Monday Watch

Night Trading

• Asian indices are +.5% to +1.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 130.75 -.5 basis point.
• China Sovereign CDS 76.25 -5.5 basis points.
• Bloomberg Emerging Markets Currency Index 51.01 +.38%.
• Bloomberg Global Risk-On/Risk Off Index 4,814.0 +100.0 points.
• Volatility Index(VIX) futures 28.7 +.8%. 
• Euro Stoxx 50 futures +.09%.
• S&P 500 futures -.43%.
• NASDAQ 100 futures -.40%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (JEF)/.51
• (NKE)/.81
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• Durable Goods Orders for May is estimated to rise +.2% versus a +.5% gain in April.
• Durables Ex Transports for May is estimated to rise +.4% versus a +.4% gain in April.
• Cap Goods Orders Non-Defense Ex-Air for May is estimated to rise +.2% versus a +.4% gain in April.
  

10:00 am EST

• Pending Home Sales MoM for May is estimated to fall -3.8% versus a -3.9% decline in April.
  

10:30 am EST

• The Dallas Fed Manufacturing Activity Index for June.

Upcoming Splits

• (SHOP) 10-for-1
  

Other Potential Market Movers

• The 2/5 Year N-Note auctions and the Japan Unemployment report could also impact trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

BOTTOM LINE: Asian indices are modestly higher, boosted by commodity and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed.  The Portfolio is 50% net long heading into the week.