The ASX 200 will likely open moderately higher following mixed leads from overnight trading. While Europe was higher, Wall Street was mixed with investors happy to wait for new macro economic catalysts. Bond yields, most commodities and the Aussie dollar were lower. On the domestic economic front, retail trade data and trade balance figures will be published. In local company news, ARB Corporation and Sigma Healthcare trade ex-dividend. While our market is likely to get off to another good start, we believe profit taking at current levels will once again cap gains, with the ASX 200 to close only modestly higher.