Monday Watch

Today's Headlines

Bloomberg:   

• France Faces Pivotal Moment as Covid-19 Surges.  
• Johnson Enters Brexit Endgame That Could Define His Premiership.  
• Vital World Trade Route Roiled by ‘Black Swan’ Container Crunch.
• Biden’s Long History With China Unlikely to Mend Trump-Era Rift.
• Coronavirus Cases Approach 50 Million Worldwide: Virus Update.    
• Stocks Rise on Biden Claim of Victory; Dollar Edges Lower: Markets Wrap. U.S. stock futures climbed with Asian equities Monday in a continuation of last week’s risk-on pattern after Joe Biden was declared the winner of the presidential race on Saturday. The dollar extended declines. S&P 500 futures were up about 1% in early trading, building on the strongest week since April for the benchmark, as the president-elect prepared to launch his transition effort. Stocks rose in Japan, Australia and South Korea. The yuan and euro ticked higher alongside the Australian and New Zealand dollars. Treasuries slipped. Biden, in his victory speech over the weekend, promised swift action against the pandemic and an orderly transfer of power. Elsewhere, Turkey’s lira rose after the installment of a new central bank chief. Oil pared some of Friday’s slide. S&P futures rose 1.1% as of 8:40 a.m. Tokyo time. The S&P 500 Index closed little changed on Friday. Japan’s Topix index rose 0.8%. South Korea’s Kospi advanced 0.9%. Australia’s S&P/ASX 200 Index rose 1.4%.
• China Shows the Payoff From Curbing the Virus: Eco Week Ahead.   
• Oil Climbs Toward $38 After Biden Victory; Gold Gains Third Day.
• Biden’s First-Day Plans Range From Covid to Climate, Guns, Labor.  
• Wall Street Wants to Be Sure Biden Can Keep Warren’s Army at Bay.
• Trumpism Is Here to Stay, No Matter Who’s in the White House.  
• Biogen Analysts Brace for Collapse After Alzheimer’s-Panel Blow.

Wall Street Journal:

• Restaurants Defend Dining Rooms as Covid-19 Spreads.
• Evidence of PPP Fraud Mounts, Officials Say.
• Live Updates | Biden Transition Team to Begin Review of Federal Agencies.
• Smaller Is Big in New E-Commerce Warehouses.
• Live Updates | GOP Leader McCarthy Backs Trump’s Legal Challenges.
• Georgia’s Two Runoff Races Become Focus for Senate Control.
• How Democrats Lost So Many South Texas Latinos—the Economy.

Barron's:

• Had bullish commentary on (AAPL), (AMZN), (FB), (GOOG), (MAR), (WYNN), (APO), (VAC), (MA) and (TSLA).

Fox News:

• Biden's first priority? Require face coverings when Americans step outside their front door.
• Trump vows more legal moves, as top Republicans mum on projected Biden win.
• Iran calls US election a 'spectacle,' says it is a clear sign of 'decline'.

CNBC:

• Families jump to private schools as coronavirus drags on.
• 4 potential talking points at McDonald’s investor meeting.
  

Zero Hedge: 

• AOC vs. DNC: Ocasio-Cortez Threatens To Quit Politics, Slams "Hostile" Dems For Not Being Progressive Enough.
• Yang Slams Democrats As Party Of 'Coastal Urban Elites'.
• Watch Live: Trump Campaign Press Conference After Giuliani Warns Of Election-Changing Evidence In PA.
• As Biden Pledges 'Unity', Michelle Obama Reminds Dems Millions Voted For "Lies, Hate, Chaos".
• President Bush Says Trump Has Right To Request Election Recount.
• Wisconsin Poll Workers Allegedly Altered Thousands Of Invalid Ballots: Report.
• Is The Pandemic Over? Liberals Rally To Celebrate Media Projecting Biden's Victory.
• Livid Luongo Lashes Out At Democrat "Depravity" Playing Out In Real-Time.
• Trump Campaign To Challenge Mail-In Ballots Counted In Absence Of GOP Observers In Battlefield States.
  
• Trump Says "Election Far From Over"; Biden "Honored & Humbled" After MSM Declares Him President-Elect.
• In 30 States, A Computer System Known To Be Defective Is Tallying Votes.
• The Kafka Election: Finding A Way Out Of The Maze.
• Information War? Internet Archive To Rewrite History With Alerts For 'Fact-Checked' Sites.
• "Meet The New Resistance" - Mark Levin Rages At Democrats' "Cloward-Piven" Chaos Plan.
• Forget GOAT, Look At GBOAT: The Greatest Bubble Of All Time.
• Largest State-Run Chinese Newspaper Laughs At Trump In First Reaction To Biden 'Win'.
• Mapping The States Where It's Legal To Smoke Marijuana.
• The Resistance Eats Its Own: Liberals Furious At 'Nevertrump' Lincoln Project.
• A 7-Point-Plan To Fix Our Elections.
• Tropical Storm Eta "Regains Strength" With South Florida In Path.
• The Rescues Are Ruining Capitalism.
• Watch Live: Trump Campaign To Hold "Big Press Conference" In Philadelphia.
• NHS Nurse Publicly Resigns, Blasts COVID Lockdown Policy.
• Europe Back In Lockdown Mode.
• UK Supreme Court Justice Warns England Underestimates The Costs Of Lockdown At Its Peril.
• Israeli Minister Warns Of War In Middle East If Biden Wins.
• BET's Billionaire Founder Says Black People Get "Minimal Return" By Voting For Democrats.
• The COVID-19 RT-PCR Test: How To Mislead All Humanity Into Accepting Societal Lock-Downs.
• Game-On For The Coup?

  MarketWatch.com:   

• Goldman Sachs cuts growth forecasts for the U.S. and Europe, citing worries over COVID-19’s winter spread.
  

OANN:

• Giuliani: Team Trump to file 4 to 5 lawsuits targeting voter fraud.

The Epoch Times:

• Trump Condemns Communism, Remembers 100 Million Lives Claimed by the ‘Oppressive Ideology’.
• China Is Also Watching US Election Result.

Digital Blackboard:

• Daily New Cases by Region.

Worldometer:

• New Cases/Deaths by state.

Rt Covid-19:

• How fast virus is growing by state.

KFF:

• State Data(Tests/Hospitalizations).

Night Trading

• Asian indices are +.75% to +1.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 62.25 -1.5 basis points.
• China Sovereign CDS 32.75 -2.5 basis points.
• Bloomberg Emerging Markets Currency Index 60.19 +.10%.
• Bloomberg Global Risk-On/Risk Off Index 650.0 +50.0 points.
• Volatility Index(VIX) futures 26.35 -3.0%. 
• Euro Stoxx 50 futures +1.47%.
• S&P 500 futures +1.56%.
• NASDAQ 100 futures +1.98%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (CGC)/-.37
• (CARS)/.39
• (EBIX)/.99
• (MCD)/1.90
• (BTU)/-.81
• (PLUG)/-.07
  

After the Close:

• (BYND)/.05
• (HAIN)/.19
• (MYGN)/-.30
• (NKLA)/-.33
• (NCLH)/-2.22
• (OXY)/-.72
• (RNG)/.24
• (SPG)/2.29
  

Economic Releases

• None of note

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The 3Y T-Note auction, Credit Suisse Healthcare Conference, German Trade Data report and the (MCD) investor update could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST

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