Tuesday Watch

Night Trading

• Asian indices are -.75% to -2.0% on average.
• Asia Ex-Japan Investment Grade CDS Index 111.50 +6.0 basis points.
• Asia Pacific Sovereign CDS Index 119.0 +1.0 basis point.
  
• S&P 500 futures -1.07%.
• NASDAQ 100 futures -1.37%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (EXPD)/.44
• (RRD)/.47
• (VFC)/1.65
• (ODP)/-.03
• (HD)/.31
• (MHS)/.94
• (HRL)/.43
• (WMT)/1.31
• (MDT)/.83
• (M)/1.52
• (HPQ)/1.29
• (MHK)/.57
• (CHK)/.64
• (HTZ)/.07
• (NRG)/.41
• (GPC)/.70
  

Economic Releases
9:00 am EST

• The S&P/CS Composite-20 YoY for December is estimated to fall -2.4% versus a -1.59% decline in November.

10:00 am EST

• Consumer Confidence for February is estimated to rise to 65.0 versus a reading of 60.6 in January.

Upcoming Splits

• (NATI) 3-for-2
• (WLL) 2-for-1

Other Potential Market Movers

• The Fed's Kocherlakota speaking, $32 Billion 3 Month and $30
  Billion 6-Month Treasury Bills Auctions, $35 Billion 2-Year Treasury Notes Auction, Richmond Fed Manufacturing Index, (SLB) Investor Conference and the EnerCom Oil and Services Conference could also impact trading today.
  

BOTTOM LINE: Asian indices are lower, weighed down by construction and airline shares in the region. I expect US stocks to open lower and to maintain losses into the afternoon. The Portfolio is 75% net long heading into the week.