Tuesday Watch

Night Trading 

• Asian equity indices are -.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 82.75 unch.

• China Sovereign CDS 35.5 unch.
  

• Bloomberg Emerging Markets Currency Index 61.63 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 3,345.0 -11.0 points.
• Volatility Index(VIX) futures 18.95 -.66%.
• FTSE 100 futures +.23%.

• S&P 500 futures +.13%.

• NASDAQ 100 futures +.16%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• (HRB)/5.06
• (LZB)/.74
• (MANU)/.01
• (ORCL)/1.33
  

Economic Releases

8:30 am EST

• Retail Sales Advance MoM for May is estimated to fall -.7% versus unch. in April.
• Retail Sales Ex Autos MoM for May is estimated to rise +.4% versus a -.8% decline in April.
• Retail Sales Ex Autos and Gas for May is estimated unch. versus a -.8% decline in April.
• Empire Manufacturing for June is estimated to fall to 22.5 versus 24.3 in May.
• PPI Final Demand MoM for May is estimated to rise +.5% versus a +.6% gain in April.
• PPI Ex Food and Energy MoM for May is estimated to rise +.5% versus a +.7% gain in April.
  

9:15 am EST

• Capacity Utilization for May is estimated to rise to 75.1% versus 74.9% in April.
• Industrial Production MoM for May is estimated to rise +.7% versus a +.7% gain in April. 
• Manufacturing Production for May is estimated to rise +.8% versus a +.4% gain in April.
  

10:00 am EST

• Business Inventories for April are estimated to fall -.1% versus a +.3% gain in March.
• The NAHB Housing Market Index for June is estimated at 83 versus 83 in May.

4:00 pm EST

• Net Long-Term TIC Flows for April.

Upcoming Splits

• (TTD) 10-for-1
  

Other Potential Market Movers

• The China Retail Sales report, weekly US retail sales reports, 20Y T-Bond auction, Oppenheimer Consumer Growth/E-Commerce Conference and the (HUM) investor day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

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