Tuesday Watch

Night Trading 

• Asian equity indices are +.5% to +1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 110.25 +3.75 basis points. 

• China Sovereign CDS 62.75 -3.5 basis points.
  

• Bloomberg Emerging Markets Currency Index 52.63 +.08%. 
• Bloomberg Global Risk-On/Risk Off Index 2,932.0 +63.0 points.
• Volatility Index(VIX) futures 28.3 +.4%.
• Euro Stoxx 50 futures -.9%.

• S&P 500 futures -.04%.

• NASDAQ 100 futures -.28%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (AZO)/17.83
• (BIDU)/9.00
• (DPZ)/4.29
• (EBIX)/.72
• (FSS)/.38
• (HRL)/.44
• (TWNK)/.23
• (IGT)/.40
• (SJM)/2.08
• (KSS)/2.11
• (ONON)/.00
• (PRGO)/.56
• (SE)/.91
• (TGT)/2.85
• (WEN)/.15
  

After the Close:

• (AMC)/-.24
• (BGS)/.42
• (FSLR)/1.06
• (HPE)/.46
• (JAZZ)/3.63
• (JWN)/1.03
• (ROST)/.97
• (CRM)/.75
• (SGMS)/-.35
• (URBN)/.52
  

Economic Releases

10:00 am EST

• Construction Spending for Jan. is estimated to rise +.1% versus a +.2% gain in Dec.
• ISM Manufacturing for Feb. is estimated to rise to 58.0 versus 57.6 in Jan. 
• ISM Prices Paid for Feb. is estimated to rise to 77.5 versus 76.1 in Jan.
• ISM New Orders for Feb. is estimated to fall to 56.3 versus 57.9 in Jan.
  

Afternoon:

• Wards Total Vehicle Sales for Feb. is estimated to fall to 14.45M versus 15.04M in Jan.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The State of the Union address, China Manufacturing PMI report, weekly US retail sales reports, Keefe Bruyette Woods Payments/Finance/Tech Conference, (ADT) investor day, (CVX) investor day and the (ETN) investor conference could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and commodity shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.