Tuesday Watch

Night Trading 

• Asian equity indices are +.5% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 91.0 -.5 basis point. 

• China Sovereign CDS 50.0 -.5 basis point.
  

• Bloomberg Emerging Markets Currency Index 54.42 -.05%. 
• Bloomberg Global Risk-On/Risk Off Index 3,154.0 +17.0 points.
• Volatility Index(VIX) futures 25.6 +.3%.
• Euro Stoxx 50 futures +1.15%.

• S&P 500 futures -.38%.

• NASDAQ 100 futures -.36%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ARCB)/2.27
• (XOM)/1.94
• (MAN)/2.02
• (MDC)/2.49
• (NVR)/99.77
• (PBI)/.11
• (PHM)/2.30
• (SMG)/-.73
• (SIRI)/.07
• (SWK)/2.05
• (UBS)/.27
• (UPS)/3.10
• (WAT)/3.49
  

After the Close:

• (AMD)/.76
• (GOOG)/27.19
• (DOX)/1.18
• (CB)/3.28
• (EA)/3.24
• (GM)/1.15
• (GILD)/1.61
• (HRB)/-1.25
• (IEX)/1.60
• (MTCH)/.60
• (MANH)/.38
• (MSTR)/1.49
• (PYPL)/1.12
• (PKI)/2.38
• (SBUX)/.79
  

Economic Releases

10:00 am EST

• Construction Spending MoM for Dec. is estimated to rise +.6% versus a +.4% gain in Nov.
• ISM Manufacturing for Jan. is estimated to fall to 57.5 versus 58.7 in Dec.
• ISM Prices Paid for Jan. is estimated to fall to 67.5 versus 68.2 in Dec.
• JOLTS Job Openings for Dec. is estimated to fall to 10300K versus 10562K in Nov.
  

Afternoon:

• Wards Total Vehicle Sales for Jan. is estimated to rise to 12.95M versus 12.44M in Dec.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone PMI report and the US weekly retail sales reports could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

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