Monday Watch

Night Trading

• Asian indices are +.25% to +1.0% on average.
• Asia Ex-Japan Investment Grade CDS Index 129.25 -3.75 basis points.
• China Sovereign CDS 82.5 -3.25 basis points.
• Bloomberg Emerging Markets Currency Index 51.72 -.04%.
• Bloomberg Global Risk-On/Risk Off Index 4,122.0 +45.0 points.
• Volatility Index(VIX) futures 29.3 -.43%. 
• Euro Stoxx 50 futures +.24%.
• S&P 500 futures -.04%.
• NASDAQ 100 futures +.20%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (TSEM)/.51
• (WRBY)/-.04
  

After the Close:

• (SSYS)/-.04
• (TTWO)/1.03
  

Economic Releases

8:30 am EST

• Empire Manufacturing for May is estimated to fall to 15.0 versus 24.6 in April.
  

4:00 pm EST

• Net Long-Term TIC Flows.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German Wholesale Price report, Needham Tech/Media Conference, the (DDD) investor day and the JPMorgan Homebuilding/Building Products Conference could also impact trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

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