Thursday Watch

Night Trading 

• Asian equity indices are -1.75% to -.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 90.0 unch. 

• China Sovereign CDS 48.0 -.25 basis point.
  

• Bloomberg Emerging Markets Currency Index 53.92 -.14%. 
• Bloomberg Global Risk-On/Risk Off Index 2,505.0 -20.0 points.
• Volatility Index(VIX) futures 29.2 +2.0%.
• Euro Stoxx 50 futures -1.96%.

• S&P 500 futures -.86%.

• NASDAQ 100 futures -1.0%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ALK)/.22
• (ADS)/2.19
• (MO)/1.08
• (BX)/1.40
• (CMCSA)/.74
• (DHR)/2.52
• (DOW)/2.04
• (HCA)/4.52
• (IP)/.89
• (JBLU)/-.39
• (MA)/2.21
• (MCD)/2.34
• (MUR)/.40
• (NOC)/5.96
• (NUE)/7.86
• (ROK)/1.94
• (SAP)/1.61
• (SHW)/1.35
• (LUV)/.07
• (TROW)/3.13
• (TSCO)/1.85
• (VLO)/1.79
  

After the Close:

• (AAPL)/1.89
• (BZH)/.67
• (BOOT)/2.21
• (CP)/.97
• (JNPR)/.53
• (KLAC)/5.45
• (MDLZ)/.73
• (RHI)/1.43
• (HOOD)/-.30
• (SYK)/2.72
• (X)/4.25
• (V)/1.70
• (WDC)/2.12
  

Economic Releases

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 265K versus 286K the prior week.
• Continuing Claims are estimated to rise to 1665K versus 1635K prior.
• Durable Goods Orders for Dec. is estimated to fall -.6% versus a +2.6% gain in Nov.
• Durables Ex Transports for Dec. is estimated to rise +.4% versus a +.9% gain in Nov.
• Cap Goods Orders Non-Defense Ex-Air for Dec. is estimated to rise +.4% versus unch. in Nov.
• 4Q GDP is estimated to rise +5.3% versus a +2.3% gain in 3Q.
• 4Q Personal Consumption is estimated to rise +3.2% versus a +2.0% gain in 3Q.
• 4Q GDP Price Index is estimated to rise +6.0% versus a +6.0% gain in 3Q.
  

10:00 am EST

• Pending Home Sales MoM for Dec. is estimated to fall -.8% versus a -2.2% decline in Nov.
  

11:00 am EST

• Kansas City Fed Manufacturing Activity for Jan. is estimated to fall to 22.0 versus 24.0 in Dec.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone Confidence report, 7Y T-Note auction and the weekly EIA natural gas inventory report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

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