Tuesday Watch

Night Trading 

• Asian equity indices are -.25% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 112.0 -2.0 basis points. 

• China Sovereign CDS 58.5 -1.0 basis point. 
• China Iron Ore Spot 116.9 USD/Metric Tonne -.11%.

• Bloomberg Emerging Markets Currency Index 48.0 -.05%.
• Bloomberg Global Risk-On/Risk Off Index  55.6 +.3%. 
• Bloomberg US Financial Conditions Index -.06 -3.0 basis points.
  
• Volatility Index(VIX) futures 23.2 +.41%.
• Euro Stoxx 50 futures n/a.

• S&P 500 futures -.10%.

• NASDAQ 100 futures -.15%.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ACI)/.67
• (BBBY)/-2.81
• (SNX)/2.92
  

After the Close:

• None of note
  

Economic Releases

6:00 am EST

• The NFIB Small Business Optimism Index for Dec. is estimated to fall to 91.5 versus 91.9 in Nov.

10:00 am EST

• Wholesale Trade Sales MoM for Nov. is estimated to rise +.2% versus a +.4% gain in Oct.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Powell speaking, China New Loans Data report, weekly US retail sales reports and the 3Y T-Note auction 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 industrial 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 day.