Monday Watch

Today's Headlines

Bloomberg:  

• Japan Says It’s Ready to Intervene in Currency Markets 24 Hours a Day If Needed.
• Indonesia’s Bonds Hit Hardest in Asia as State Debt Risks Grow. 
• New Polls Show French National Rally Forging Ahead of Macron.
• Asian Stocks Falter as Japan Warns on Yen Moves.
• Oil Extends Drop as Risk-Off Tone Counters More Attacks on Ships.
• Stocks Face Meager Upside After 2024 Gains, Survey Shows.
• Prudential to Buy Back $2 Billion Worth of Insurer’s Own Shares. 
• The Hedge Fund Bet Luring Retail Investors to High-Risk Bonds.
• Nvidia Sales Grow So Fast That Wall Street Can’t Keep Up.
• Fed’s Key Inflation Gauges May Offer Path to Rate Cuts.
• Five Things You Need to Know to Start Your Day: Asia.

Zero Hedge: 

• Maher Audience Silenced After Andrew Cuomo Admits NYC Trump Trial Should Have Never Happened.
• Large Terror Attack On Synagogue & Orthodox Churches In Russia's Dagestan.
• "This Is Going To Be Far Worse Than The Great Depression...".
• Declining Black Church Attendance Weakens Key Democratic Asset.
• Chemicals From East Palestine Train Disaster Spread To 16 States: Study.
• Stifel: "Investors In Full Bubble/Mania Mode" Will Push S&P To 6,000 Before Round-Tripping It To 4,800.
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• Biden Admin Asked Amazon To Hide Vaccine-Critical Books During Pandemic.
• Mike Wilson: These Are The Three Biggest Risks To Stocks Right Now.
• Children Among Mass Casualties After US-Supplied Missile Targets Crowded Crimean Beach.
• "This Cannot Go On Forever": Explaining The U.S. Debt Crisis In Simple Terms.
• Hezbollah Shows Off Israeli Target Bank Of Sensitive Sites In New Video Warning.
• The Radical Left Can't Understand Why Normal People Are Angry...
• Sub-Saharan Africa Becomes New Child-Labor Hostpot.
• The Myth Of The European "Far-Right Surge".
• British Children Getting Shorter, Fatter, And Sicker: Report. 
• Common Sense And Memes Are Viruses To The New World Order. 
• Gaps In Electoral College Tiebreaker Rules Could Bring Constitutional Crisis.
• Disney Exposed? VP Admits On Hidden Camera That Company Refuses To Hire 'White Males'.
• "Here In Ten Days": Dust Plume From Africa Headed To US Gulf Coast.
• LEGO Produces 'Pride' Video With Drag Queens And Furries.
• US-Built Gaza Pier To Be Dismantled Early Amid Ongoing Failures.
• Paxton Warns Texas Schools Not To Comply With Title IX Transgender Rules Or Face Legal Action.
• Hackers Demand CDK Pay Millions In Ransom To End Auto-Dealer Cyberattack.
• David Stockman On The Ukrainian Border War Folly.
• Judge Judy Says Trump's NYC Hush Money Trial Was "Nonsense" And She "Resents" It As A Taxpayer.
• What Chinese AI Tells Us About The Semi Market.
• Gold Is Goldman's Preferred US Presidential Election Inflation Hedge.
• Hundreds Of Thousands Of Americans Are Going "Off Grid" In Anticipation Of What Is Coming.
• DHS 'Intelligence Experts Group' Classified Military Service, Religion, & Trump-Support As Indicators Of Domestic Extremism & Terrorism.
• Affordability, Charging-Infrastructure, & Range-Anxiety Continue To Keep Americans From Fully Embracing EVs.
• "Never Would Have Happened": Trump Talks Ukraine, Nato, And Hints At "The Next AI Trade" In Explosive Interview.
• Leader Of Maryland LGBTQ+ Dems Caught In Alleged Pedo Sting, Trying To Meet With Young Boy.
• BBC Climate Disinformation Reporter Attacks Kenyan Farmer.
• Cancer-Drug Costs Skyrocket, Leaving Even Insured Patients In Financial Ruin.
• Geopolitics And Demand Growth Underpin Need For Commonsense Energy Policies.
• House Committee Forms Group To Tackle CCP's Role In Fentanyl Crisis.
• You Will Be Tagged... And You Will Love It.
• California Legalized Drugs; Cartels Took It Over...
• Supreme Court Broadens Use Of Expert Testimony Against Accused Criminals.
• Say Their Names: Young American Women Are Being Raped & Murdered By Illegal Aliens.
• Nearly Half Of US EV Drivers Consider Switching Back To Gas Vehicles: McKinsey Study.
• Putin Issues Ominous Nuclear Triad Expansion Warning.
• The Game Theory Of Biden's Replacement And Trump's VP Pick.
• Ukrainian Drone Swarms Target Four Russian Refineries In Major Attack.
• The Anxiety Economy.
• Markets chop on quad witching and Flash PMI day - Newsquawk US Market Wrap.
• Crude Pops, Gold Drops, Crypto Flops As NVDA Suffers Worst Week In 2 Months.

