Monday Watch

Night Trading

• Asian indices are -.25% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 88.75 -6.75  basis points.
• China Sovereign CDS 49.25 -4.75 basis points.
• Bloomberg Emerging Markets Currency Index 58.76 -.05%.
• Bloomberg Global Risk-On/Risk Off Index 3,411.0 -39.0 points.
• Volatility Index(VIX) futures 20.2 +.36%. 
• Euro Stoxx 50 futures +.02%.
• S&P 500 futures -.08%.
• NASDAQ 100 futures -.21%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (ACI)/.45
• (PHG)/.39
• (STT)/1.92
  

After the Close:

• (HXL)/.09
• (STLD)/4.89
• (ZION)/1.36
  

Economic Releases

9:15 am EST

• Industrial Production MoM for Sept. is estimated to rise +.2% versus a +.4% gain in Aug.
• Capacity Utilization for Sept. is estimated to rise to 76.5% versus 76.4% in Aug.
• Manufacturing Production for Sept. is estimated to rise +.1% versus a +.2% gain in Aug.
  

10:00 am EST

• The NAHB Housing Market Index for Oct. is estimated to fall to 75.0 versus 76.0 in Sept.

4:00 pm EST

• Net Long-Term TIC Flows for Aug.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Quarles speaking, (AAPL) Mac Event and the Bank of Canada survey data could also impact trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

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