Tuesday Watch

Night Trading 

• Asian equity indices are +.25% to +1.0% on average.
• Asia Ex-Japan Investment Grade CDS Index 91.5 -4.0 basis points. 
• Asia Pacific Sovereign CDS Index 14.50 -.5 basis point.
• Bloomberg Emerging Markets Currency Index 69.96 +.12%.
• FTSE 100 futures +.18%.
• S&P 500 futures +.22%.
• NASDAQ 100 futures +.35%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (PEP)/1.53

After the Close:

• (AIR)/.51
• (WDFC)/1.05
  

Economic Releases 
6:00 am EST

• The NFIB Small Business Optimism Index for June is estimated to fall to 106.9 versus 107.8 in May.
  

10:00 am EST

• The JOLTS Job Openings Index for May is estimated to fall to 6620 versus 6698 in April.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The China CPI report, UK Industrial Production report, US weekly retail sales reports, $33B 3Y T-Note auction, (OTEX) investor day, (JWN) investor day, (KLIC) analyst day and the SEMICON West could also impact trading today.

BOTTOM LINE:  Asian indices are higher, boosted by industrial and technology 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.