Monday Watch

Today's Headlines

Bloomberg:

• China’s Electricity Pricing Shifts in Blow to Solar Power, Boon for Batteries.
• Jack Ma’s Biggest E-Commerce Rival Is Coming for Amazon.
• Zelenskiy to Meet Biden, US Lawmakers in Bid to Free Ukraine Aid. 
• Stocks in Asia Advance Ahead of Heavy Eco Week: Markets Wrap. 
• Oil Steadies After Glut Fears Drove Worst Losing Run Since 2018.
• Biden’s Support of Israel Alienates More Democrats in New Poll.
• Big Tech’s Ability to Deliver on AI Profits Looms Over S&P 500.
• A Record High Is in the Cards for US Stocks in 2024.
• Harvard Under Heightened Pressure After Penn Leaders Ousted.
• Climate Fight Takes Aim at Food in First Ever Net-Zero Plan.

Zero Hedge:

• Musk Asks Zelensky About Imprisoned American Journalist After Tucker Carlson Sounds Alarm
• "People Have Spoken": Elon Musk Restores X Account Of Alex Jones After User Poll
• Unprecedented: Hedge Funds Short Stocks For A Record 17th Week, Offset By Historic ETF Buying Frenzy.
• If You Didn’t Like The First Term, Just Wait For The Second.
• Biden Wants To Seize Patents Of Pricey Drugs And Use Government To Make Them Cheaper.
• "Sticker Shock": Washington Governor Inslee's $100 Million Gamble To Address Homelessness Crisis.
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• Trump Has Good Shot With Supreme Court To Get DC Case Tossed, Experts Say.
• Affiliate ACLU Members Revolt After Left-Wing Group Agrees To Represent NRA.
• Ready Or Not, Here They Come: Morgan Stanley's Key Takeaways For The 2024 Elections.
• Court Ruling Shakes Up New York's Concealed Carry Law Landscape.
• California Facing Record $68 Billion Deficit, Potential 'Fiscal Budget Emergency': Legislative Analyst.
• Trump Warns Of Business Exodus from New York Amid Fraud Case Fallout.
• Al Gore Warns: People Having Access To Non-Mainstream Information "Threatens Democracy".
• These Are The Richest 'Politicians' In The US.
• Arizona's Democrat Governor Demands $512 Million Reimbursement From Biden For Border Security 'Failure'.
• Overstaying The Market's Welcome.
• 13% Of American Teens Suffer 'Food Poverty'.
• Finally, sentiment & positioning levels associated with a top.
• Stockman: The Destruction Of The American Middle Class.
• Goldman Trader: How To Navigate The Final Days Of 2023.
• Top Defense Official: US Can Handle Middle East, Russia & China Operations All At Once.
• Farmers Are Turning To An Ancient Practice To Improve Agriculture.
• The Venezuela-Guyana Dispute Explained In 3 Charts.
• Long-Term ADHD Medication Use May Increase Heart Disease Risk: Study. 
• How The Federal-Private Speech Police Operated In Election 2020: With Radar Highly Attuned To The Right.

Wall Street Journal:

• The Ivy League Mask Falls. Antisemitism is one example of a much deeper rot on campus.
• Israel’s Message in Gaza to Iran and Hezbollah. Jerusalem, no longer afraid of taking the offensive, shows it is willing to go to the mat if pushed too far.
• Trump as Dictator Is a Classic Case of Projection. Biden and his supporters try to excuse and deflect attention from their own authoritarian actions.
• Powell’s Inflation Fight Is Working, Raising Questions About Rate Cuts.
• The Hamas Leader Who Studied Israel’s Psyche—and Is Betting His Life on What He Learned.
• Car Dealers on Why Some Customers Hesitate With EVs.
• Why Treasury Auctions Have Wall Street on Edge.
• Here’s Where Prices Are Actually Coming Down.
• Sigma Healthcare Agrees to $5.79 Billion Merger With Pharmacy Chain.

CNBC:

• China’s livestream shopping is booming, fueling new tech such as avatars and AI.
• People are spending hundreds a month on dating apps as free versions turn ‘borderline unusable’.
• Tennessee residents clean up after severe weekend storms killed 6 people and damaged neighborhoods.

