Monday Watch

Night Trading

• Asian indices are -2.0% to -1.0% on average.
• Asia Ex-Japan Investment Grade CDS Index 144.0 +4.5 basis points.
• Asia Pacific Sovereign CDS Index 53.0 +1.0 basis point.
• Bloomberg Emerging Markets Currency Index 71.80 -.12%.
• S&P 500 futures -.37%.
• NASDAQ 100 futures -.38%.

Morning Preview Links

Earnings of Note

Company/Estimate

• None of note

Economic Releases

6:00 am EST

• NFIB Small Business Optimism for May is estimated to fall to 93.5 versus 93.6 in April.

8:30 am EST

• The Import Price Index MoM for May is estimated to rise +.7% versus a +.3% gain in April.
• Retail Sales Advance MoM for May are estimated to rise +.3% versus a +1.3% gain in April. 
• Retail Tales Ex Autos MoM for May are estimated to rise +.4% versus a +.8% gain in April.
• Retail Sales Ex Autos and Gas for May are estimated to rise +.2% versus a +.6% gain in April.  

10:00 am EST

• Business Inventories for April are estimated to rise +.2% versus a +.4% gain in March.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Australian inflation report, OPEC monthly update, Stifel Industrials Conference, (GWW) May sales, (AAPL) WWDC and the (JCI) analyst day could also impact trading today.

BOTTOM LINE: Asian indices are lower, weighed down by industrial 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 week.