Bear Radar

Style Underperformer: 

• Small-Cap Value -1.85%

Sector Underperformers: 

• 1) Coal -15.63% 2) Oil Tankers -8.16% 3) Oil Service -4.55%

Stocks Falling on Unusual Volume:

• GBT, FOR, BLUE, MPLX, NGLS, CMG, KMI, TRGP, APU, UTG, CORR, FEN, MMP, EPD, ETE, WPZ, SPLS, KYN, BLCM, NGL, ETP, CLLS, EEQ, BPT, KED, SHLX, SON, PFPT, GEL, MFRM, MIC, SPH, EEQ, FGP, APC, KMI, BPL, PXD, ARLP, LNG, LGIH, EEP, CLR, OKS, SXL, SE, EPD, WES, ALNY, NS, SPLS, CQP, DVN, TYG, ENLK, USAC, ETP, APLP, KYN, OKE, PAA, ENLC, WMB and AGIO

Stocks With Unusual Put Option Activity: 

• 1) AMLP 2) MRO 3) VNQ 4) PSX 5) XME

Stocks With Most Negative News Mentions: 

• 1) FCX 2) DVN 3) PBR 4) BLUE 5) AGIO

Charts:

• ETFs Falling on Unusual Volume 
• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Mid-Cap Growth -.91%

Sector Outperformers: 

• 1) Airlines +.62% 2) Restaurants +.07% 3) Utilities -.08%

Stocks Rising on Unusual Volume: 

• XBIT, GMCR, SWHC, SODA, WIBC, EFUT and MOMO

Stocks With Unusual Call Option Activity: 

• 1) VNR 2) BLUE 3) LYB 4) P 5) EPD

Stocks With Most Positive News Mentions: 

• 1) KR 2) XBIT 3) GMCR 4) NSC 5) LULU

Charts: 

• ETFs Rising on Unusual Volume 
• Stocks Rising on Unusual Volume

Morning Market Internals

NYSE Composite Index:

• Volume Running +4.5% Above 100-Day Average
• 1 Sector Rising, 9 Sectors Declining
• 14.8% of Issues Advancing, 83.2% Declining
• 34 New 52-Week Highs, 284 New Lows
• 37.4% of Issues Above 200-day Moving Average
• Average 14-Day RSI 42.4
• Vix 16.7
• Total Put/Call 1.15
• TRIN/Arms 1.16

Monday Watch

Today's Headlines

Bloomberg: 

