Friday Watch

Night Trading 

• Asian equity indices are -2.25% to -1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 60.25 +3.5 basis points.

• China Sovereign CDS 31.75 +2.5 basis points.

• Bloomberg Emerging Markets Currency Index 61.96 -.13%.
• Bloomberg Global Risk-On/Risk Off Index 2,497.0 -66.0 points.
• Volatility Index(VIX) futures 26.7 -5.6%.
• FTSE 100 futures -1.0%.

• S&P 500 futures +.11%.

• NASDAQ 100 futures-.26%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CRI)/2.73
• (DKNG)/-.49
• (FLR)/.21
• (FL)/1.35
• (SSP)/.87
• (STRA)/1.50
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The Advance Goods Trade Balance for Jan. is estimated to widen to -$83.0B versus -$82.5B in Dec.
• Wholesale Inventories MoM for Jan. is estimated to rise +.4% versus a +.3% gain in Dec.
• Retail Inventories MoM for Jan. is estimated to rise +.5% versus a +1.0% gain in Dec. 
• Personal Income for Jan. is estimated to rise +9.5% versus a +.6% gain in Dec.
• Personal Spending for Jan. is estimated to rise +2.5% versus a -.2% decline in Dec.
• The PCE Core MoM for Jan. is estimated to rise +.1% versus a +.3% gain in Dec.
  

9:45 am EST

• The MNI Chicago PMI for Feb. is estimated to fall to 61.0 versus 63.8 in Jan.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Senate Intel Hearing on SolarWinds hack and the Eurozone Import Price 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 technology and industrial shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon. The Portfolio is 50% net long heading into the day.