Tuesday Watch

Night Trading 

• Asian equity indices are -.50% +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 136.5 +1.25 basis points. 
• Asia Pacific Sovereign CDS Index 65.0 -1.25 basis points. 
• Bloomberg Emerging Markets Currency Index 70.76 -.07%. 
• S&P 500 futures -.05%. 
• NASDAQ 100 futures -.14%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (DSW)/.07
• (FDS)/1.66
• (HDS)/.24
• (JASO)/.68
• (VRX)/2.62
• (XONE)/-.15
• (ORCL)/.62

Economic Releases 
8:30 am EST

• Retail Sales Advance MoM for February are estimated to fall -.2% versus a +.2% gain in January.
• Retail Sales Ex Autos MoM for February are estimated to fall -.2% versus a +.1% gain in January.
• Retail Sales Ex Autos and Gas MoM for February are estimated to rise +.2% versus a +.4% gain in January.
• PPI Final Demand MoM for February is estimated to fall -.2% versus a +.1% gain in January.
• PPI Ex Food and Energy MoM for February is estimated to rise +.1% versus a +.4% gain in January.
• Empire Manufacturing for March is estimated to rise to -10.5 versus -16.64 in February. 

10:00 am EST

• The NAHB Housing Market Index for March is estimated to rise to 59.0 versus 58.0 in February. 
• Business Inventories for January are estimated unch. versus a +.1% gain in December. 

4:00 pm EST

• Net Long-Term TIC Flows for January.

Upcoming Splits 

• None of note

Other Potential Market Movers

• The BoJ rate decision, RBA minutes, US weekly retail sales reports, Barclays Healthcare Conference, BofA Merrill Consumer/Retail Tech Conference and the (CBS) investor day could also impact trading today.

BOTTOM LINE: Asian indices are mostly lower, weighed down by commodity 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.