Market Week in Review

• S&P 500 1,985.44 +1.44%*

 The Weekly Wrap by Briefing.com.

*5-Day Change

Weekly Scoreboard*

Indices

• S&P 500 1,985.44 +1.44%

• DJIA 17,068.26 +1.32%

• NASDAQ 4,485.92 +2.44%

• Russell 2000 1,208.15 +2.32%

• S&P 500 High Beta 33.97 +2.44%

• Wilshire 5000 20,820.09 +1.53%

• Russell 1000 Growth 923.97 +1.83%

• Russell 1000 Value 1,002.76 +1.09%

• S&P 500 Consumer Staples 464.14 +1.15%

• Morgan Stanley Cyclical 1,623.90 +2.10%

• Morgan Stanley Technology 977.15 +2.33%

• Transports 8,294,74 +1.78%

• Utilities 554.27 -2.76%

• Bloomberg European Bank/Financial Services 107.84 +1.24%

• MSCI Emerging Markets 43.92 +1.65%

• HFRX Equity Hedge 1,184.61 +.84%
• HFRX Equity Market Neutral 965.91 +.46%

Sentiment/Internals

• NYSE Cumulative A/D Line 230,670 +1.01%

• Bloomberg New Highs-Lows Index 538 +379

• Bloomberg Crude Oil % Bulls 19.35 -50.88%

• CFTC Oil Net Speculative Position 445,840 -2.86%

• CFTC Oil Total Open Interest 1,759,554 +2.25%

• Total Put/Call 1.02 +22.9%

• OEX Put/Call 1.15 +17.35%

• ISE Sentiment 113.0 -19.86%

• NYSE Arms .56 -62.16%

• Volatility(VIX) 10.32 -11.26%

• S&P 500 Implied Correlation 45.87 -7.95%

• G7 Currency Volatility (VXY) 5.17 -4.08%

• Emerging Markets Currency Volatility (EM-VXY) 5.85 -.17%

• Smart Money Flow Index 11,522.21 +1.58%

• ICI Money Mkt Mutual Fund Assets $2.569 Trillion +.51%
• ICI US Equity Weekly Net New Cash Flow -$1.312 Billion

• AAII % Bulls 38.5 +3.5%
• AAII % Bears 22.4 +6.2%

Futures Spot Prices

• CRB Index 306.74 -1.69%

• Crude Oil 103.77 -1.66%

• Reformulated Gasoline 301.3 -1.01%

• Natural Gas 4.37 -1.71%

• Heating Oil 291.72 -1.80%

• Gold 1,321.30 -.49%

• Bloomberg Base Metals Index 201.83 +2.45%

• Copper 327.0 +2.43%

• US No. 1 Heavy Melt Scrap Steel 357.0 USD/Ton unch.

• China Iron Ore Spot 96.50 USD/Ton +1.69%

• Lumber 338.10 unch.

• UBS-Bloomberg Agriculture 1,402.35 -4.74%

Economy

• ECRI Weekly Leading Economic Index Growth Rate 4.3% -10.0 basis points

• Philly Fed ADS Real-Time Business Conditions Index .1095 -6.0%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 125.27 +.26%

• Citi US Economic Surprise Index -9.70 +14.0 points

• Citi Emerging Markets Economic Surprise Index -9.0 -2.90 points

• Fed Fund Futures imply 42.0% chance of no change, 58.0% chance of 25 basis point cut on 7/30

• US Dollar Index 80.27 +.32%

• Euro/Yen Carry Return Index 144.88 +.29%

• Yield Curve 213.0 +6.0 basis points

• 10-Year US Treasury Yield 2.64% +11.0 basis points

• Federal Reserve's Balance Sheet $4.334 Trillion +.19%

• U.S. Sovereign Debt Credit Default Swap 19.22 +13.28%

• Illinois Municipal Debt Credit Default Swap 168.0 +5.27%

• Western Europe Sovereign Debt Credit Default Swap Index 31.08 +8.41%

• Asia Pacific Sovereign Debt Credit Default Swap Index 70.52 -3.85%
  

• Emerging Markets Sovereign Debt CDS Index 191.72 +1.74%
  

• Israel Sovereign Debt Credit Default Swap 76.50 -.95%
• Iraq Sovereign Debt Credit Default Swap 334.77 +1.55%

• Russia Sovereign Debt Credit Default Swap 183.31 +5.35%

• China Blended Corporate Spread Index 300.47 -3.05%

• 10-Year TIPS Spread 2.26% unch.

