Monday Watch

Night Trading

• Asian indices are -1.0% to -.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 187.25 -.5 basis point.
• China Sovereign CDS 109.5 -4.75 basis points.
• Bloomberg Emerging Markets Currency Index 47.05 unch.
• Bloomberg Global Risk-On/Risk Off Index 45.6 +.6%.
• Bloomberg US Financial Conditions Index -1.44 -9.0 basis points 
  
• Volatility Index(VIX) futures 31.3 +.73%. 
• Euro Stoxx 50 futures -2.23%.
• S&P 500 futures -.63%.
• NASDAQ 100 futures -1.04%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• None of note
  

After the Close:

• None of note
  

Economic Releases

10:00 am EST

• Construction Spending MoM for Aug. is estimated to fall -.2% versus a -.4% decline in July. 
• ISM Manufacturing for Sept. is estimated to fall to 52.3 versus 52.8 in Aug.
• ISM Prices Paid for Sept. is estimated to fall to 52.0 versus 52.5 in Aug.
  

Afternoon:

• Wards Total Vehicle Sales for Sept. is estimated to rise to 13.5M versus 13.18M in Aug.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone PMI report, (ILMN) investor day and the (SBGI) investor day could also impact trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

BOTTOM LINE: Asian indices are lower, weighed down by technology and financial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 25% net long heading into the week.