Tuesday Watch

Night Trading 

• Asian equity indices are unch. to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 89.25 +.5 basis point. 

• Asia Pacific Sovereign CDS Index 20.5 unch.

• Bloomberg Emerging Markets Currency Index 72.94 +.08%.

• S&P 500 futures +.01%. 

• NASDAQ 100 futures +.04%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (DKS)/.54

• (HD)/1.61

• (SINA)/.26

• (SPLS)/.17

• (SSYS)/.05

• (TJX)/.79

• (WB)/.21

• (JACK)/.91

• (RRGB)/.57

• (URBN)/.16

Economic Releases  

8:30 am EST

• Housing Starts for April are estimated to rise to 1260K versus 1251K in March.

• Building Permits for April are estimated to rise to 1270K versus 1260K in March.

9:15 am EST

• Industrial Production MoM for April is estimated to rise +.4% versus a +.5% gain in March.

• Capacity Utilization for April is estimated to rise to 76.3% versus 76.1% in March.

• Manufacturing Production for April is estimated to rise +.4% versus a -.4% decline in March.
  

10:00 am EST

• 1Q Mortgage Foreclosures.

• 1Q Mortgage Delinquencies.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone Trade Balance report, UK CPI report, US weekly retail sales reports, BofA Merrill Mining/Metals/Steel conference, Goldman Sachs Basic Materials conference, BofA Merrill Healthcare conference, Oppenheimer Tech/Internet/Communications conference, Needham Emerging Technology conference, (CAR) annual meeting, (AGN) investor day, (MAS) investor day and the (AMD) analyst day could also impact trading today.

BOTTOM LINE:  Asian indices are modestly higher, boosted by technology and commodity shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.