Monday Watch

Night Trading

• Asian indices are -.50% to +.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 150.75 +10.25 basis points.
• Asia Pacific Sovereign CDS Index 55.0 +4.25 basis points.
• Bloomberg Emerging Markets Currency Index 71.15 -.17%.
• S&P 500 futures -.36%.
• NASDAQ 100 futures -.38%.

Morning Preview Links

Earnings of Note

Company/Estimate

• None of note

Economic Releases
8:30 am EST

• The Advance Goods Trade Balance for May is estimated at -$59.5B versus -$57.5B in April.

9:45 am EST

• Preliminary Markit US Services PMI for June is estimated to rise to 52.0 versus 51.3 in May.
  

10:30 am EST

• The Dallas Fed Manufacturing Activity Index for June is estimated to rise to -15.0 versus -20.8 in May.

Upcoming Splits

• (CORE) 2-for-1

Other Potential Market Movers

• The ECB's Draghi speaking, German retail sales report and the JPMorgan Energy Conference could also impact trading today.

BOTTOM LINE: Asian indices are mostly lower, weighed down by industrial 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 25% net long heading into the week.