• TED Spread 22.75 +1.25 basis points

• 2-Year Swap Spread 13.25 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -11.0 -1.25 basis points

• N. America Investment Grade Credit Default Swap Index 55.42 -3.92%
  

• European Financial Sector Credit Default Swap Index 60.34 -7.9%
  

• Emerging Markets Credit Default Swap Index 232.87 -1.24%
  

• CMBS AAA Super Senior 10-Year Treasury Spread  to Swaps 83.0 unch.

• M1 Money Supply $2.826 Trillion -.14%

• Commercial Paper Outstanding 1,053.90 -.10%

• 4-Week Moving Average of Jobless Claims 315,000 +750

• Continuing Claims Unemployment Rate 2.0% unch.

• Average 30-Year Mortgage Rate 4.12% -2 basis points

• Weekly Mortgage Applications 347.30 -.23%

• Bloomberg Consumer Comfort 36.4 -.7 point

• Weekly Retail Sales +3.30% -10 basis points

• Nationwide Gas $3.66/gallon -.02/gallon

• Baltic Dry Index 893.0 +7.46%

• China (Export) Containerized Freight Index 1,097.12 +.46%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 27.50 -8.33%

• Rail Freight Carloads 264,766 -2.86%

Best Performing Style

• Small-Cap Growth +2.7%

Worst Performing Style

• Mid-Cap Value +1.0%

Leading Sectors

• Computer Hardware +4.2%

• Steel +4.0%

• Biotech +3.6%

• Semis +3.5%

• Computer Services +3.5%

Lagging Sectors

• Restaurants +.2% 

• Coal +.1%

• Energy unch.

• Oil Tankers -.5%

• Utilities -2.8%

Weekly High-Volume Stock Gainers (34)

• HNRG, ISLE, AMED, PETX, SFLY, PKE, GBX, IMMR, PPC, XONE, SHLM, TAT, CARB, DTSI, MBWM, PAG, PRGS, EFII, SNOW, CNC, LNDC, ELRC, CTG, DEPO, SRDX, HAIN, SGNT, EOPN, MVC, AMSG, RSE, NEWP, SPB and ALR

Weekly High-Volume Stock Losers (15)

• MODN, GLRI, MNKD, ROCK, CAMP, IBCP, FNHC, LRN, TTS, CBSO, MBI, AYI, AXDX, STAA and MRTX

Weekly Charts
ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Rising on Diminished Global Growth Fears, Yen Weakness, Short-Covering, Retail/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 10.62 -1.85%

• Euro/Yen Carry Return Index 145.21 +.07%

• Emerging Markets Currency Volatility(VXY) 5.95 +.34%

• S&P 500 Implied Correlation 45.89 -1.48%

• ISE Sentiment Index 92.0 -26.88%

• Total Put/Call .96 +10.34%

• NYSE Arms .66 +6.28% 

Credit Investor Angst:

• North American Investment Grade CDS Index 55.95 -1.80%

• European Financial Sector CDS Index 60.46 -3.51%

• Western Europe Sovereign Debt CDS Index 31.46 +.30%
• Asia Pacific Sovereign Debt CDS Index 71.86 +.46%

• Emerging Market CDS Index 235.16 -.74%

• China Blended Corporate Spread Index 304.66 unch.
• 2-Year Swap Spread 13.5 +.25 basis point

• TED Spread 22.75 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -11.25 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 215.0 +2.0 basis points

• China Import Iron Ore Spot $96.50/Metric Tonne +1.90%

• Citi US Economic Surprise Index -9.40 +9.2 points

• Citi Emerging Markets Economic Surprise Index -8.80 unch.