Wall Street Journal:

• GOP Plan for Democratic Convention: Bash Chicago as a Mess.
• The 2025 ‘Tax Armageddon’. Democrats in Congress say they’ll hold middle-class tax cuts hostage to a huge overall tax increase. 
• Apple, Meta Have Discussed an AI Partnership.
• The Rise of Chinese EVs Is Dividing the West.
• Young Voters No Longer Get a Charge Out of the Biden Presidency. Most can’t afford a home, and many are struggling to find work. They can’t even sell their used EVs.
• With Pen and Paper in Hand, Car Dealers Improvise as Cyber Outage Persists.
• It’s the Summer of the Finance Bro.
• AI Doesn’t Kill Jobs? Tell That to Freelancers.
• What Happens When Migrants Arrive in America’s Suburbs?
• When Hospital Prices Go Up, Local Economies Take a Hit.
• Taiwan Wants a Drone Army—but China Makes the Drones It Wants.

Barron's:

• Had bullish commentary on (NKE).

CNBC:  

• Regulators hit Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America over living will plans.
• The stock market is in its longest stretch without a 2% sell-off since the financial crisis.
• Top Wall Street analysts recommend these stocks for the long haul.

MarketWatch.com:  

• Junk bonds are beating the broader market so far in 2024 — but watch this shift.
• UPS sells its Coyote Logistics business to RXO for $1 billion.
• Wall Street sees corporate profit margins creeping toward 2021 levels, as three household names prep earnings.
• Investors poured a record amount of money into technology funds lasts week.

NewsMax:

• Trump: Biden 'Dragging Us Toward WWIII'; I'll Build US 'Iron Dome'.
• Netanyahu Again Claims Biden Withholding Arms Shipments.
• Netanyahu: Winding Down in Gaza; Lebanon War Could Be Next.

Fox News:

• Entrepreneur's reality check to White House on Biden's economy.

TheGatewayPundit.com:

