Tuesday Watch

Night Trading 

• Asian equity indices are -1.0% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 107.75 -.5 basis point. 

• China Sovereign CDS  69.0 -1.0 basis point.
  

• Bloomberg Emerging Markets Currency Index 52.08 -.13%.  
• Bloomberg Global Risk-On/Risk Off Index 4,959.0 +15.0 points.
• Volatility Index(VIX) futures 27.2 +.66%.
• Euro Stoxx 50 futures -.55%.

• S&P 500 futures -.21%.

• NASDAQ 100 futures -.35%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ASO)/1.41
• (CBRL)/1.31
• (PLAY)/1.14
• (GIII)/.58
• (SJM)/1.89
• (UNFI)/.98
  

After the Close:

• (CASY)/1.57
• (VRNT)/.47
  

Economic Releases

8:30 am EST

• The Trade Balance for April is estimated at -$89.5B versus -$109.8B in March. 
  

3:00 pm EST

• Consumer Credit for April is estimated at $35.0B versus $52.435B in March.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German Factory Orders report, US weekly retail sales reports, 3Y T-Note auction, BofA Tech Conference, RBC Energy/Power/Infra Conference, UBS Industrials/Transport Conference, Needham Auto Tech Conference and the JPMorgan Auto Conference could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly lower, weighed down by commodity 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 25% net long heading into the day.