• Short Sellers Descend on Asian Stocks as Profit Outlook Decays. The cheaper Asian stocks get, the more emboldened bears get in betting on further declines. Short interest in six regional markets is up 18 percent this year, and a separate measure of investor demand to borrow shares and sell them rose by a record, according to Markit Ltd. The MSCI Asia Pacific Index is trading at the lowest valuation relative to global equities in more than a decade as the gauge heads for a second straight annual retreat. Australia saw the biggest increase in bearish bets, followed by Hong Kong and Singapore, the Markit data show. China’s economy expanded an average 10 percent a year over the past decade, helping drive demand for everything from Australian iron ore to New Zealand milk, while central bank moves to flood the financial system with cash fueled housing booms in Singapore and Hong Kong. The backdrop now looks a lot more enticing for short sellers, with the Federal Reserve about to raise rates and Chinese growth decelerating to a forecast 6.9 percent, the slowest in 25 years, weighing on demand for goods and services across Asia. “Our faith in the Chinese ability to engineer a soft landing is not high," said Harry Rosenbluth, a San Francisco-based senior adviser at Boston Partners Asset Management, which oversees $74 billion and owns a smaller percentage of Asian equities than are contained in benchmark indexes it tracks. “If there’s a big miss in terms of a global growth slowdown, these stocks have vulnerability.” 
• China to Cut Trading Hours for Stock-Index Futures from January. China will cut the trading hours for stock-index futures contracts from January after a government campaign to prevent bearish wagers sparked a record collapse in volumes. Instead of starting from 9:15 a.m., trading in the morning will begin from 9:25 a.m., in line with the cash market, while the afternoon session will end at 3 p.m., 15 minutes earlier than the current time, the China Financial Futures Exchange said in statement on Friday. The change will affect futures contracts linked to the CSI 300 Index, CSI Smallcap 500 Index and the Shanghai Stock Exchange 50 A-Share Index. Volumes in the country’s CSI 300 and CSI 500 futures hovered near record lows last week after falling 99 percent from their June highs. Ranked by the World Federation of Exchanges as the most active market for index futures as recently as July, liquidity in China has dried up as authorities raised margin requirements, tightened position limits and started a police probe into bearish wagers.
• Citic Securities Unable to Reach Investment-Banking Heads. Citic Securities Co. said it has been unable to contact two executives, adding to deepening turmoil at a brokerage that is being investigated amid a government probe into China’s stock-market rout. Chen Jun and Yan Jianlin, both members of the brokerage’s eight-person executive committee, its highest decision-making body, can’t be reached, the Beijing-based firm said in an exchange filing on Sunday. Chen is head of Citic Securities’ investment-banking business, while Yan leads investment banking at its international unit. All operations are normal, it said. Some media reports had mentioned that Chen and Yan were “suspected of being requested to assist in an investigation,” Citic Securities said in its statement. The two were taken away by authorities and it’s uncertain whether they were being investigated or assisting in a probe, the Caixin magazine reported Dec. 4 on its website.
• Aussie Debt Swells Faster Than Global Demand Amid Resources Rout. However fast the biggest buyers of Australia’s sovereign bonds boost purchases, they aren’t keeping pace with debt issuance as a commodity collapse pulls down government revenue. Foreign holdings of outstanding Federal debt slid to 63.6 percent in the September quarter, the least since 2009, official data show. That’s even after investors added nearly A$12 billion ($8.8 billion), the most since 2013. The Australian Office of Financial Management will probably increase its A$78 billion borrowing plans for the 12 months ending June 30 after Treasurer Scott Morrison hands down a mid-year economic and fiscal outlook later this month, according to Royal Bank of Canada.
• Emerging Market Debt Sales Are Down 98 Percent. The commodity-price slump and the slowdown in China’s economy are crippling developing nations’ ability to borrow abroad, even as international debt sales from advanced nations remain at a five-year high. Issuance by emerging-market borrowers slumped to a net $1.5 billion in the third quarter, a drop of 98 percent from the second quarter, according to the Bank for International Settlements. That was the biggest downtrend since the 2008 financial crisis and helped to reduce global sales of securities by almost 80 percent, a BIS report said. 
• Turkey's Never Had It So Bad as Record Outflows Seen Persisting. Foreign investors look set to keep pulling their money out of Turkey after dumping a record amount of stocks and bonds this year. Investors from abroad withdrew $7.6 billion from assets in 2015, including $1.4 billion in outflows last month as the party that President Recep Tayyip Erdogan helped found swept back into power, initially triggering a rally in the nation’s assets. Declines resumed as the war in neighboring Syria and Russian sanctions threatened the country’s $720 billion economy.
• Won Declines Most in Three Weeks as Fed Bets Spur Korea Outflows. The won fell the most in three weeks as global funds sold South Korean stocks after a jobs report supported bets the U.S. will increase interest rates next week for the first time in almost a decade. Overseas investors sold more local shares than they bought for a fourth day after data on Friday showed American employers added more jobs in November than forecast in a Bloomberg survey. The Federal Reserve’s near-zero benchmark borrowing costs have supported demand for emerging-market assets, and futures contracts show a 74 percent probability of an increase at its Dec. 15-16 meeting. South Korea’s central bank will hold borrowing costs at a record low of 1.5 percent for a sixth month when it meets on Thursday, according to all economists surveyed by Bloomberg. The won weakened 0.8 percent, its biggest drop since Nov. 16, to 1,165.23 a dollar as of 10:20 a.m. in Seoul, data compiled by Bloomberg show. The currency fell 0.3 percent last week and has declined 5.6 percent this year. Global investors have pulled $2.2 billion from South Korean stocks this quarter, according to exchange data.
• Mideast Stocks Drop as OPEC Decision Signals No End to Oil Rout. Dubai stocks fell to a three-week low, leading declines in most Middle Eastern markets, after OPEC decided to forgo an output reduction that might have propped up oil prices and eased the pressure on the region’s export revenues. Abu Dhabi equities dropped the most in a week. Shares in the Middle East are catching up with Friday’s losses across emerging markets after the Organization of Petroleum Exporting Countries kept production at about 31.5 million barrels a day, amid a glut in global oil supply. “The market is going to continue to see some selling pressure this week” as OPEC’s decision will continue to damp sentiment, said Saleem Khokhar, who manages about $2.5 billion as head of equities at the asset management group of National Bank of Abu Dhabi PJSC, the U.A.E.’s biggest bank. “The banking sector has been pretty aggressively sold, so we do see some real value there, although take on board it’s going to be a soft economy next year.” The DFM General Index retreated 0.9 percent to 3,174.34, led by Dubai Islamic Bank, the second-largest weight on the gauge, which declined the most since August. The ADX General Index fell 0.9 percent. National Bank has fallen 37 percent this year, more than five times the drop in Abu Dhabi’s gauge. 
• Asian Stocks Rise After U.S. Jobs Report Buoys Economic Outlook. Asian stocks rose after a U.S. employment report boosted optimism in the world’s largest economy, with Japanese shares climbing as a weaker yen sent exporters higher. The MSCI Asia Pacific Index advanced 0.4 percent to 132.62 as of 9:00 a.m. in Tokyo.
• Opec unity shattered as Saudi-led policy leads to no limits. ‘Effectively, it’s ceilingless. Everyone does whatever they want’ — Iranian Minister. Opec abandoned all pretence this week of acting as a group. It’s now every member for itself. At a chaotic meeting Friday in Vienna that was expected to last four hours but expanded to nearly seven, the Organisation of Petroleum Exporting Countries tossed aside the idea of limiting production to control prices. Instead, it went all in for the one-year-old Saudi Arabia-led policy of pumping, pumping, pumping until rivals — external, such as Russia and US shale drillers, as well as internal — are squeezed out of market share. “Lots of people said that Opec was dead; Opec itself just confirmed it,” Jamie Webster, a Washington-based oil analyst for IHS Inc, said in Vienna.
• Iron Seen Below $40 as China's Reserves Rise to Seven-Month High. Iron ore will probably drop below $40 a metric ton this week after stockpiles at ports in China climbed to the highest in about seven months, according to Australia & New Zealand Banking Group Ltd. Port holdings, tracked as a gauge of demand in the largest consumer, jumped 2.1 percent to 89.50 million tons last week, according to Shanghai Steelhome Information Technology Co. Inventories have expanded in seven of the past eight weeks.