• 10-Year TIPS Spread 2.26 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +112 open in Japan

• DAX Futures: Indicating +3 open in Germany

Portfolio: 

• Slightly Higher: On gains in my retail/tech sector longs

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 75% Net Long

Thursday Watch

Evening Headlines 
Bloomberg:

• EU Powers Move Russia and Ukraine Closer on Truce Talks. Ukraine and Russia moved closer to a sustainable truce in talks brokered by Germany and France after President Petro Poroshenko resumed his offensive against pro-Russian rebels inspired by Crimea’s secession. The bloodshed in eastern Ukraine has reached a “dramatic climax” in the past few days, prompting the four countries to pledge to work for a comprehensive cease-fire in another round of talks by July 5, German Foreign Minister Frank-Walter Steinmeier said after meeting his counterparts in Berlin late yesterday. “It is a first and important step toward a mutual cease-fire,” Steinmeier told reporters. 

• Putin’s Economic Push Revives Former Soviet Ties in East Europe. A quarter of a century ago, when the communist regimes in central and eastern Europe tumbled one after another, the economically devastated Soviet Union could do nothing but watch. The USSR fell apart, and eastern Europeans rushed to join the North Atlantic Treaty Organization and the European Union. In its former sphere of influence, instead of sending troops like it once did, Russia is now building a web of economic ties with its old satellites. Whether it’s bankrolling a Hungarian nuclear power plant or the South Stream pipeline in Bulgaria, Russian money is buying leverage in eastern Europe, Bloomberg Businessweek reports in its July 7 edition.

• Israel Warns of Expanded Military Response After Killings. The killing of a Palestinian teenager raised fears of a cycle of revenge attacks for the death of three Israeli youths, and the U.S. urged both sides to avoid escalating tensions. Police said they were checking several possible leads for the Palestinian’s death, including criminal motives, and investigating the possibility that the victim was forced into a vehicle yesterday. Israeli Prime Minister Benjamin Netanyahu instructed police and security officers “to act as quickly as possible” to find who was behind the murder, and called on “both sides not to take the law into their own hands.”  

• Hong Kong Protesters Say More To Come If China Won’t Bend. Johannie Tong, detained for seven hours by the Hong Kong (HSI) police for an illegal democracy protest, says more people will take to obstructing the streets if China doesn’t agree to give up control over the city’s election.

• Aussie Slides as Asian Stocks Retreat Before U.S. Data. Australia’s currency fell for a second day as the country’s central bank governor said it was overvalued. Asian stocks traded near a six-year high, while the U.S. dollar maintained gains versus major peers, before jobs reports and a euro-area monetary-policy decision. Australia’s dollar slid 0.7 percent by 11:36 a.m. in Tokyo, trading at 93.8 U.S. cents after Reserve Bank of Australia Governor Glenn Stevens said investors are underestimating the chance of currency losses. The MSCI Asia Pacific Index was little changed at 147.25.

• Iron Ore Slide May See Atlas to Cliffs Rating Cuts, S&P Says. A sustained slump in iron ore prices through next year would pressure ratings for producers including Atlas Iron Ltd. (AGO) and Cliffs Natural Resources Inc. (CLF) and may trigger downgrades, Standard & Poor’s said. The steelmaking ingredient has slumped 29 percent this year as the largest producers in Australia and Brazil expand output amid waning demand in China, the biggest consumer. 

• Corn Nears Bear Market on Outlook for Biggest Ever U.S. Harvest. Corn traded on the cusp of a bear market near the lowest level in almost six months as investors weighed the outlook for the development of a record crop in the U.S., the world’s largest producer and exporter. The contract for December delivery was at $4.1825 a bushel on the Chicago Board of Trade at 11:06 a.m. in Singapore from $4.18 yesterday, when prices dropped to $4.1625, the lowest level for a most-active contract since Jan. 10.

