Thursday Watch

Evening Headlines

Bloomberg:    

• The Ticking Debt Bomb in China’s $15 Trillion Bond Market.
• Australia Says It Won’t Give Ground on China’s Grievances.  
• South Korean Lawmakers Approve Bigger-Than-Planned 2021 Budget.
• U.K. Approves Vaccine; U.S. Hospital Use Surges: Virus Update. 
• Stocks Pause Around Record High; Dollar Slips: Markets Wrap.
• Oil Rises With U.S. Supply Dropping and OPEC Inching Toward Deal.  
• Great Accelerator, Woes Eclipse Vaccine, Housing Frenzy: Eco Day.  
• Mortgage Refinancing Wave Not Letting Up, to Investors’ Chagrin.  
• House Approves Restrictions on Chinese Firms Listing in U.S.   
• Electric Vehicle Rally Comes to a Halt as Hurdles Emerge.  
• Macquarie Buys Waddell & Reed in $1.7 Billion Cash Deal.  
• U.S. Farm Profit on Track for Seven-Year High After Trump Aid.  
• Okta Projects Revenue Topping Estimates on Remote-Work Demand.

Wall Street Journal:

• China Has One Powerful Friend Left in the U.S.: Wall Street.
• U.K. Becomes First Country to Approve Pfizer Covid Vaccine.
• Which Schools Leave Parents With Most College Loan Debt?
• The Election Went Down to Georgia.
• CDC Shortens Recommended Quarantine Period to Seven to 10 Days.

Fox News:

• Supporters protest outside Staten Island tavern in defiance of COVID restrictions.
  

CNBC.com:

• XPO Logistics CEO says company is in the middle of the ‘e-comm boom’.
• Pelosi and Schumer back $900 billion coronavirus stimulus plan as basis for negotiations.
• Cramer urges Biden to heed lessons of Trump’s China trade war: ‘Taking a hard line gets results’.
• Snowflake shows 119% revenue growth in first earnings report as a public company.
• U.S. states plan to sue Facebook next week, sources say.
• Kaplan says he’s not in favor of Fed increasing bond purchases.

Zero Hedge:

• Watch: President Trump Delivers His "Most Important Speech Ever".
• US Offers $5 Million For Info On China's 'Flagrant' N.Korea Sanctions Violations.
• Post-George Floyd, A Wave Of "Anti-Racist" Teaching Sweeps K-12 Schools Targeting "Whiteness".
• Defunding Police Backfires In Minneapolis As Shootings, Homicides, And Carjackings Surge.
• Americans Panic Bought Guns On Black Friday.
• Democratic Austin Mayor Urged Citizens "Not To Relax... Stay Home" While Vacationing In Cabo.
• Iran To Boot Nuclear Inspectors Unless Access To Banking & Oil Markets Restored.
• Dominion Whistleblower Testifies On "Complete Fraud" At Detroit Voting Center.
• House Passes Bill Forcing Chinese Companies To Agree To Audit Oversight Or Delist From US.
• Just How Frothy Is The Stock Market?
• The Government Has Printed 40 Cents For Every Dollar That Existed In March.
• Chinese 'Influence Operation' Targeting Members Of Team Biden.
• After This New Wave Of Lockdowns, Most People Will Accept Any "Solution" Because They'll Be So Desperate.
• Cuomo Says 170k COVID Vaccine Doses Headed To NY; NJ Hospitalizations Highest Since May Peak: Live Updates.
• Bonds Bloodbath As Jobs Flop, Gold Pops, Dollar Drops.

Newsmax:

• Trump Blasts Durham for Not Finishing Probe Before Election.  
• Sidney Powell’s Dominion Quest in Georgia Gets Expedited Appeal. 
• Giuliani Calls on Michigan GOP to 'Step Up' Amid 'Massive Fraud'.
• Pa. Republicans Say Supreme Court Could Yet Upend Vote.
  

Factbase Videos:

• President Trump's Speech on Evidence of Massive US Voter Fraud. (video)
  

 @kylenabecker:

• Michigan. "We need to open up those ballots for the integrity... because we cannot move forward in any further election." Dr. Linda Tarver was a rockstar at #MichiganHearings. She worked 29 years for MI Sec. of State. This is *NOT* her first election fraud rodeo. WATCH: 
• "The nation's top voting machine maker has admitted in a letter to a federal lawmaker that the company installed remote-access software"... It's spooky how left-wing Doppelganger
  @jennycohn1 has been so great at digging up nuggets both left & right should agree is unacceptable.
• Witness in Michigan says she was directed to BACKDATE absentee ballots with the “phony date of the day” given to her by a supervisor. (video)
  

The Epoch Times:

• COVID-19 Outbreak Worsens in China’s Inner Mongolia.
• Over 1,000 Chinese Military-Linked Researchers Have Left US Since Federal Crackdown: DOJ Official.
• Chinese State Media Misrepresents Facts to Claim COVID-19 Didn’t Originate From China.

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 +.50% on average.

• Asia Ex-Japan Investment Grade CDS Index 57.75 -.25 basis point.

• China Sovereign CDS 29.5 +.25 basis point.

• Bloomberg Emerging Markets Currency Index 61.71 +.02%.
• Bloomberg Global Risk-On/Risk Off Index 1,500.0 +28.0 points.
• Volatility Index(VIX) futures 24.36 +.14%
• FTSE 100 futures -.29%.

• S&P 500 futures -.06%.

• NASDAQ 100 futures +.13%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CBRL)/.43
• (DG)/1.98
• (DCI)/.45
• (KR)/.66
• (MIK)/.59
• (SIG)/-.66
• (TD)/1.28
  

After the Close:

• (CLDR)/.09
• (COO)/3.11
• (DOCU)/.10
• (MRVL)/.25
• (OLLI)/.58
• (SWBI)/.63
• (ULTA)/1.47
• (ZUMZ)/.76
  

Economic Releases 

7:30 am EST

• Challenger Job Cuts YoY for Nov.

8:30 am EST:

• Initial Jobless Claims for last week are estimated to fall to 775K versus 778K the prior week. 
• Continuing Claims are estimated to fall to 5800K versus 6071K prior.
  

10:00 am EST

• The ISM Services Index for Nov. is estimated to fall to 55.8 versus 56.6 in Oct. 

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone Services PMI report, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory, (CENT) investor day and the (NCR) investor day report 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 commodity shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.