Wall Street Journal:

• Terrorist Threat Has ‘Evolved’ Into a New Phase, Obama Says. President asks Congress to vote on war resolution against Islamic State, ban people on no-fly list from buying guns. President Barack Obama, in a rare Oval Office address on Sunday, outlined his administration’s intensified efforts to combat “a new phase” of terrorist threats in the U.S., aiming to boost confidence in his national-security strategy after last week’s deadly attack in San Bernardino, Calif.
• The Stock Market Is Missing the Warning From Junk. Declines in high-yield bonds are worrying Wall Street, as such moves can presage economic downturns. Junk bonds are headed for their first annual loss since the credit crisis, reflecting concerns among investors that a six-year U.S. economic expansion and accompanying stock-market boom are on borrowed time.
• As Oil Keeps Falling, Nobody Is Blinking. Standoff between major energy producers that has created an oil glut is set to continue.
• A Liberal’s Truth-Telling on Terror. Hearing ISIS declared fascist was refreshing. Too bad the speaker wasn’t a Democrat. Last week a liberal politician named Hilary broke a taboo by calling Islamist terrorism by its proper name. Shocking things happened: Members of the politician’s political party broke with their leader’s policy. Legislators switched their votes to create a large majority supporting military attacks against Islamic State, or ISIS, in Syria. A conservative newspaper called the liberal politician statesmanlike enough to be head of the government.

