Tuesday Watch

Evening Headlines

Bloomberg:        

• Haunted by 2008, China and U.S. Diverge on Stimulus Plans.
• Asian Stocks Open Mixed After U.S. Tech Tumble: Markets Wrap.  
• Oil Flirting With $70 Challenges World’s Economic Recovery.  
• Policy Gap, 4.1% Unemployment, Yellen on Inflation: Eco Day.
• Biden’s Giant Stimulus to Easily Pass House, Democrats Say.
• Nasdaq 100 Has Not Diverged This Much From the Dow Since 1993.  
• U.S. Airline Flyers Top 1 Million-a-Day Pace, a Pandemic Rarity.  
• Coinbase Is Said to Be Valued at $90 Billion in Private Auction.  
• Inside the $156 Billion SPAC Bubble.  
• Biggest Yield-GDP Gap Since 1966 Shows More Room for Bond Pain.

Wall Street Journal:

• Nasdaq Enters Correction Territory as Tech Shares Sink.
• CDC Says Vaccinated People Can Gather Privately Without Masks.
• The Perpetual Outrage Machine Churns On.
• Fed Policy Is Smothering Private Lending.
• GOP Sen. Blunt of Missouri Won’t Run for Re-Election.
  

Fox News:

• The prince used to be fun, but with Meghan, an insider says, he's 'absolutely miserable'.
• CNN media 'reporter' Stelter films himself without pants while hosting.
  

CNBC.com:

• Stocks making the biggest moves after the bell: Zoom Video, Stitch Fix, Invitae & more.
• House prepares to pass $1.9 trillion Covid relief bill.
• Stitch Fix swings to a quarterly loss and softens outlook on shipping delays; shares plunge.
• ‘Significant’ scarring will limit pent-up consumer demand, Stephen Roach predicts.

MarketWatch.com:          

• How high can rates go? This chart shows this year’s sharp climb in long-term Treasury rates.

Zero Hedge:

• In Embarrassing Senior Moment, Biden Forgets What Pentagon's Called, Blanks On Secretary Of Defense Name.
• Ron Paul: The Fed Is Enabling Biden And Congress' Destructive Agenda.
• China FM Demands Biden Reverse "Dangerous" Taiwan Stance, Otherwise "World Will Be Far From Tranquil". 
• Repo Chaos Continues: "Market Just Doesn't Know Where To Price The 10-Year".
• Mutant COVID Strains In Florida, New York Threaten To Derail US Recovery, BofA Warns.
• By One Gauge, Inflation Fears Are The Highest This Century.
• "Not Safe To Return": Biden Offers Legal Status To Hundreds Of Thousands Of Venezuelans.
• In Shocking Reversal, Brazil Supreme Court Annuls Lula Carwash Conviction, Setting Stage For His Return As President.
• Chinese Government-Backed Hackers Go Global With Microsoft Exchange Breach.
• Solomon: New Declassified Texts Expose FBI's "Media Leak Strategy" Used To Influence Election, Trump Presidency.
• Dow Dominates As Tech Wrecks; Bitcoin, Bond Yields, & The Buck Bounce.

Newsmax:    

• Sen. Toomey: Dems' Bill a 'Litany of Outrageous Items'.
• 12 States Sue Biden Administration Over Climate Executive Order.
• Biden Orders Creation of Gender Policy Council.
  

TheGatewayPundit.com:

• LIVESTREAM VIDEO: Michigan Attorney Matthew DePerno and Witness Mellissa Carone Speak on Election Investigations at Undisclosed Michigan Location — 6:00 PM ET.
• After Defunding The Police, NYC First Lady Wants New Yorkers To “Defend Their Neighbors” As Crime Spikes.
• CDC Study Finds 78% of People Hospitalized, Needed a Ventilator or Died From Covid-19 Were Overweight or Obese.
• EXCLUSIVE: Retired Purple Heart Veteran in Arizona Who Dove In Dumpster and Found Shredded Ballots Is Now Being Threatened.

The Epoch Times:

• Zoom Founder Eric Yuan Transfers Stock Worth Over $6 Billion.
• China Increases Defense Budget, Premier Orders the Military to Prepare for War.

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 -.5% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 64.5 +3.5 basis points.

• China Sovereign CDS 35.5 +2.75 basis point.

• Bloomberg Emerging Markets Currency Index 60.30 -.09%.
• Bloomberg Global Risk-On/Risk Off Index 2,594.0 +32.0 points.
• Volatility Index(VIX) futures 27.35 -1.14%.
• FTSE 100 futures -.22%.

• S&P 500 futures +.54%.

• NASDAQ 100 futures +.68%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (DKS)/2.31
• (PLCE)/-.28
• (THO)/1.58
  

After the Close:

• (ABM)/.59
• (AVAV)/.00
• (HRB)/-1.29
• (MDB)/-.39
  

Economic Releases

6:00 am EST

• The NFIB Small Business Optimism Index for Feb. is estimated to rise to 97.0 versus 95.0 in Jan.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The China inflation data report, 3Y T-Note auction, weekly US retail sales reports, Barclays Healthcare Conference, UBS Consumer/Retail Conference, Truist Tech/Internet/Services Conference, RBC Financial Institutions Conference, Susquehanna Tech Conference, BofA Consumer/Retail Tech Conference, HC Wainwright Life Sciences Conference, (CVX) investor day and the (DKNG) 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 commodity and industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.