Thursday Watch

Evening Headlines

Bloomberg:                  

       

• U.K. Steps Up Talks With Industry as Brexit Disruption Closes In.
• U.K. Real Estate Agents See Property Market Weakening in 2021.
• Trump’s National Security Advisor Warns China on Hong Kong.  
• Stock Rally Fizzles After Recent Charge Higher: Markets Wrap.
• Oil Extends Gains on Signs OPEC+ Edging Toward Keeping Cuts.
• Moderna Vaccine Trial Reaches Key Goal to Gauge Shot’s Merit.  
• Richest New Yorkers Will Devastate City If They Leave With $133 Billion.  
• Growth-Stock Scare Looking Like a False Alarm to Options Market.

Wall Street Journal:

• OPEC Deepens Forecast for Drop in Global Oil Demand.
• Trump Suits Aim to Block Certification in Key States.
• Smaller House Majority Poses Headaches for Democrats.
• N.Y. Sets Curfew for Restaurants, Bars, Gyms as Covid-19 Cases Rise.

Fox News: 

• Black Lives Matter co-founder requests meeting, has a message for Biden, Harris.
  

CNBC.com:

• Biden Covid advisor says U.S. lockdown of 4 to 6 weeks could control pandemic and revive economy.
• The market is ‘being very cavalier’ about risks the U.S. faces, Jim Cramer says.
• U.S. prepares for worst four months of the pandemic as it stares down the ‘darkest’ days yet.
• Pfizer CEO sold $5.6 million of stock as company announced vaccine data that sent shares soaring.
• Stocks making the biggest moves after hours: Moderna, Revolve, Fossil & more.

MarketWatch.com:          

• ‘Unprecedented’ selloff in hot-streak stocks could become ‘self-fulfilling prophecy,’ says quant who warned of Monday’s rotation.

Zero Hedge:

• Goldman Spots An "Early Indicator" US Economy Is Rolling Over Due To Covid Resurgence
• JPMorgan Finds No Benefits From COVID Lockdowns.
• Deutsche Bank Proposes A 5% "Work From Home" Privilege Tax.
• Once "Immune" To The Pandemic, The Financial Industry Is About To Face A Wave Of Layoffs.
• Georgia Announces Hand Recount As Razor-Thin Margins Persist.
• Professor Declares "Legal Vote" A Racist Term Like "Handouts" & "Personal Responsibility".
• Toobin Fired From New Yorker For Jerking Off During Zoom Call.
• Martin Armstrong Warns Cashless World Signals Global End To Privacy.
• 17 People Were Shot In Chicago On Monday Alone.
• With Bonds Away, Tech Bulls Will Play.

OANN:

• Ga. Democrat Senate hopeful Warnock voiced praise for controversial preacher.
• Evidence of alleged voter fraud appears in Mich., Pa.

@kylenabecker:

• DOMINION Voting Systems. (video). "This image-cast evolution voting machine has the physical ability to mark votes onto the ballot after the last time the voter sees the ballot... and that's a DISASTER. " Princeton comp. science prof Andrew Appel shreds Dominion voting systems. America was warned.

The Epoch Times:

• Beijing Took Advantage of Pandemic to Interfere With US Election: China Expert.
• China’s Tianjin City Declares State of Emergency After Confirming COVID-19 Cases.
  

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 equity indices are -.25% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 57.5 -.75 basis point.

• China Sovereign CDS 27.75 -1.0 basis point.

• Bloomberg Emerging Markets Currency Index 60.79 unch.
• Bloomberg Global Risk-On/Risk Off Index 1,193.0 -13.0 points.
• Volatility Index(VIX) futures 25.08 +.42%
• FTSE 100 futures -.60%.

• S&P 500 futures -.01%.

• NASDAQ 100 futures -.09%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CCL)/-1.90
• (ENR)/.81
• (IGT)/-.23
• (SINA)/.77
• (SSYS)/-.07
• (TNK)/.19
• (WB)/.60
  

After the Close:

• (AMAT)/1.17
• (CSCO)/.70
• (DLPH)/.10
• (DDS)/-.51
• (DIS)/-.65
  

Economic Releases

8:30 am EST

• The CPI MoM for Oct. is estimated to rise +.1% versus a +.2% gain in Sept.
• The CPI Ex Food and Energy MoM for Oct. is estimated to rise +.2% versus a +.2% gain in Sept.
• Real Avg. Weekly Earnings YoY for Oct.
• Initial Jobless Claims for last week are estimated to fall to 734K versus 751K the prior week.
• Continuing Claims are estimated to fall to 6900K versus 7285K prior.
  

2:00 pm EST

• Monthly Budget Deficit for Oct. is estimated to widen to -$275.0B versus -$124.6B prior.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone PMI report, UK GDP report, German inflation data, 30Y T-Bond auction, weekly Bloomberg Consumer Comfort Index, Berenberg Conference, (QDEL) investor day, (DPZ) Investor Q&A and the JPMorgan Consumer/Retail Conference could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

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