• Explosive Study Once Removed by Lancet within 24 Hours, Now Peer-Reviewed and Public: Reveals 74% of Deaths Directly Linked to COVID-19 Shot.
• Texas AG Ken Paxton on Impact of Biden’s Illegal Aliens: “The Plan From the Beginning, Get These People Here As Fast as Possible and Get Them Voting” (VIDEO).
• FBI Seeks Suspects Behind New Mexico Fires, Refuting Climate Change Narrative.
• Former White House Physician Ronny Jackson: “I Will be Sending a Letter Demanding That Biden Submit to a Drug Test Before and After This Debate” (VIDEO).
• Mayor Adams’ Budget Pushes Permanent Taxpayer-Funded Spending for ‘Migrant Crisis’.
• Several States Including Arizona Allow Illegals to Vote in Presidential Elections with No Proof of Citizenship Needed – Elon Musk Weighs In.
• JUST IN: Left-Wing Fact Checker Snopes FINALLY Admits Trump Did NOT Praise Neo-Nazis or White Nationalists as “Very Fine People” in Charlottesville Hoax.
• Family of 12-Year-Old Texas Girl Murdered by Venezuelan Immigrants Receives Massive Support from Americans, Surpasses GoFundME Goal in Matter of Hours.
• HUGE! Kash Patel Drops a Bomb — British Court Reveals Paul Ryan Was the First One to Receive a Copy of Steele Dossier Back in 2016 and He Hid This For Years! (VIDEO).
• Developing: Trump Enters Landslide-Victory Territory in Blowout New Rasmussen Poll.
• YIKES… How Embarrassing! Trump Had Thousands More Supporters at His Bronx Rally than AOC and Jamaal Bowman.
• China Buying Up Land Near Strategic US Military Bases, 19 American Locations Potentially Compromised.
• REVEALED: Amazon Complied With Demands From Biden Regime to Censor Books Critical of Big Pharma.
• Fox News Steps Up to Make Sure You Won’t Have to Turn on CNN to Watch the Upcoming Debate.
• Virgin Atlantic Boeing Jet’s Windshield ‘Cracked At An Altitude of 40,000 Feet’ During flight From Heathrow To San Francisco.
• “These Illegal Barbarians Have Not Come This Far – to Stop Now… They’re Only Going to Be Stopped When They Get Stopped” – Steve Bannon Predicts Trump Will be Sent to Prison by Lawless Merchan.
• A Shocking 1 Million Illegal Aliens Admitted into US By Biden Regime Under CBP One App and CHNV Parole Program.
• Why Shelf-Stable Beef Will Be an Extremely Valuable Commodity in the Near Future.
• WATCH: Rachel Morin’s Mother Slams Biden Regime’s Shameful Response to Daughter’s Murder by Illegal Alien: “THEY DON’T VALUE LIFE”.
• Ted Cruz Puts Trump’s Tax Idea Into Bill Form, Quickly Gets Support from Fellow Republicans
• Two Venezuelan Illegal Aliens Arrested for Murdering 12 Year Old Girl in Texas (VIDEO).
• Father of 13-Year-old Girl Allegedly Brutalized in Broad Daylight by Ecuadorian Illegal in NYC Blasts Biden’s Open Border: ‘This is What Happens’.
• White House Issues Shameful Statements in Response to Illegal Aliens’ Murders of Rachel Morin and 12-Year-Old Jocelyn Nungaray.

The Epoch Times:

• Taiwan Says CCP Has No Jurisdiction to Threaten Independence Supporters With Death Penalty.

Around X:

• @BGatesIsaPsycho

• Elon Musk - “Sachs knows what he’s talking about”. Also Sachs schooling Piers on Ukraine & Russia - never seen the man so silent. This doesn’t even cover the child trafficking, bio-laboratories & genocide in the Donbas. Anyone attacking Farage for speaking the truth should be shown this. (video)
• Bees are essential to eco-systems everywhere & they’re dying at an alarming rate. Scientists tested Bees & found they had 70x more the normal aluminium in their system. You all know why….. (video)

• @wideawake_media

• During yesterday's Euro 2024 match between Ukraine and Slovakia, Ukrainian fans held up a flag emblazoned with the words "GIVE US ELECTIONS BACK", in protest against the undemocratic and tyrannical Zelensky regime. The Western establishment's ludicrous Ukraine narrative is crumbling all over the place.
• "If we had a pandemic of anything, it was a pandemic of propaganda, a pandemic of lies and a pandemic of testing." Neil Oliver: "I'm not persuaded that there ever was anything novel called 'Covid'. Covid came and influenza vanished. All the people that were traditionally in their tens or hundreds of thousands every winter [that] would die of the flu? Nobody's dying of flu. What, this is now 'Covid'? That's kind of convenient." (video)

• @Resist_CBDC
  

• Wait a minute. How can everywhere be warming faster than all the other every wheres? Unless all MSM is a pay-op. (video)

• @JamesMelville 

• 4 years ago, we couldn’t even mourn our loved ones properly. A son moved his chair next to his mother to comfort her at the funeral of her late husband. He was told to distance from her. This sort of horrendous inhumanity must never happen again. (video)

• @WallStreetSilv

• The US govt has changed how they calculate inflation multiple times since the 1970s. This was done intentionally to make inflation seem lower than reality. Why? so that cost of living adjustments to Social Security are lower each year. The govt reduces what they pay over time. The CPI data now massively underreports actual inflation that is occurring in our economy. The statisticians have basically made CPI completely fake. (graph)

