Tuesday Watch

Night Trading 

• Asian equity indices are unch. to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 82.25 -.5 basis point. 
• Asia Pacific Sovereign CDS Index 19.0 -1.0 basis point.
• Bloomberg Emerging Markets Currency Index 74.02 +.02%.
• S&P 500 futures +.07%.
• NASDAQ 100 futures +.11%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (APD)/1.59
• (ADM)/.52
• (BZH)/.18
• (BP)/.05
• (CME)/1.21
• (CMI)/2.56
• (HCP)/.47
• (HMC)/88.87
• (IGT)/.32
• (IDXX)/.85
• (LPX)/.58
• (LL)/-.08
• (MLM)/2.35
• (MDC)/.61
• (MOS)/.23
• (BTU)/1.09
• (PFE)/.66
• (PSX)/1.01
• (RCL)/1.67
• (SMG)/2.51
• (SPG)/2.44
• (SNE)/56.17
• (S)/-.05
• (UAA)/-.06
• (ALL)/.92
• (AAPL)/1.57
• (COHR)/3.45
• (ILMN)/.69
• (PZZA)/.64
• (TRUP)/-.02

Economic Releases  

8:30 am EST

• Personal Income for June is estimated to rise +.4% versus a +.4% gain in May.
• Personal Spending for June is estimated to rise +.1% versus a +.1% gain in May.
• The PCE Core MoM for June is estimated to rise +.1% versus a +.1% gain in May.

10:00 am EST

• ISM Manufacturing for July is estimated to fall to 56.5 versus 57.8 in June. 
• ISM Prices Paid for July is estimated to rise to 55.6 versus 55.0 in June.
• Construction Spending MoM for June is estimated to rise +.4% versus unch. in May.
  

Afternoon:

• Wards Total Vehicle Sales for July are estimated to rise to 16.8M versus 16.41M in June.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone GDP report, Eurozone Manufacturing PMI report, weekly US retail sales reports, Keefe Bruyette Woods Community Bank Conference, (F) July sales conference call and (SQM) Non-deal Roadshow could also impact trading today.

BOTTOM LINE:  Asian indices are modestly higher, boosted by commodity and technology 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.