Reuters:

• Nvidia CEO aims to set up a base in Vietnam.
• Dollar steady with US inflation, Fed meeting eyed; yuan heavy.

MarketWatch.com:

• Cigna raises stock buyback by $10 billion, will reportedly drop bid to buy Humana.
• Investor group aims to buy Macy’s for nearly $6 billion, take it private: report.
• Fed meeting could slam brakes on year-end stock rally.
• The VIX says stocks are ‘reliably in a bull market’ heading into 2024. Here’s how to read it. 
• Fed will try to ‘Keep calm and carry on’ amidst talk of steep rate cuts and recession.

NewsMax:

• Trump: McConnell Is 'Checked Out,' 'Hope to Hell He Gets Out'.
• Trump: 'Nothing More to Say,' 'I Will Not Be Testifying on Monday'.
• Trump: Dems Reactivate Old Ruse, 'Threat to Democracy Hoax'.
• Violence Escalates Between Israel, Lebanon's Hezbollah.
• Fleitz: Biden Will Demand Israel Stop Its War.

Fox News:

• SNL gets blowback for 'vile' skit of college presidents' antisemitism testimony
• Hamas threatens no hostage will leave 'alive' if 'demands of the resistance' not met.

TheGatewayPundit.com:

• Shoppers Warned of Gift Card Scam Linked to Chinese National.
• “I Will Not Be Testifying on Monday. MAGA!” — Trump Cancels Scheduled Testimony, Slams New York Investigation as ‘Election Interference Witch Hunt’.
• DEVELOPING: Florida’s Surgeon General Joseph Ladapo Confirms Detection of DNA Fragments in COVID mRNA Vaccines.
• Man Who Beat Sheila Jackson Lee Adds Insult to Injury with Post-Victory Statement on His Defeated Opponent.
• Democrat Porn Star Susanna Gibson of “HotWifeExperience” Plays Victim, Lashes Out at Republicans After Her Election Loss.
• Joe Biden and Speaker Johnson to Meet Volodymyr Zelensky at White House Tuesday Amid Push for Increased Congressional Aid for Ukraine.
• Ramaswamy Sheds Light on the Climate Cult’s Plot to Steal Land from Americans.
• US Senator Reveals Chilling Way World Governments Spy on Smartphone Users.
• JUST IN: Illegal Alien Arrested For Murder of 16-Year-Old Texas High School Cheerleader Lizabeth Medina.
• Star Wars Actor Adam Driver Says “Wokeness Killed Han Solo”.
• Christian Teacher Fired for Revealing Student’s ‘Gender Transition’ to Parents Sues School.
• California School District Holds Antisemitic ‘Teach-in’ Using Imagery That Mirrors Nazi Propaganda.
• As Threat of Invasion From Venezuela Escalates, the US Runs Military Drills With Allied Guyanese Armed Forces.
• Vivek Ramaswamy Warns Hunter Biden Indictment Might Be Part of Democrats’ Grand Plan to “Sideline Biden and Pick a New Puppet for 2024”.
• Here We Go: Nebraska Begins Mass Collection of Digital Health Data on All its Citizens.
• America Last: Joe Biden Announces Additional $175 Million Security Assistance to Ukraine.
• Tucker Carlson Sheds Light on American Citizen Gonzalo Lira Who’s Been Tortured in Ukrainian Prison — A Case of Political Persecution Reminiscent in the US.

The Epoch Times:

• Doctor Calls For Breaking Silence on China’s Forced Organ Harvesting.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 997,917 Reports(+9,212 from prior week) Through November 3rd, 2023.

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.

Night Trading

• Asian indices are -.75% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 99.5 -.25 basis point.
  
• China Sovereign CDS 61.5 -1.25 basis points.
• China Iron Ore Spot 133.5 USD/Metric Tonne -1.5%.
  
• Bloomberg Emerging Markets Currency Index 41.5 -.1%.
• Bloomberg Global Risk-On/Risk Off Index 62.5 +2.8%.
• Bloomberg US Financial Conditions Index .58 -2.0 basis points. 
  
• Volatility Index(VIX) futures 15.0 -.4%. 
• Euro Stoxx 50 futures +.07%.
• S&P 500 futures -.01%.
• NASDAQ 100 futures -.17%.

Morning Preview Links

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