Tuesday Watch

Night Trading 

• Asian equity indices are unch. to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 72.75 +.75 basis point. 

• China Sovereign CDS 47.75 -.75 basis point.
  

• Bloomberg Emerging Markets Currency Index 67.69 +.05%.

• FTSE 100 futures -.32%.

• S&P 500 futures +.12%.

• NASDAQ 100 futures +.15%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (CCL)/.44
• (FDS)/2.34
• (MKC)/1.04

After the Close:

• (KBH)/.25
• (OLLI)/.70
• (SCVL)/.06
  

Economic Releases
8:30 am EST

• Housing Starts for Feb. are estimated to fall to 1210K versus 1230K in Jan.
• Building Permits for Feb. are estimated to fall to 1305K versus 1345K in Jan.
  

9:00 am EST

• The FHFA House Price Index MoM for Jan. is estimated to rise +.4% versus a +.3% gain in Dec.

Upcoming Splits

• None of note

Other Potential Market Movers

• The $40B 2Y T-Note auction, France GDP report, weekly US retail sales reports and the Scotiabank TMT conference could also impact trading today.

BOTTOM LINE:  Asian indices are higher, boosted by commodity and industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed.  The Portfolio is 50% net long heading into the day.