Tuesday Watch

Evening Headlines

Bloomberg:          

• The Ugly, Expensive Plan to Bring Green Power to China’s Megacities.
• Biden Weighs Russian Banking Sanctions If Putin Invades Ukraine.
• Ukraine Angers Russia by Buying Turkish Drones and Wants To Get Its Hands On More.
• Why Russia-Ukraine Tensions Are So Hard to Defuse.  
• The World's Relentless Demand for Chips Turns Deadly in Malaysia.  
• Sand and Soldiers Mix as Troops Move In to Protect Cancun Tourists.  
• World's Most Indebted Oil Company to Sell up to $1 Billion in Bonds.  
• Asia Stocks Rise After China Action, U.S. Gains: Markets Wrap.
• Oil Edges Higher After Surging on Signs Omicron Angst Overdone.    
• China Property Downturn, IMF on Australia, India Rate Decision: Eco Day.
• Halliburton Sees World Headed for Oil Scarcity Amid Spending Cut.  
• Initial Hospital Data in Omicron Epicenter Shows Milder Disease.  
• Bulls Beware. The $1.7 Trillion Tech Rout May Not Be Over.  
• Traders Find Troubling Clues in VIX to More Stock Turmoil Ahead.  
• Richard Bookstaber on the Big Structural Risk in the Market Right Now.

Wall Street Journal:

• China Increasingly Obscures True State of Its Economy to Outsiders.
• Chinese Internet-Stock Rout Continues.
• Inflation, Falling Unemployment Prompt Fed Pivot.
• Elon Musk on What Lies Ahead in Tech.
• Bill de Blasio’s Parting Insult. He mandates vaccines for all workers in one last swipe at New York.
• China Evergrande’s Managed Restructuring Is Under Way; Shares Hit 11-Year Low.
• Kentucky Derby Winner Medina Spirit Dies After Workout.
• Intel to List Shares in Mobileye Unit.
• SEC Opens Probe Into Tesla Involving Solar-Cell Activity.
• In Ghislaine Maxwell Trial, Second Woman Testifies About Alleged Sexual Abuse.

Fox News: 

• Another CNN anchor accused of inserting himself into investigation days after network fired only star.
• Devin Nunes set to retire to pursue new opportunity he couldn't 'refuse'.

NY Post:

• Ghislaine Maxwell Trial: Live Updates from Day 5.
  

CNBC.com:

• ‘The chart says it all’: Piper Sandler warns investors against Chinese stocks.
• MongoDB shares jump as revenue growth accelerates.

Zero Hedge:

• "Absolute And Unmitigated Liars": Former DC National Guard Official Says Generals Fabricated January 6th Account. 
• Aramco Chief Warns Of "Social Unrest" If Fossil Fuels Are Abandoned Too Quickly.
• Visualizing The Uneven Fallout Of The Inflation Surge.
• Security Heightened At Major Store Chains After Series Of 'Flash Mob' Robberies.
• Survey Finds More Than Half Of Bitcoin Investors Got In During 2021.
• Chris Cuomo Claims CNN’s Jeff Zucker Knew About His Involvement With Andrew Cuomo Scandal.
• Oregon Moves To Make Indoor Mask Mandate Permanent.
• Devin Nunes Leaving Congress To Become Trump Media SPAC CEO.
• Mish: Fauci And Biden Are Medical Hypocrites & A Political Disgrace.
• Too many put lovers around.
• So Much For Fixing Supply Chains: A Record 96 Containerships Are Waiting To Dock At SoCal Ports.
• The Bottom Is Far Lower Than Anyone Believes Possible.
• Stocks Erase Payrolls Puke, Bonds Battered, & Crypto Bounces Back.

TheGatewayPundit.com:  

• WHOA! Jen Psaki Gets IRATE When Asked about Hunter Biden Laptop and Biden Family Corruption – Backroom Deals with Chinese (VIDEO).
• DEVELOPING: McConnell in Private Talks with Schumer to Waive Filibuster to Raise Debt Ceiling – McCarthy, Several Republican Senators Push Back.
• Massachusetts Hospital Fires 200 Employees For Not Getting Covid Vaccine.
• JUST IN: GOP Rep. Devin Nunes Resigns From Congress to Become CEO of Trump’s Media Company.
• Italy Restricts Public Life For Unvaxxed with New Covid “Super Green Pass”.
• FOIA: Newly Released ICE Data Reveals Deportations Have Dropped By 90% Overall Under Borderless Biden Regime.
• New Study: ZERO Deaths From COVID Among Healthy Children — Why Are They Forced To Take Dangerous Vaccine?
• 7-Year-Old Child Allegedly Suffers Stroke and Brain Hemorrhage One Week After Receiving Pfizer COVID-19 Shot (VIDEO).
• Mayor de Blasio Announces Forced Vaccines for All Private Companies and Forced Vaccines for All Children Ages 5-11 if They Want to Eat Out.
• Revealed: Feds Are Investigating Trump’s Media Company While They Ignore Hunter Biden’s Laptop and Shady Deals with China, Russia, Ukraine.
• 81 Million Votes: Devastating Poll Shows Just 22% of Americans Want Joe Biden to Run Again.
• More Police Officers Have Been Shot and Killed This Year Than Any Other Year.

The Epoch Times:

• US Announces Diplomatic Boycott of Beijing Winter Olympics Over Rights Abuses.
• China’s Think-Tank Warns of Economic Slowdown Amid Property Sector Predicament.

OpenVAERS:

• VAERS COVID Vaccine Adverse Event Reports. 672,372 (US) Reports Through November 26, 2021.
  

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
• Bloomberg.com:  International Travel Restrictions.  Case Graphs by State.
  
• NYTimes.com:  County Trends and Clusters. Local ICU Occupancy.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity(region).
  
• CovidActNow:  Covid Severity/Infection Rate by Metro Area.
  
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits.  Restaurant Visits. Wearing Masks. (graphs)
  
• Safegraph.com:  Commerce Patterns(graphs).

Night Trading 

• Asian equity indices are +.25% to +1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 92.0 -1.5 basis points. 

• China Sovereign CDS 51.75 -.75 basis point.
  

• Bloomberg Emerging Markets Currency Index 53.28 -.07%. 
• Bloomberg Global Risk-On/Risk Off Index 2,022.0 +80.0 points.
• Volatility Index(VIX) futures 26.3 -1.7%.
• Euro Stoxx 50 futures +.21%.

• S&P 500 futures +.25%

• NASDAQ 100 futures +.20%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (AZO)/21.08
• (CONN)/.60
  

After the Close:

• (AVAV)/.64
• (CASY)/2.93
• (CHPT)/.-13
• (PLAY)/.13
• (SFIX)/-.14
• (TOL)/2./50
  

Economic Releases 

8:30 am EST

• The Trade Balance for Oct. is estimated at -$66.8B versus -$80.9B in Sept.
  

3:00 pm EST

• Consumer Credit for Oct. is estimated to fall to $25.0B versus $29.913B in Sept.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The China export data, 3Y T-Note auction, weekly US retail sales reports, Barclays Tech/Media/Telecom Conference, Truist Industrials/Services Summit, Citi Consumer Conference and the Goldman Financial Services Conference could also impact global trading today.

US Equity Market Hours

• 9:30 am - 1:00 pm EST
  

BOTTOM LINE: Asian indices are higher, boosted by financial and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.