Tuesday Watch

Night Trading 

• Asian equity indices are -.25% to +.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 84.5 +1.0 basis point. 
• Asia Pacific Sovereign CDS Index 17.75 +.5 basis point.
• Bloomberg Emerging Markets Currency Index 72.94 +.01%.
• S&P 500 futures +.07%.
• NASDAQ 100 futures +.21%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (LEN)/.79
• (ADBE)/.95
• (FDX)/3.87
• (KFY)/.59
• (LZB)/.46
• (RHT)/.53

Economic Releases 

8:30 am EST

• The 1Q Current Account Balance is estimated at -$123.6B versus -$112.4B in 4Q.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Fischer speaking, Fed's Rosengren speaking, Fed's Kaplan speaking, Paul Ryan speaking on tax reform, South Carolina District 5/Georgia District 6 speacial elections, Australia Home Price report, weekly US retail sales reports, CSFB Chemicals/Ag Conference, Oppenheimer Consumer Conference, JMP Life Sciences Conference, Jefferies Consumer Conference, (ADI) investor day and the (STM) annual meeting could also impact trading today.

BOTTOM LINE:  Asian indices are slightly lower, weighed down by energy and financial 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.