Thursday Watch

Night Trading 

• Asian equity indices are unch. to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 82.0 -.75 basis point. 

• China Sovereign CDS 42.0 -.75 basis point.
  

• Bloomberg Emerging Markets Currency Index 54.92 +.02%. 
• Bloomberg Global Risk-On/Risk Off Index 2,794.0 -50.0 points.
• Volatility Index(VIX) futures 21.9 +.23%.
• Euro Stoxx 50 futures +.37%.

• S&P 500 futures +.04%.

• NASDAQ 100 futures +.01%. 

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

• Initial Jobless Claims for last week is estimated to fall to 205K versus 206K the prior week.
• Continuing Claims is estimated to fall to 1835K versus 1845K prior.
• Personal Income for Nov. is estimated to rise +.4% versus a +.5% gain in Oct.
• Personal Spending for Nov. is estimated to rise +.6% versus a +1.3% gain in Oct.
• The PCE Core MoM for Nov. is estimated to rise +.4% versus a +.4% gain in Oct.
• Durable Goods Orders for Nov. is estimated to rise +1.8% versus a -.4% decline in Oct.
• Durables Ex Transports for Nov. is estimated to rise +.6% versus a +.5% gain in Oct. 
• Cap Goods Orders Non-Defense Ex-Air for Nov. is estimated to rise +.6% versus a +.4% gain in Oct.
  

10:00 am EST

• New Home Sales for Nov. is estimated to rise to 770K versus 745K in Oct.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone GDP report, weekly Langer Consumer Comfort Index and the weekly EIA natural gas inventory report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 1:00 pm EST
  

BOTTOM LINE: Asian indices are modestly 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.