Monday Watch

Night Trading

• Asian indices are -.25% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 75.0 +.25 basis point.

• China Sovereign CDS 44.5 +1.75 basis points.

• Bloomberg Emerging Markets Currency Index 61.30 +.11%.

• FTSE 100 futures +.30%.

• S&P 500 futures +.37%.

• NASDAQ 100 futures +.46%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (AMG)/2.71

• (AVY)/1.12

• (HAS)/.23

• (SAP)/1.14

After the Close:

• (BRO)/.28

• (CR)/.47

• (FFIV)/2.03

• (NXPI)/.86

• (UHS)/.64

Economic Releases
8:30 am EST

• Preliminary Durable Goods Orders for June are estimated to rise +7.0% versus a +15.7% gain in May.

• Preliminary Durables Ex Transports for June is estimated to rise +3.5% versus a +3.7% gain in May.

• Preliminary Cap Goods Orders Non-Defense Ex-Air for June is estimated to rise +1.9% versus a +1.6% gain in May.
  

10:30 am EST

• The Dallas Fed Manufacturing Activity Index for July is estimated to rise to -4.9 versus -6.1 in June.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German IFO Guidance, House Hearing on Internet Platforms, $48B 2Y T-Note auction and the $49B 5Y T-Note auction could also impact trading today.

Market Hours

Normal:

• 9:30 am - 4:00 pm EST

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and consumer 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 week.