimated at 14.0 versus 14.0 in Aug.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Kaplan speaking, Fed's Bostic speaking, Fed's Barkin speaking, Fed's Evans speaking, Fed's Bullard speaking, Germany IFO Guidance, weekly Bloomberg Consumer Comfort Index, $50B 7Y T-Note auction, weekly EIA natural gas inventory report, (MIK) investor day and the (BAM) investor day 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 commodity and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.