• @VigilantFox

• Kevin O’Leary Explains Why Biden Is Doomed. “Inflation always hurts the incumbent.” • “Your buying power has been eroded by 30%.” • Meat prices up 38%. • Energy costs up 20%. • Housing prices through the roof. “You don’t care about anything except the fact that you’re getting squeezed ... That’s it. That’s what matters. That’s what the debate’s about. Everything else [is] interesting — not as important.” (video)

• @WallStreetApes
  

• I Hope This Makes The Idaho Water Shutoff To Farmers Real For People. Idaho is fining Farmers $300 PER ACRE for using water. Farmers are already declaring bankruptcy. Here are 2 farmers from eastern Idaho who have just received their water shutoff orders. (video)
• There Has Never Been A Government This Corrupt. Joe Biden’s Energy Secretary Granholm Has Dark Money Connections To Foreign Billionaires & Energy Department Executives Are Trading Stocks In Companies THEY REGULATE. Senator Josh Hawley: “Meanwhile, your Energy Department, executives in your Energy Department, are trading stocks in companies that they have direct oversight over, and you were too.” (video)
• Congressman Brian Mast Says All The Quiet Parts Out Loud. - We’re funding Atheism overseas - We’re directly funding the Taliban - No one can account for the money being sent overseas - Falsely labeling money being sent overseas - None of the aid has made it to the people of Gaza - Out of 144 partners receiving tax payer money only 65 even respond to the Inspector General “about where the US taxpayer dollars were being spent” and so much more, this is absolutely INSANE. 
• Rep Anna Paulina Luna Posted “Merrick Garland is now calling Republican members of congress pressuring them to NOT vote for inherent contempt”. ‌ If hes not held accountable we know why. ‌ Members of Congress are “Terrified of Intel Agencies Planting Kiddie Porn on their Computers”. (video)
• Things Are About To Get A LOT WORSE America. NEW “They're building a bridge in the Darien gap to make it easier for the NGOs and the WHO and the UN and the rest of them to drive people into the United States from the South”. MORE HUGE MASS ILLEGAL IMMIGRATION COMING. (video)

• @WarClandestine

• Western MSM are very upset about this interview. Why? Because Farage is calling out the foundational lie that is keeping NATO’s entire narrative afloat. Once the broader public realize that “NATO/EU expansionism” started the conflict in Ukraine, the charade is over. (video)

• @SteveLovesAmmo
  

• This video clip can’t be shared enough. Barack Obama literally on video encouraging illegal criminal aliens to vote in American elections. And people still think Joe Biden is in charge. (video)
• If there was ever a video for you to boycott Disney, here it is. (video)

• @amuse

• OPEN BORDER: Why is Biden giving new identities to Chinese nationals who enter the US illegally he KNOWS must have both a passport and an exit visa to leave China? Why would Biden facilitate this invasion?
• ELECTION INTERFERENCE: The Democrats are working so hard to 'save democracy' they're prosecuting Trump in four jurisdictions, preventing the leading 3rd party presidential candidate from debating, and now they're suing to remove him from the ballot in states like Nevada.

• @WesternLensman

• Flashback, 2015: Bernie Sanders calls open borders a “right-wing proposal." Says unchecked immigration would “make everybody in America poorer” and would be “doing away with the concept of a nation state…I don’t think there’s any country in the world that believes in that." “We’ve got to work with the rest of the industrialized world to address the problems of international poverty, but you don’t do that by making people in this country even poorer." (video)

OpenVAERS: 

• VAERS US COVID Vaccine Adverse Event Reports. 1,011,672 Reports(+1,127 from prior report) Through May 31st, 2024.

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 + basis point.
  
• China Sovereign CDS 67.25 +.75 basis point.
• China Iron Ore Spot 103.4 USD/Metric Tonne -1.7%.
  
• Bloomberg Emerging Markets Currency Index 39.0 -.02%.
• Bloomberg Global Risk-On/Risk Off Index 58.3 +2.4%.
• Volatility Index(VIX) futures 14.8 +2.1%. 
• Euro Stoxx 50 futures -.36%.
• S&P 500 futures -.23%.
• NASDAQ 100 futures -.27%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and consumer 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 week.