Friday Watch

Evening Headlines

Bloomberg:         

• World’s Negative-Yield Debt Pile at $18 Trillion for First Time.  
• Asia’s Unequal Recovery Sounds Alarm for Global Economic Rebound.
• Boris Johnson Says Prepare for No EU Trade Deal After Brexit.
• N.Y. Flirts With Covid Record After Months of Controlling Cases.
• Pfizer Shot Gets FDA Advisers’ Nod as Agency Decision Nears.
• Senate Postpones Vote on Spending Bill as Shutdown Looms.
• U.S. Jobless Claims Jump to Three-Month High Amid New Shutdowns.  
• Everyone Is Crowding Into Reflation Trades Priced for Perfection.  
• Apple Starts Work on Its Own Cellular Modem, Chip Chief Says.  
• FCC Moves Against China Telecom and Huawei, Citing Security.

Wall Street Journal:

• Jobless Claims Rise Sharply.
• China’s Xi Ramps Up Control of Private Sector. ‘We Have No Choice but to Follow the Party.’.
• Breaking Up Facebook.
• Facebook Case Presents Test for Antitrust Enforcement, Federal Courts.
• ECB Expands Stimulus Program to Prop Up Pandemic-Hit Economy.

Fox News:

• Hundreds, if not thousands, of Chinese sex ploys could be on US soil.
• Growing number of top Republicans call for Swalwell removal from House Intelligence Committee.
  
• Rep. Gaetz slams media's 'double standard' on Swalwell Chinese spy story and Hunter Biden probe.
  

CNBC.com:

• Airbnb skyrockets 112% in public market debut, giving it a market cap of $86.5 billion.
• Wall Street bull Tony Dwyer strengthens 2021 outlook, but sees near-term trouble.
• Disney unloads a slew of impressive Disney+ announcements, touts 86.8 million subscribers.
• Merck CEO optimistic on Covid vaccines, sees at least 6 more months of social distancing and masks.
• McConnell rejects bipartisan Covid relief plan while House adjourns until next week.
• Stocks making the biggest moves after hours: Lululemon, Oracle, Broadcom & more.

Zero Hedge:

• Is The Globalist "Reset" Failing? The Elites May Have Overplayed Their Hand.
• Shipping Container Shortages In China Crimp Exports To West.
• 'Imprisoned, Tortured, Harassed, Blackmailed And Stalked': AP Investigation Uncovers Rampant Sexual Misconduct Within FBI.
• Will COVID Cool Millennials' Crush On Socialism?
• FDA Panel Recommends Approval Of Pfizer/BioNTech COVID Vaccine.
• Citadel Makes Over $1 Billion Trading Commodities In 2020.
• Setting Up A Siege? Antifa Has Armed Guards, Stockpiled Weapons At Portland Autonomous Zone.
• US Starts Off Fiscal 2021 With Largest Two-Month Budget Deficit On Record.
• Everything You Wanted To Know About Texas' Election Lawsuit (But Were Afraid To Ask).
• US Suffers Record 3K+ COVID Death; States Expand Stay-At-Home Orders: Live Updates.
• Bonds & Black Gold Bid As Negative Nabobs Battle New Issue Nirvanans.

Business Insider:     

• 'It's silly season': Airbnb and DoorDash's IPO rallies signal return of dot-com-era greed, strategists say.

Newsmax:

• Rep. Jordan to Newsmax TV: 'Nothing Squares' in 2020 Election.
• Records Still Not Available for 500,000 Georgia Absentee Ballots.
  

TheGatewayPundit.com:

• BREAKING: Pennsylvania’s House of Representatives Joins Texas in Suit Against Pennsylvania, Wisconsin, Michigan and Georgia.
• 106 House Republicans Sign Brief Backing Texas Supreme Court Lawsuit Against Pennsylvania, Michigan, Georgia and Wisconsin.
• GEORGIA EXCLUSIVE: Election Official Gabriel Sterling Admitted Hiring Counters from the far-left ACLU – Did He Also Allow ACLU Registrars to Fix Voter Registration Records on Election Day?

The Epoch Times: 

• New CCP Virus Outbreaks Spark Panic in Northeastern China.

Geller Report: 

• LOOK Who Owns Dominion Voting Systems: Politically Motivated PRIVATE Equity NY Hedge Fund.

The Atlantic:

• The End of the Filibuster—No, Really. Many activists will not tolerate a Democratic-controlled Senate that allows Republicans to block legislation next year.

Politico:

• AOC Lays Out Progressive Wish List for Biden.

Glenn Beck:

• Elizabeth Warren’s ‘progressive wish list’ will destroy America. (video)

Daily Caller:

• Trump Urges Supporters Not To Boycott Georgia Senate Elections. President Donald Trump urged his supporters not to boycott the upcoming runoff Senate elections in Georgia on Friday, saying a boycott would be “playing right into the hands” of Democrats.
  

NTD News:

• "A lot of people, friends of mine, say, let's not vote... But if you do that, the radical left wins. ... You're angry because so many votes were stolen, it was taken away...If you don't vote, the socialists and the communists win"—Trump rallies for Perdue and Loeffler. (video) 

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 58.25 unch.

• China Sovereign CDS 29.0 -.5 basis point.

• Bloomberg Emerging Markets Currency Index 62.47 +.04%.
• Bloomberg Global Risk-On/Risk Off Index 1,294.0 -10.0 points.
• Volatility Index(VIX) futures 24.55 -.51%
• FTSE 100 futures -.08%.

• S&P 500 futures +.08%.

• NASDAQ 100 futures -.07%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ROAD)/.30
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST:

• PPI Final Demand MoM for Nov. is estimated to rise +.1% versus a +.3% gain in Oct.
• PPI Ex Food and Energy MoM for Nov. is estimated to rise +.2% versus a +.1% gain in Oct.

10:00 am EST

• The Univ. of Mich. Consumer Sentiment Index for Dec. is estimated to fall to 76.0 versus 76.9 in Nov.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Quarles speaking, German inflation data report and the (DIS) investor day 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.