Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 97.0 -.75 basis point. 

• China Sovereign CDS 51.75 -1.0 basis point.
  

• Bloomberg Emerging Markets Currency Index 54.80 -.01%. 
• Bloomberg Global Risk-On/Risk Off Index 3,602.0 +30.0 points.
• Volatility Index(VIX) futures 24.7 +.93%.
• Euro Stoxx 50 futures -.12%.

• S&P 500 futures -.20%.

• NASDAQ 100 futures -.21%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (AAWW)/6.23
• (AN)/4.96
• (BAX)/1.03
• (FRO)/-.01
• (GPC)/1.59
• (POOL)/1.92
• (RS)/5.22
• (RGEN)/.65
• (SAFM)/5.98
• (SEE)/1.13
• (SWI)/.26
• (SO)/.35
• (TNK)/-.76
• (TSEM)/.47
• (VC)/.08
• (WMT)/1.50
• (YETI)/.84
  

After the Close:

• (CHUY)/.31
• (CGNX)/.22
• (ED)/.86
• (DBX)/.36
• (QDEL)/5.32
• (RDFN)/-.31
• (SHAK)/-.17
  

Economic Releases

8:30 am EST

• Housing Starts for Jan. is estimated to fall to 1695K versus 1702K in Dec.
• Building Permits from Jan. is estimated to fall to 1750K versus 1873K in Dec.
• Initial Jobless Claims for last week are estimated to fall to 218K versus 223K the prior week.
• Continuing Claims are estimated to fall to 1605K versus 1621K prior.
• The Philly Fed Business Outlook Index for Feb. is estimated to fall to 20.0 versus 23.2 in Jan.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Bullard speaking, Fed's Mester speaking, Italy Trade Balance, weekly EIA natural gas inventory report,  (ATI) investor day and the (INTC) investor meeting 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 metals&mining 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 50% net long heading into the day.