Tuesday Watch

Night Trading 

• Asian equity indices are +.25% to +.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 78.0 -2.0 basis points. 
• Asia Pacific Sovereign CDS Index 10.5 unch.
• Bloomberg Emerging Markets Currency Index 66.86 -.04%.
• FTSE 100 futures +.55%
• S&P 500 futures +.17%.
• NASDAQ 100 futures +.27%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (BMO)/2.26
• (BBY)/.83
• (BJ)/.30
• (DSW)/.47
• (HAIN)/.26
• (TIF)/1.01

After the Close:

• (HRB)/-.77
• (SCVL)/.55

Economic Releases 
8:30 am EST

• The Advance Goods Trade Balance for July is estimated to widen to -$69.0B versus -$67.9B in June.
• Wholesale Inventories MoM for July are estimated to rise +.2% versus a +.1% gain in June.
• Retail Inventories MoM for July.

9:00 am EST

• The S&P CoreLogic CS 20-City MoM for June is estimated to rise +.2% versus a +.2% gain in May.
  

10:00 am EST

• The Richmond Fed Manufacturing Index for August is estimated to fall to 17.0 versus 20.0 in July.
• Conference Board Consumer Confidence for August is estimated to fall to 126.6 versus 127.4 in July. 

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone M3 Money Supply report, $37B 5Y T-Note auction, AZ Senate primary, weekly US retail sales reports, (HSY) analyst day and the Jefferies Semi/Hardware/Communications Conference could also impact trading today.

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