Tuesday Watch

Night Trading 

• Asian equity indices are -.25% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 89.75 -2.75 basis points. 
• Asia Pacific Sovereign CDS Index 20.0 -1.25 basis points.
• Bloomberg Emerging Markets Currency Index 72.94 unch.
• S&P 500 futures -.15%.
• NASDAQ 100 futures -.12%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (AZO)/11.95
• (CBRL)/1.85
• (DSW)/.34
• (TOL)/.63
• (TCS)/.09
• (INTU)/3.87

Economic Releases 

9:45 am 

• Preliminary Markit US Manufacturing for May is estimated to rise to 53.0 versus 52.8 in April.

10:00 am EST

• New Home Sales for April are estimated to fall to 610K versus 621K in March.
• The Richmond Fed Manufacturing Index for May is estimated to fall to 15.0 versus 20.0 in April.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Harker speaking, Eurozone GDP report, German IFO report, Berenberg European Conference, weekly US retail sales reports, CIA's Brennan testimony regarding Russian investigation, SunTrust Robinson Humphrey Financial Services Conference, (NVDA) annual meeting and the (RRGB) analyst day could also impact trading today.

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