Barron's:

• Had bullish commentary on (TLT), (CELG), (AA), (HMHC), (CVS), (EA), (FL), (GM), (MHK).
• Had bearish commentary on (KMI).

Fox News: 

• Obama acknowledges California attack was act of terrorism, confident US military will defeat extremists. President Obama on Sunday night acknowledged that the U.S. is "at war with terrorism" and sought to assure Americans that the growing global terror threat will be defeated, following a series of deadly terror attacks on American soil and around the world. "This was an act of terrorism designed to kill innocent people," Obama said in his first Oval Office address since 2010, showing the magnitude of the situation. "I am confident we will succeed in this mission because we are on the right side of history. He spoke four days after terrorists apparently associated with the Islamic State fatally shot 14 people and wounded dozens more in San Bernardino, Calif.,  and after last month’s Paris bombing attacks that killed 130.
• Clinton says term 'radical Islam' an injustice to vast majority of Muslims. Democratic presidential front-runner Hillary Clinton declined Sunday to say that a “radical” form of Islam is behind terror attacks connected to the Islamic State and other such attacks committed by fringe members of the Muslim religion.

CNBC:

• EM face 'taper tantrum' risks as US prepares to hike. Once the darling of investors, emerging markets have this year seen growth slip to lows not seen since the peak of the financial crisis and after much volatility across assets in the sector, they are not likely to return to favor any time soon.
• US economy recession odds '65 percent': Investor. (video)
• Oil keeps sliding, leaving Saudis' currency peg in balance. Plunging oil prices, turbulent domestic politics and a troubled domestic economy are all taking a toll on Saudi Arabia. Now add one more item to its list of potential woes: the link of the Saudi currency, the riyal, to the dollar.

Zero Hedge:

• ISIS Makes Major Move In Yemen, Assassinates Aden's Governor After Executing Two Dozen Houthis.
• Iraq May Seek "Direct Military Intervention From Russia" To Expel Turkish Troops.
• BIS Warns The Fed Rate Hike May Unleash The Biggest Dollar Margin Call In History. (graph)
• NYT Reports On The "Biggest Risk Facing China" As Beijing Launches "Unprecedented" Crackdown On Angry Workers.
• President Obama Explains Why Taking Away Americans' Guns Will Make Them All Safer - Live Feed. (video)
• "The Fed Doesn't Get It" A Rate-Hike Means People "Will Be Carried Out On Stretchers". (graph)
• Why To Fred Hickey These Are The "Last Gasps Of A Dying Bull Market (And Economy)".
• Central Banks Continue To Rule Equity And Commodity Markets.
• Why Some Are Questioning The Zuckerberg Charity Story.
• France's Far-Right Party Leads Regional Elections With Unprecedented 30%-Plus Of Votes.
• It Begins: Desperate Finland Set To Unleash Helicopter Money Drop To All Citizens.
• "Don't Believe The Hope" - When Forward Guidance Becomes Forward Mis-Direction.
• BIS Warns That "Uneasy Calm" In Markets May Be Shattered By Fed Hike Imperiling $3.3 Trillion In EM Debt. (graph)
• Turkey Detains Russian Ships In Black Sea, Blasts Moscow For Brandishing Rocket Launcher In Strait.

