Tuesday Watch

Evening Headlines

Bloomberg:           

• Korea Economy Grows More Than First Estimated Last Quarter.  
• Australian House Prices Rise, on Track to Recoup Covid Losses.  
• Trudeau to Raise Canada Debt Ceiling 57% to $1.4 Trillion.
• Asian Stocks, U.S. Futures Climb; Dollar Dips: Markets Wrap. Asian stocks and U.S. futures traded higher Tuesday as investors shrugged off an overnight slide in equities and once again embraced risk assets after an unprecedented month of gains. The dollar dipped. What's moving marketsStart your day with the 5 Things newsletter. Email Sign UpBy submitting my information, I agree to the Privacy Policy and Terms of Service and to receive offers and promotions from Bloomberg. Shares climbed in Japan, Australia and South Korea. S&P 500 futures advanced after the benchmark dropped the most in more than a week, though still closed out its best month since April. The tech-heavy Nasdaq indexes that trailed in November fared better, touching a record high on Monday, while a gauge of global stocks posted its best month on record. Gold held losses and Bitcoin rallied back to an all-time high. Elsewhere, oil held a decline. S&P 500 futures rose 0.5% as of 9:07 a.m. in Tokyo. The S&P 500 Index dipped 0.5%. Topix index rose 0.8%. Australia’s S&P/ASX 200 Index rose 0.6%. South Korea’s Kospi index rose 1%. Hong Kong’s Hang Seng Index contracts fell 0.4% earlier.
• Oil Holds Losses as OPEC+ Struggles for Consensus on Output Plan.  
• Powell Sees Challenges, RBA Rejoins Pack, Biden’s Team: Eco Day.  
• ‘It’s Been Amazing’: November’s Record Moves in Charts.  
• BioNTech Slapped With Downgrade Amid Covid Vaccine Competition.  
• Exxon Logs Record Writedown, Slashes Long-Term Spending Plan.
• Flynn Case Should Be Dismissed Immediately, U.S. Tells Judge.

Wall Street Journal:

• The Franchise Relationship That Powers Small Business Is Fraying.
• Return of the Obama Economists.
• In Europe’s Nursing Homes, a Soaring Covid-19 Death Toll and the Pain of Isolation.
• For Covid-19 Long-Haulers, a Little-Known Diagnosis Offers Treatments—and Challenges.
• GM Won’t Take Stake in Nikola.

Fox News: 

• Senate runoff elections spark investigations into alleged attempts to register illegal voters.
• Ex-president rips Americans for clinging to 'cheap gas and big cars'.
  

CNBC.com:

• Zuckerberg says Facebook will show ‘authoritative’ info about Covid-19 vaccines.
• Zoom’s astronomical growth rate appears to be moderating; shares fall.
• Powell stresses importance of lending programs, calls economic outlook ‘extraordinarily uncertain’.
• First ‘mass air shipment’ of Pfizer’s Covid vaccine arrives as airlines prepare for more.

MarketWatch.com:            

• AMD stock rallies to record close after CEO sounds positive notes on 2021 and PC market  
• The stock market saw a historic November rally — here’s why that might not bode well for December.

Zero Hedge:

• 20 Alleged Election "Facts" That Don't Pass The Smell Test.
• "High Degree Of Confidence": Deep-Dive Data Analyst Says More Illegal Votes In AZ Than Biden Margin Of Victory.
• Pennsylvania Lawmakers Formally Introduce Resolution To Dispute 2020 Elections Results.
• Beijing "Unexpectedly" Injects $30 Billion Into Financial System, Sparking Doubts About True State Of China's Economy.
• America's New Normal - Silent, Obedient Consent.
• Georgia's Raffensperger Suddenly Concerned About "Illegal" Out Of State Votes.
• "Absolutely Crazy" - Sub-Zero Freezer Demand Erupts Ahead Of Vaccine Distribution 
• "Dark Winter" Was A CSIS Scenario Code-Name Covering Biological Weapon Use Against America.
• Oil Slides After Tuesday's OPEC Meeting Rescheduled "As More Talks Needed".
• Despite "Positive News" On Vaccine Front, The Outlook Remains "Extremely Uncertain" Powell Tells Congress In Prepared Remarks.
• JPMorgan Downgrades US Stocks To Neutral, Just Weeks After Hiking 2021 S&P Price Target To 4,500.
• California's Newsom Warns Of "Dramatic, Arguably Drastic" New Restrictions To Come As Hospitalizations Hit Record Highs: Live Updates.
• Global Stocks Soar To Best Month Ever As Bitcoin Hits Record High.

