Tuesday Watch

Night Trading 

• Asian equity indices are unch. to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 73.25 -1.75 basis points. 
• Asia Pacific Sovereign CDS Index 12.0 -.5 basis point
• Bloomberg Emerging Markets Currency Index 73.28 unch.
• FTSE 100 futures -.15%.
• S&P 500 futures +.15%.
• NASDAQ 100 futures +.13%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (AET)/3.01
• (AGCO)/.12
• (ADM)/.52
• (AN)/1.00
• (BP)/.11
• (EAT)/1.03
• (CMI)/2.94
• (DISH)/.69
• (EMR)/.72
• (FDP)/.91
• (HBI)/.24
• (HCA)/2.07
• (JCI)/.52
• (LLL)/2.01
• (LL)/-.04
• (MLM)/.37
• (MRK)/1.00
• (PFE)/.74
• (RDC)/-.80
• (SMG)/3.31
• (STX)/1.33
• (UAA)/-.05
• (ALL)/2.60
• (APC)/.41
• (AAPL)/2.68
• (CHRW)/1.00
• (COHR)/3.49
• (CXO)/.77
• (GILD)/1.67
• (JNPR)/.25
• (MDLZ)/.61
• (NBR)/-.29
• (TRUP)/-.04
• (ZEN)/-.03

Economic Releases

10:00 am EST

• Construction Spending MoM for March is estimated to rise +.5% versus a +.1% gain in February. 
• ISM Manufacturing for April is estimated to fall to 58.4 versus 59.3 in March.
• ISM Prices Paid for April is estimated to rise to 78.5 versus 78.1 in March.
  

Afternoon: 

• Wards Total Vehicle Sales for April is estimated to fall to 17.1M versus 17.4M in March.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Australia Central Bank decision, weekly US retail sales reports, (CE) investor day and the Steel/Aluminum tariff exclusions for certain countries expiring could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by consumer and commodity shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 50% net long heading into the day.