Business Insider:

• The last 2 times the manufacturing gap reached this point, something worrying happened.
• The situation in Greece is a lot worse than it looks.
• When manufacturing gets this bad it usually drags the rest of the economy down with it.
• China could be responsible for a slowdown in the US housing market.
• IT'S HAPPENING: We're seeing the first real-world effects of negative interest rates in Europe.
• Pakistani security is trying to thwart reporting on female San Bernardino shooting suspect.
• Government source says California suspects may have planned multiple attacks.
• The US Justice Department will open an investigation into Chicago police: source.
• Diverging central bank policies are creating some unintended consequences.
• Federal healthcare costs have surged to 17% of GDP.

The Daily Caller:

• NY Daily News Columnist Sees Social Media Backlash After Saying San Bernardino Victim Had It Coming. New York Daily News columnist Linda Stasi wants to make it clear: the terrorist attack that took 14 innocent lives in San Bernardino was awful. But she also wants to make it clear that there were really only 13 innocent lives lost and one NRA loving bigoted Jew was killed too. A backlash on Twitter ensued. “They were two hate-filled, bigoted municipal employees interacting in one department. Now 13 innocent people are dead in unspeakable carnage,” Stasi wrote. Which murder victim isn’t considered “innocent” by Stasi? Nicholas Thalasinos, the Messianic Jew Stasi labels as “a radical Born Again Christian/Messianic Jew” who “spent his free time writing frightening, NRA-loving, hate-filled screeds on Facebook” about Islam. “Thalasinos was an anti-government, anti-Islam, pro-NRA, rabidly anti-Planned Parenthood kinda guy, who posted that it would be “Freaking Awesome” if hateful Ann Coulter was named head of Homeland Security,” she continued.

Telegraph:

• Manufacturing to shrink as global factors squeeze industry. Research by EEF forecasts 0.1pc contraction in UK manufacturing as China's slowdown, weaker growth in Europe and oil price crash put sector under pressure. 

Night Trading

• Asian indices are +.25% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 130.75 +.25 basis point.

• Asia Pacific Sovereign CDS Index 68.50 -.75 basis point.
• Bloomberg Emerging Markets Currency Index 70.51 -.11%.  

• S&P 500 futures -.05%.

• NASDAQ 100 futures -.05%.

Morning Preview Links 

Earnings of Note

Company/Estimate 

• (MFRM)/.81
• (CASY)/1.51
• (CENT)/-.09
• (HRB)/-.48
• (PBY)/.06
• (UNFI)/.68  

Economic Releases
10:00 am EST

• The Labor Market Conditions Index for November is estimated at 1.6 versus 1.6 in October. 

3:00 pm EST

• Consumer Credit for October is estimated to fall to $19.0B versus $28.918B in September.
  

Upcoming Splits

• (BT) 2-for-1

Other Potential Market Movers

• The Fed's Bullard speaking, China Trade Balance report, Raymond James Tech/Communications conference, UBS Media/Communications conference and the (SLG) analyst day could also impact trading today.

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the week.

Weekly Outlook

Week Ahead by Bloomberg. 

Wall St. Week Ahead by Reuters.

Weekly Economic Calendar by Briefing.com.

BOTTOM LINE: I expect US stocks to finish the week mixed as commodity weakness, terrorism fears and rising European/Emerging Markets/US High-Yield debt angst offsets seasonal strength, short-covering and central bank hopes. My intermediate-term trading indicators are giving neutral signals and the Portfolio is 50% net long heading into the week.

