Tuesday Watch

Night Trading 

• Asian equity indices are -.5% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 75.5 -.25 basis point. 
• Asia Pacific Sovereign CDS Index 12.5 -.5 basis point.
• Bloomberg Emerging Markets Currency Index 71.16 unch.
• FTSE 100 futures -.18%.
• S&P 500 futures -.05%.
• NASDAQ 100 futures -.08%.

Morning Preview Links

Earnings of Note
Company/Estimate

Before the Open:

• (AAP)/1.97
• (AZO)/12.99
• (CBRL)/1.95
• (EV)/.78
• (IGT)/.27
• (KSS)/.50
• (PLAB)/.07
• (TJX)/1.02
• (TOL)/.76

After the Close:

• (TCS)/.23
• (CTRP)/.16
• (HPE)/.31
• (INTU)/4.67
• (RRGB)/.76
• (URBN)/.31 

Economic Releases
10:00 am EST

• The Richmond Fed Manufacturing Activity Index for May is estimated to rise to 10.0 versus -3.0 in April.

Upcoming Splits

• None of note

Other Potential Market Movers

• The House vote on financial regulation reform bill, Canadian Wholesale Trade report, $33B 2Y T-Note auction, weekly US retail sales report, JPMorgan Tech/Media/Telecom Conference, Suntrust Financial Services Conference, Wolfe Transport Conference, RBC Datacenter/Connectivity Conference, (XLNX) analyst meeting and the (BRKS) analyst day could also impact trading today.

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