Tuesday Watch

Night Trading 

• Asian equity indices are -.50% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 70.75 -1.5 basis points. 

• China Sovereign CDS 49.75 -1.75 basis points.

• Bloomberg Emerging Markets Currency Index 68.36 -.01%.

• FTSE 100 futures -.65%.

• S&P 500 futures -.40%.

• NASDAQ 100 futures -.56%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (AMWD)/1.33
• (AZO)/.10
• (CLVS)/-1.72
• (CBRL)/2.54
• (DISCA)/.81
• (HD)/2.16
• (SJM)/2.02
• (LL)/.16
• (M)/2.53
• (SAFM)/-1.48
• (TPH)/.65

After the Close:

• (EOG)/1.37
• (JAZZ)/3.03
• (MELI)/-.11
• (MYL)/1.36
• (NBR)/-.18
• (PANW)/1.22
• (PZZA)/.15
• (PSA)/2.78
• (RRGB)/.37
• (TOL)/.61

Economic Releases
8:30 am EST

• Housing Starts for Dec. is estimated to fall to 1255K versus 1256K in Nov.
• Building Permits for Dec. is estimated to fall to 1290K versus 1328K in Nov.

9:00 am EST

• The House Price Purchase Index for 4Q.
• The FHFA House Price Index MoM for Dec. is estimated to rise +.4% versus a +.4% gain in Nov.
• The S&P Corelogic CS 20-City MoM for Dec. is estimated to rise +.3% versus a +.3% gain in Nov.

10:00 am EST

• The Richmond Fed Manufacturing Index for Feb. is  estimated to rise to 5.0 versus -2.0 in Jan.
• The Conference Board Consumer Confidence Index for Feb. is estimated to rise to 124.9 versus 120.2 in Jan.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Powell testimony to Senate, German Consumer Confidence report, $32B 7Y T-Note auction, weekly US retail sales reports, US drugmakers testimony to Congress, Simmons Energy Conference, (TROW) investor day and the (JPM) investor day could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by commodity and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.