Thursday Watch

Evening Headlines

Bloomberg:         

• Biden Eyes Russia Retaliation After Review of Meddling, Hacking.
• Gasoline Rockets in Europe Despite Demand Blight From Lockdowns.  
• EU Fails to Unify on Astra; Variant Common in U.S.: Virus Update.
• Asia Stocks Eye Mixed Open, U.S. Futures Climb: Markets Wrap.
• Five Things You Need to Know to Start Your Day.  
• Top Copper Supplier Is Boosting Output Amid a Record Covid Surge.  
• Rising Pork Demand Drives U.S. Hog Prices to Highest Since 2014.  
• Fed Officials Back Dovish Powell View Despite Brighter Outlook.  
• White House Considering Nearly Doubling Obama’s Climate Pledge.
• Biden Infrastructure Plan Seeks $571 Billion in Transport Funds.
• Biden Tax Plan Targets Fossil Fuel Subsidies Worth $35 Billion.  
• Credit Suisse CEO Faces Anger in the Ranks After Archegos Mess.  
• Intel’s Latest Hail Mary Is a $20 Billion Bet on American Manufacturing.
• Pennsylvania’s $64 Billion School Pension Faces Federal Probe.  
• U.S. Property Taxes Jump Most in Four Years With Sun Belt Catching Up.  
• Robinhood Seeks More Bank Credit Ahead of Planned IPO.

Wall Street Journal:

• Yes, Boycott Baseball.
• Most Big Debt Collectors Backed Off During the Pandemic. One Pressed Ahead.
• New York Taxes Go Skyscraper High.
• Ron DeSantis and ‘Resistance Journalism’.
• Borrowed Money Drives Stock Gains.
• Instacart and DoorDash Plan to Launch Their Own Credit Cards.
• Suspected China Hack of Microsoft Shows Signs of Prior Reconnaissance.

Fox News:  

• Texas Gov. Abbott blames Biden as shocking sex assault allegations at migrant center surface.
• Migrant smugglers using groups of children to divert Border Patrol from adults crossing into US, agents say.
• Border Patrol captures heartbreaking video of abandoned boy.
• Here is what Biden's gun control actions will target.

CNBC.com:

• Biden open to negotiating on corporate tax hike, but says U.S. must act boldly on infrastructure.
• Fed’s Brainard says the economy is improving but is still ‘far from’ where it needs to be.
• Peter Thiel criticizes Google and Apple for being too close to China.

MarketWatch.com:

• These stocks seem expensive now, but in two years you may wish you’d bought them at these prices.

Zero Hedge:

• Joe Biden's Bait-And-Switch Presidency.
• Is Another Family Office Blowing Up: JPM Dumps 9MM Share Block Of ASO After Hours.
• "It's A Biological Fukushima" - Brazil On Track To Pass US In COVID Deaths.
• JPM: It Appears There Is A Worker Shortage.
• Architect Of Reagan Revolution Blasts "Bidenomics".
• 'Pro-Crypto' Peter Thiel Warns Bitcoin "Could Be A Chinese Financial Weapon Against The US".
• Cuomo To Hit Richest New Yorkers With Top Tax Rate Over 50%, More Than Most Europeans Pay.
• Biggest Beat On Record: Consumer Credit Explodes Higher As Americans Rediscover Their Love For Credit Cards.
• Law Student's Instagram Posting Triggers Debate Over Anti-White Speech.
• US Colleges Push To Mandate Student Vaccinations Before Fall Semester.
• JPMorgan's Dimon Admits "Something Has Gone Terribly Wrong" In America... And China Knows It.
• Netanyahu Warns Israel Will "Act" Against Iran If Biden Restores Nuclear Deal.
• Taiwan Warns It Will "Fight To Very Last Day" If China Attacks As US Warship Transits Strait.
• Small Caps & Cryptos Clubbed As Bonds & The Buck Bounce.

Newsmax:

• US Restores Assistance for Palestinians.
• Biden Plans to Unveil Executive Action on Guns on Thursday.
• Burgess Owens to Newsmax TV: Biden Showing 'Cowardice' on Border.
• Latinos Slam Biden For Nominating Only One Hispanic Judge.
  

TheGatewayPundit.com:

• WATCH: Alex Jones Physically Stops Vehicle After Witnessing Migrant Children Being Stuffed in the Luggage Compartment.
• DC Chief Medical Examiner Announces Cause and Manner of Death of 4 People Who Died During Jan. 6 Riot – Ashli Babbitt Ruled a Homicide Death.
• BREAKING EXCLUSIVE: ‘Protect Democracy Project’ – The Group Threatening Arizona Auditors Is Connected to Obama, Soros, China and Biden’s DOJ.

The Epoch Times:

• Beijing Tests Biden Administration With Provocations in Disputed Waters.
• White House Confirms Biden Administration Not Discussing Beijing Olympics Boycott.

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 +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 68.0 +3.5 basis points.

• China Sovereign CDS 36.0 +2.5 basis points.

• Bloomberg Emerging Markets Currency Index 60.55 -.04%.
• Bloomberg Global Risk-On/Risk Off Index 3,203.0 +41.0 points.
• Volatility Index(VIX) futures 20.85 -1.02%.
• FTSE 100 futures +.23%.

• S&P 500 futures +.21%.

• NASDAQ 100 futures +.26%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (APOG)/.56
• (CAG)/.58
• (STZ)/1.52
  

After the Close:

• (LEVI)/.24
• (PSMT)/1.00
• (WDFC)/1.32
  

Economic Releases

8:30 am EST

• Initial Jobless Claims for last week are estimated to fall to 680K versus 719K the prior week.
• Continuing Claims are estimated to fall to 3638K versus 3794K prior.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German Factory Orders report, weekly Langer Consumer Comfort Index, weekly EIA natural gas inventory report, (EXC) investor meeting, (CRWD) investor briefing and the (SMG) analyst day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and financial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.