Wall Street Journal: 

• Facebook(FB) Experiments Had Few Limits. Data Science Lab Conducted Tests on Users With Little Oversight.'

• Obama Says Further Changes to Banking Industry Are Needed. The President Said Some Changes Could Include 'Restructuring the Banks Themselves'.

• The Failure of Macroeconomics. When models don't yield the spending policies they want, some Keynesians abandon models—but not the spending.

Fox News: 

• Hurricane warning issued as Tropical Storm Arthur threatens July 4th plans along East Coast.

• US increases airport security worldwide, following report of increased terror threat.

CNBC:

• Poll: Obama worst president since WWII. According to a plurality of respondents in a new national poll, President Barack Obama is living history—in a bad way. Obama topped a new Quinnipiac University national poll that asked respondents who they thought has been the worst president since World War II. He topped the poll with 33 percent of the vote.

• Is a less pacifist-Japan on collision with China? (video)

Zero Hedge:

• The Emerging German-Russian Axis.

• The BRICs Are Morphing Into An Anti-Dollar Alliance.

• China In The Golden Age Of Central Bankers - "Whatever It Takes". (graph)

• China, Japan, And Aussie Services PMIs Drop (but Markit/HSBC Baffles...). (graph)

• Japanese Real Wages Tumble Most Since Lehman. (graph)

• Aussie Dollar Tumbles As Stevens Says "Overvalued"; Claims "Not Jawboning". (graph)

• 17 Facts That Prove That The Quality Of Jobs In America Is Going Down The Drain.

• BofE's Haldane Sees Greater Volatility Ahead; Warns Of Too-Big-Too-Fail "Problem From Hell".

• Bubble Finance At Work: How Buyback-Mania Is Gutting Growth & Leaving Financial Wrecks In Its Wake.

Business Insider: 

• Ousted American Apparel CEO Dov Charney Hands Over His Entire Stake To A Hedge Fund.

• DISASTROUS Retail Sales Number In Australia.

• Undocumented Children Are Now Being Housed At 4 Different Military Bases.

• This Chart Of Stock Market Inflection Points Is Starting To Get Pretty Scary. (graph)

• People Are Furious Over Burger King's Gay Pride Whopper.

Telegraph: 

• Juncker is galling for Britain, but life-threatening for France and Italy. The Cromwellian method by which Jean-Claude Juncker was foisted upon the nation states is a breach of the Treaties.

Liquidity crunch a catalyst for big China slowdown – analysts The mini liquidity crunch is the early warning sign of a substantial economic correction long overdue, amid rising leverage and a broken growth model, say bearish analysts.


While we want you to share, we ask you use the functions on-site rather than copy/paste. See T's & C's for details. http://www.euromoney.com/Article/3222433/Liquidity-crunch-a-catalyst-for-big-China-slowdownanalysts.html?copyrightInfo=tru

Wen Wei Po:

• China May See 63b Yuan of Maturing Trusts Default. Defaults may hit property, machinery, trade, nonferrous metals industries and may also involve new online financial products, paper sites UBS Wealth Management's Asia-Pac CIO Pu Yonghao as saying. Defaults to hit in 2H and some may be delayed to next year.

Evening Recommendations

• None of note

Night Trading

• Asian equity indices are -.25% to +.50% on average.

• Asia Ex-Japan Investment Grade CDS Index 101.25 -2.25 basis points.

• Asia Pacific Sovereign CDS Index 71.5 -1.25 basis points.

• FTSE-100 futures +.07%.

• S&P 500 futures -.07%.

• NASDAQ 100 futures  -.03%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (ISCA)/.48

• (ESI)/.71

Economic Releases
8:30 am EST

• The Trade Deficit for June is estimated at -$45.0B versus -$47.2B in April.

• The Change in Non-Farm Payrolls for June is estimated at 215K versus 216K in May.

