Tuesday Watch

Night Trading 

• Asian equity indices are -.5% to unch. on average.
• Asia Ex-Japan Investment Grade CDS Index 84.75 -.5 basis point. 
• Asia Pacific Sovereign CDS Index 21.75 unch.
• Bloomberg Emerging Markets Currency Index 73.56 +.16%.
• S&P 500 futures -.09%.
• NASDAQ 100 futures -.03%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (ANGO)/.16
• (BAC)/.44
• (SCHW)/.39
• (CMA)/1.09
• (GS)/3.39
• (HOG)/1.38
• (JNJ)/1.79
• (LMT)/3.07
• (NVS)/1.18
• (PGR)/.60
• (AMTD)/.42
• (UNH)/2.38
• (CSX)/.59
• (IBM)/2.75
• (IBKR)/.36
• (UAL)/2.62

Economic Releases 

8:30 am EST

• The Import Price Index MoM for June is estimated to fall -.2% versus a -.3% decline in May.
• The Export Price Index MoM for June is estimated unch. versus a -.7% decline in May.
  

10:00 am EST

• The NAHB Housing Market Index for July is estimated at 67.0 versus 67.0 in June.

4:00 pm EST

• Net Long-Term Tic Flows for May.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The UK CPI report and the US weekly retail sales reports could also impact trading today.

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