Monday Watch

Night Trading

• Asian indices are -.25% to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 84.5 +.5 basis point.
• China Sovereign CDS 37.75 -1.75 basis points.
• Bloomberg Emerging Markets Currency Index 61.33 -.08%.
• Bloomberg Global Risk-On/Risk Off Index 3,220.0 +10.0 points.
• Volatility Index(VIX) futures 21.4 +.16%. 
• Euro Stoxx 50 futures n/a.
• S&P 500 futures -.01%.
• NASDAQ 100 futures -.01%

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (RIDE)/-.29

After the Close:

• (FSR)/-.16
  

Economic Releases

8:30 am EST

• Empire Manufacturing for May is estimated to fall to 24.0 versus 26.3 in April.

10:00 am EST

• The NAHB Housing Market Index for May is estimated at 83 versus 83 in April.

4:00 pm EST

• Net Long-Term TIC Flows for March.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Clarida speaking, Japan GDP report and the Needham Tech/Media Conference could also impact trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and industrial 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 week.