• The Unemployment Rate for June is estimated at 6.3% versus 6.3% in May.

• Average Hourly Earnings for June are estimated to rise +.2% versus a +2% gain in May.

• Initial Jobless Claims are estimated to fall to 2560K versus 2571K the prior week.

• Continuing Claims are estimated to fall to 2560K versus 2571K prior.

9:45 am EST

• Final Markit US Services PMI for June is estimated to fall to 61.0 versus 61.2 prior.

• The ISM Non-Manufacturing Composite for June is estimated at 56.3 versus 56.3 in May.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone Services PMI, ECB Rate Decision, ECB's Draghi speaking, weekly Bloomberg Consumer Comfort Index and the Challenger Job Cuts report for June could impact trading today.

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

Stocks Slightly Higher into Afternoon on Diminshed Global Growth Fears, Yen Weakness, Short-Covering, Metals & Mining/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 10.72 -3.86%

• Euro/Yen Carry Return Index 145.16 -.12%

• Emerging Markets Currency Volatility(VXY) 5.89 +1.20%

• S&P 500 Implied Correlation 47.17 -4.36%

• ISE Sentiment Index 149.0 +49.0%

• Total Put/Call .86 -7.63%

• NYSE Arms .61 -40.91% 

Credit Investor Angst:

• North American Investment Grade CDS Index 57.19 +1.17%

• European Financial Sector CDS Index 62.65 -.28%

• Western Europe Sovereign Debt CDS Index 31.46 +1.50%
• Asia Pacific Sovereign Debt CDS Index 71.43 -1.79%

• Emerging Market CDS Index 238.06 +2.53%

• China Blended Corporate Spread Index 304.66 -1.84%
• 2-Year Swap Spread 13.75 +1.0 basis point

• TED Spread 23.0 +1.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -10.5 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% -1.0 basis point

• Yield Curve 213.0 +3.0 basis points

• China Import Iron Ore Spot $94.70/Metric Tonne +.53%

• Citi US Economic Surprise Index -18.60 +4.0 points

• Citi Emerging Markets Economic Surprise Index -8.80 -.4 point

• 10-Year TIPS Spread 2.24 unch.

Overseas Futures:

• Nikkei Futures: Indicating +55 open in Japan

• DAX Futures: Indicating +6 open in Germany

Portfolio: 

• Slightly Higher: On gains in my biotech/retail/medical sector longs

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long

Wednesday Watch

Evening Headlines 
Bloomberg:

• Ukraine Talks Planned as Poroshenko Restarts Push in East. Ukraine, Russia, Germany and France are planning a meeting of foreign ministers today after President Petro Poroshenko ended a cease-fire and vowed to retake territory from separatists in the violence-torn east. Russia’s top diplomat, Sergei Lavrov, endorsed talks in Berlin proposed by his German counterpart, Frank-Walter Steinmeier, the Foreign Ministry in Moscow said on its website yesterday after a phone conversation between the two ministers. In a separate call with U.S. Secretary of State John Kerry, Lavrov called for an end to Ukraine’s military campaign against pro-Russian rebels, according to another statement. 

• Sale of 4,000 U.S. Missiles to Iraq Is Readied. The State Department has told lawmakers informally that the Obama administration wants to sell Iraq more than 4,000 additional Hellfire missiles for the government’s fight against Islamic insurgents, according to people familiar with the plan. Sale of the laser-guided missiles made by Lockheed Martin Corp. (LMT) would be in addition to 500 previously purchased, of which about 400 have been delivered. 

• Record Bond Sales Show Li Focused on GDP Over Debt: China Credit. China’s Premier Li Keqiang has promised to cut credit while also meeting a 7.5 percent economic growth target. Record bond sales last quarter show which pledge he’s prioritizing. Issuance jumped 54 percent from the previous three months to 1.55 trillion yuan ($250 billion), the most in data compiled by Bloomberg.

