Tuesday Watch

Night Trading 

• Asian equity indices are unch. to +1.0% on average.
• Asia Ex-Japan Investment Grade CDS Index 129.75 -3.75 basis points.
• Asia Pacific Sovereign CDS Index 50.50 -2.5 basis points.
• Bloomberg Emerging Markets Currency Index 72.46 +.08%. 
• S&P 500 futures +.08%. 
• NASDAQ 100 futures +.12%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (FAST)/.48
• (AIR)/.43
• (ADTN)/.23

Economic Releases  
6:00 am EST

• The NFIB Small Business Optimism Index for June is estimated to rise to 93.9 versus 93.8 in May. 

10:00 am EST:

• Wholesale Inventories MoM for May are estimated to rise +.2% versus a +.6% gain in April.
• Wholesale Trade Sales MoM for May are estimated to rise +.5% versus a +1.0% gain in April.
• JOLTS Job Openings for May are estimated to fall to 5650 versus 5788 in April. 

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Fed's Bullard speaking, Fed's Tarullo speaking, Fed's Mester speaking, Fed's Kashkari speaking, German CPI report, Japan Industrial Production report, OPEC monthly update, weekly US retail sales reports, $20B 10Y T-Note auction, Semicon West, USDA WASDA report, Cantor Healthcare Conference and the (ENTG) analyst meeting could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted 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 50% net long heading into the day.