Tuesday Watch

Night Trading

• Asian equity indices are -.25% to +.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 194.75 -5.0 basis points.
  
• Asia Pacific Sovereign CDS Index 160.75 -3.5 basis points.
  
• FTSE-100 futures +.19%.
  
• S&P 500 futures +.74%.
  
• NASDAQ 100 futures +.81%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (CPRT)/.43
• (SAFM)/.90

Economic Releases
9:00 am EST

• The S&P/Case-Shiller US Home Price Composite-20 YoY for March is estimated to fall -2.55% versus a -3.49% decline in February.
• The S&P/CS US Home Price Index YoY for 1Q is estimated to fall -3.05% versus a -4.03% decline in 4Q.
  

10:00 am EST

• Consumer Confidence for May is estimated to rise to 69.5 versus 69.2 in April.

10:30 am EST

• Dallas Fed Manufacturing Activity for May is estimated to rise to 1.5 versus -3.4 in April.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Italy T-Bill auction, weekly retail sales reports, KeyBanc Industrial/Automotive Conference and the BofA Merrill Telecom/Media Conference could also impact trading today.
  

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.