Newsmax:

• Trump's Ga. Lawyer Sends Letter Demanding Signature Match Recount.  
• Dick Morris to Newsmax: Remedy to Come From State Legislatures. 
• Rep. Barry Loudermilk to Newsmax TV: Forensic Analysis Needed of Dominion Machines.
• Ga. Probing Liberal Voter-Registration Groups Ahead of Critical Senate Races.
  

 @kylenabecker:

• Dominion is *NOT* shy about telling state officials exactly what their voting machines can do for them. It highlights its machines allow for electronic "adjudication" (*cough, cough*) of votes. Let's do a short rundown of its patents. 1/10

@SydneyPowell1:

• I suspect the Trump team has all of the data but now people are getting caught in traps. Anyone who knowingly falsely certified election results has committed a felony. Now, acting in bad faith as they try to cover things up, just piles on the charges. I believe Sidney.

TheGatewayPundit.com:

• BREAKING: Arizona State Rep Issues Call to Withhold State’s Electoral College Votes to Joe Biden Due to Significant Evidence of Fraud.

The Epoch Times:

• China Insider: China Removes All Regions From Poverty List Despite Starvation Deaths

ProtectTheVote.com: 

• Serious allegations of misconduct in the 2020 elections have resulted in unprecedented legal action to ensure our elections are -- and remain -- free and fair. Find out where we’re exposing fraud and how you can help.

HereIsTheEvidence.com:

• This is for aggregating publicly available items of voter fraud evidence in the US election that would be admissible in court.
  

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 +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 60.0 +.25 basis point.

• China Sovereign CDS 30.5 +.25 basis point.

• Bloomberg Emerging Markets Currency Index 61.18 +.03%.
• Bloomberg Global Risk-On/Risk Off Index 1,370.0 +45.0 points.
• Volatility Index(VIX) futures 24.42 -.63%
• FTSE 100 futures n/a.

• S&P 500 futures +.51%.

• NASDAQ 100 futures +.67%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BMO)/1.91
• (MOMO)/2.47
  

After the Close:

• (HOME)/.60
• (BOX)/.06
• (HPE)/.34
• (NTAP)/.73
• (CRM)/.75
  

Economic Releases 

10:00 am EST

• ISM Manufacturing for Nov. is estimated to fall to 58.0 versus 59.3 in Oct.
• ISM Prices Paid for Nov. is estimated to fall to 64.0 versus 65.5 in Oct.
• Construction Spending MoM for Oct. is estimated to rise +.8% versus a +.3% gain in Sept.

Afternoon:

• Wards Total Vehicle Sales for Nov. is estimated to fall to 16.1M versus 16.21M in Oct.

Upcoming Splits

• (MKC) 2-for-1
  

Other Potential Market Movers

• The Fed's Powell/Treasury Secretary Mnuchin testimony to Senate, Fed's Brainard speaking, German Unemployment Rate, Eurozone Inflation data, weekly US retail sales reports, Wells Fargo TMT Summit, BofA Materials/Infrastructure Conference, Morgan Stanley Consumer/Retail Conference, Piper Sandler Healthcare Conference and the Scotiabank Mining 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 modestly higher and to maintain gains into the afternoon. The Portfolio is 75% net long heading into the day.