Wednesday Watch

Evening Headlines

Bloomberg:              

• China Eyes Economic Goals for Next Year as Debt Levels Soar.
• Chinese Clothing Giant Defaults on Second Domestic Yuan Bond.
• Asia Stocks Climb as U.S. Rallies Before Fed: Markets Wrap.
• IEA Sees Crude Glut Enduring to End-2021 Amid Demand Strains.
• Oil Jumps to Highest Since February Amid Stimulus Optimism.  
• Vanguard Makes History With the First $1 Trillion Equity Fund.  
• Google’s Gmail Service Suffers Outage for Two Days in a Row.  
• Rich States Uncover Tax Windfall, Undercutting Push for More Aid.

Wall Street Journal:

• Retail Tycoon Nygard Indicted in Sex-Trafficking Probe.
• FDA Sets Stage for Moderna Vaccine Authorization.
• Congress Punts on China Stocks.
• Teacher Shortage Compounds Covid Crisis in Schools.
• Census Estimates U.S. Population Growth Slowest Since the 1930s.
• Tech Giants Face New Rules in Europe.
• White House National Security Adviser Cuts Trip Short to Address SolarWinds Hack.

Fox News:

• House Republicans urge Pelosi to remove Swalwell from Intel Committee.
• Biden Treasury nominees meet with defund police supporters.
  

CNBC.com:

• FDA staff recommends watching for Bell’s palsy in Moderna and Pfizer vaccine recipients.
• Congressional leaders to meet for second session amid rush to strike Covid relief, funding deal.
• Lululemon CEO expects digital growth momentum to continue post pandemic.
• Robert Shiller calls stocks ‘highly priced,’ sees fear of missing out fading.

MarketWatch.com:        

• Luminar stock plunges after news that Mobileye plans to make its own lidar sensors.
  
• Two words that define the relentless bull market as a reckoning takes shape.

Zero Hedge:

• Mapped: The Risk Of Eviction And Foreclosure In U.S. States.
• The Empire Strikes Back (Against Crypto).
• Green Spam: Fed Joins Global Group For "Greening" Financial System.
• Federal Taxes Are Sending An S.O.S Signal.
• Did COVID Murder The Flu?
• The Number Of Americans That Are Depressed Or Suicidal Has Soared Because Of The COVID Lockdowns.
• Joe Biden Warned In 2015 That Son Hunter's New Employer And Burisma Boss Was Corrupt.
• WTI Holds Gains Despite Surprise Crude Build.
• Foreigners Bought A Record Amount Of US Stocks In The Year Ending October As China Kept Dumping Treasuries.
• Rouhani Says Iran Would Rejoin Nuclear Deal "Within An Hour" Of US Signing On.
• Stocks Soar On Stimulus Hope, Smart Money & The Dollar Puke.

Newsmax:

• McLaughlin Poll: Majority See Vote Fraud as National Problem.
• Audit Finds Mich. County's Dominion Voting Was Rigged to Create Fraud.

@kylenabecker: 

• Peter Schweizer, whose earlier book spurred an FBI probe of the Clinton Foundation, alleges that China targeted families of Mitch McConnell and Joe Biden with business deals.
• 2020 Election. "We have all kinds of examples of fraud. And you know, a large percentage of the American public simply doesn't think this was a legitimate election." Sen. Ron Johnson announced the Senate GOP will hold an *oversight hearing* on 2020 election fraud *TOMORROW.*
  

TheGatewayPundit.com:

• MSNBC’s Dr. Gupta: Just Because You Get Vaccinated Doesn’t Mean You Should be Traveling or That You’re Liberated From Masks (VIDEO).
• Michigan Legislature Committees Subpoena Election Evidence – Hard Drives, Laptops, Emails From Detroit and Suburb of Livonia.
• American Medical Association Rescinds Hydroxychloroquine Prevention Order — How Many People Died Because These Soulless Hacks Wanted to Hurt Trump?
• Joe Biden Holds Parking Lot Rally for Ossoff and Warnock at Empty Wearhouse — Photos — WHERE ARE THE PEOPLE? This Guy Got 81 Million Votes?

The Epoch Times:

• 2020 Election Investigative Documentary: Who’s Stealing America? (video)
  

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 +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 57.25 -1.0 basis point.

• China Sovereign CDS 28.0 -1.0 basis point.

• Bloomberg Emerging Markets Currency Index 62.45 -.04%.
• Bloomberg Global Risk-On/Risk Off Index 1,280.0 +48.0 points.
• Volatility Index(VIX) futures 24.95 -.1%
• FTSE 100 futures +.28%.

• S&P 500 futures -.15%.

• NASDAQ 100 futures -.08%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

•  (TTC)/.52
  

After the Close:

• (ABM)/.70
• (MLHR)/.57
• (LEN)/2.06
  

Economic Releases

8:30 am EST:

• Retail Sales Advance MoM for Nov. is estimated to fall -.3% versus a +.3% gain in Oct. 
• Retail Sales Ex Autos MoM for Nov. is estimated to rise +.1% versus a +.2% gain in Oct.
• Retail Sales Ex Auto and Gas for Nov. is estimated to rise +.1% versus a +.2% gain in Oct.
  

9:45 pm EST

• Markit US Manufacturing PMI for Dec. is estimated to fall to 55.8 versus 56.7 in Nov.
• Markit US Services PMI for Dec. is estimated to fall to 55.9 versus 58.4 in Nov.
  

10:00 am EST

• Business Inventories for Oct. is estimated to rise +.6% versus a +.7% gain in Sept.
• The NAHB Housing Market Index for Dec. is estimated to fall to 88.0 versus 90.0 in Nov.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,088,200 barrels versus a +15,189,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +1,822,300 barrels versus a +4,221,000 barrel gain the prior week. Distillate inventories are estimated to rise by +1,207,900 barrels versus a +5,222,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise +.47% versus a +1.7% gain prior.

2:00 pm EST

• The FOMC is expected to leave the benchmark Fed Funds rate at  0.0-.25%.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The FOMC press conference, UK core inflation report and the weekly MBA Mortgage Applications 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 mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 50% net long heading into the day.