Friday Watch

Night Trading 

• Asian equity indices are +.25% to +1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 85.75 -.25 basis point.

• China Sovereign CDS 36.75 -.5 basis point.

• Bloomberg Emerging Markets Currency Index 61.29 -.03%.
• Bloomberg Global Risk-On/Risk Off Index 3,321.0 -128.0 points.
• Volatility Index(VIX) futures 18.7 +.5%.
• FTSE 100 futures +.47%.

• S&P 500 futures +.32%.

• NASDAQ 100 futures +.19%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BIG)/1.73
• (CAL)/.03
• (HIBB)/2.44
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• Advance Goods Trade Balance for April is estimated to widen to -$92.0B versus -$90.6B in March. 
• Wholesale Inventories MoM for April is estimated to rise +.7% versus a +1.3% gain in March.
• Retail Inventories MoM for April is estimated to fall -2.0% versus a -1.4% decline in March.
• Personal Income for April is estimated to fall -14.3% versus a +21.1% gain in March.
• Personal Spending for April is estimated to rise +.2% versus a +3.6% gain in March.
• The PCE Core MoM for April is estimated to rise +.6% versus a +.4% gain in March.
  

9:45 am EST

• MNI Chicago PMI for May is estimated to fall to 68.0 versus 72.1 in April.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone CPI report and the (PUK) investor day could also impact global trading today.

US Equity Market Hours

• 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 mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.