• Komatsu CEO Flags China Slump as Mining Nears Bottom. Komatsu Ltd. (6301), the world’s second biggest maker of building and mining equipment, said sales in China are falling more steeply than anticipated, joining larger peer Caterpillar Inc. (CAT) in flagging fraying Asian demand. Komatsu’s sales in China, where economic growth is slowing, dropped dramatically in April and May and it will probably miss its annual target for the nation, Chief Executive Officer Tetsuji Ohashi said in an interview, citing delays to the start of some construction projects.

• China’s Repression of Savers Eases.

• Best Taiwan Fund Braces for Stocks Retreat After Rally. Taiwan’s best-performing equities fund is bracing for stock market declines over the next two months after the biggest foreign inflows in Asia this year sent the benchmark index to a seven-year high.

• Asian Stocks Rise on Global Optimism as Aussie Retreats. Asian stocks climbed, with the regional index at a six-year high, and credit risk in the region fell as expanding manufacturing in the largest economies buoys the global outlook. Australia’s dollar dropped after worse-than-estimated trade figures as platinum and copper slid. The MSCI Asia Pacific Index rose 0.6 percent by 10:54 a.m. in Tokyo, trading at the highest level since June 10, 2008, as most major regional indexes gained.

Wall Street Journal:

• FTC Sues T-Mobile Over Unauthorized Wireless Charges. Commission Says Company Reaped Millions of Dollars From 'Cramming'.

CNBC: 

• Jamie Dimon says he has 'curable' throat cancer.

• China's infamous swag markets lose their shine.

Zero Hedge: 

• ISIS Is Hiring Judges, Doctors And Engineers As Al-Qaeda Prepares For War Against Caliphate.

• Was The Department Of Defense Behind Facebook’s(FB) Controversial Manipulation Study?

• Santelli Slams America's 'Debt-Is-Wealth' Mentality. (video)

• 18 Signs That The Global Economic Crisis Is Accelerating As We Enter H2 2014.

• Goldman's Global Leading Indicator Drops In June. (graph)

• Global Markets Just Reached Record "Death Cross"-iness.

• The 5 Labor Market Data Points That Will Drive Asset Markets. (graph)

Business Insider:

• New Flu Strain Created For Research Leaves The Human Immune System Completely Defenseless.

• China’s Internal Tensions Are Reaching Dangerous Levels.

• Why Hong Kong Is Having Its Biggest Protests Since 1997.

• Iran Has Deployed All Of Its Su-25 Attack Planes To Iraq.

• GASPARINO: Layoffs Are Coming To Goldman Sachs(GS).

Telegraph: 

• We must end this addiction to debt as the engine of growth. There has been no serious attempt to get to grips with the financial cycle, which requires moving away from debt as the engine of growth. 

• Russia's economic crisis deepens as EU readies fresh sanctions over Ukraine. New sanctions against Russian companies could be imposed after the collapse of the Ukraine ceasefire. 

Evening Recommendations

• None of note

Night Trading

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

• Asia Ex-Japan Investment Grade CDS Index 103.5 unch.

• Asia Pacific Sovereign CDS Index 72.75 -1.0 basis point.

• FTSE-100 futures -.07%.

• S&P 500 futures +.07%.

• NASDAQ 100 futures  +.09%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (GBX)/.74

• (STZ)/.93

Economic Releases
8:15 am EST

• The ADP Employment Change for June is estimated to rise to 205K versus 179K in May.

10:00 am EST

• Factory Orders for May are estimated to fall -.3% versus a +.7% gain in April.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,070,000 barrels versus a +1,742,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +90,000 barrels versus a +710,000 barrel gain the prior week. Distillate inventories are estimated to rise by +720,000 barrels versus a +1,177,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.71% versus a +1.4% gain the prior week.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Yellen speaking, Eurozone PPI, China Non-Manufacturing PMI, Challenger Job Cuts for June, RBC Consumer Outlook Index for July, ISM New York for June and the weekly MBA mortgage applications report could impact trading today.

BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.