Today's Headlines

Bloomberg: 

• Turkey, Russia Fallout Over Downed Warplane Deepens at Two Ports. Turkey released three of four Russian ships that it detained this month at a Black Sea port for maritime safety violations, according to data on the website of Port State Control for the Black Sea. The action at the port of Samsun came after Russia held five Turkish ships for port inspections at Novorossiysk, according to two port officials who requested anonymity because they weren’t authorized to speak to the media. All the vessels have been released by the Russians. Three of four Russian ships departed Samsun on Friday after making repairs to fire hoses, lifeguard boats or radios cited and violations by inspectors, the officials said. One remaining Russian ship may leave Monday.
• OPEC Offers No Hope for End to Oil Slump as Target Removed. (video) OPEC signaled no respite from the global oil glut that has driven prices to a six-year low. The Organization of Petroleum Exporting Countries will keep pumping about 31.5 million barrels a day, the group’s President Emmanuel Ibe Kachikwu said Friday after a meeting of ministers in Vienna. Members set aside their previous daily output target of 30 million barrels, a ceiling breached for 18 months. OPEC will wait until June to decide on a new limit, Secretary General Abdalla El-Badri said.  
• Bullard Says It’s Time for Fed to Begin Raising Rates. Federal Reserve Bank of St. Louis President James Bullard said the U.S. central bank’s policy setting is “extreme” and it’s time to start moving the benchmark lending rate and balance sheet “toward more normal levels.” “I continue to be an advocate for beginning policy normalization,” Bullard told a Philadelphia Fed conference Friday, according to his prepared remarks.
• Banks Said to Face SEC Probe Into Possible Credit Swap Collusion. U.S. regulators are examining whether banks colluded in setting prices in the derivatives market where investors speculate on credit risk, according to a person with knowledge of the matter. The U.S. Securities and Exchange Commission is probing whether firms acted in unison to distort prices in the $6 trillion market for credit-default swaps indexes, said the person, who asked not to be identified because the investigation is private. The regulator is trying to determine if dealers have misrepresented index prices, the person said. The credit-default swaps benchmarks allow investors to make bets on the likelihood of default by companies, countries or securities backed by mortgages.
• Icahn Buys Into Pep Boys(PBY), Seeks Retail Sale to His Auto Plus. Billionaire activist investor Carl Icahn disclosed a new 12.1 percent stake in The Pep Boys - Manny Moe & Jack and said the auto parts and maintenance chain’s retail business should be acquired by Auto Plus -- a competitor he controls. 
• Ford(F) Recalling Up to 452,000 Cars Because Fuel Tanks May Crack. Ford Motor Co. will recall as many as 451,865 cars, including 411,205 in the U.S., because their fuel tanks may crack and leak gasoline, potentially leading to fire.

 Wall Street Journal:

• Islamic State Says San Bernardino Attackers Were Supporters. Claim comes after FBI says it is probing shooting as a terrorist act. Supporters of Islamic State carried out the deadly attack in San Bernardino, Calif., that killed 14 people, the militant group said Saturday in an online news bulletin. In a broadcast on al-Bayan Radio, authenticated by SITE Intelligence Group, which monitors and tracks radical groups online, the group said it considered the two shooters “martyrs.” Islamic State tends to claim a wide range of attacks, though its involvement... 
• Draft of Climate-Change Accord Shows Major Policy Disputes Remain. Ministers arrive this weekend in Paris looking for compromises, as early draft of accord shows little progress in main disputes. 
• Fed Finds Fault With Its Own Stress Tests. Problems center on computer models that assess how banks would fare in a recession.
• Rising Drug Costs to Be in Focus at Congressional Hearing. Valeant(VRX), Turing Pharmaceuticals and other companies have been under fire over rising drug prices.
• The Terror This Time. The FBI confirms what President Obama refuses to admit. President Obama entered the White House believing that the “war on terror” was a misguided overreaction driven by political fear, and his government even stopped using the term. Seven years later Mr. Obama is presiding over a global jihadist revival that now threatens the American homeland more than at any time since the attacks of September 11, 2001.
• On the Front Line Against Islamic State. The Kurdish intelligence chief in Iraq says Islamic State can be beaten, but U.S. troops and more weapons will be necessary.

Fox News:

• Man arrested, heard shouting 'this is for Syria,' in stabbing attack in London tube station. A man was arrested Saturday after allegedly stabbing and seriously injuring one commuter and leaving two others with minor injuries while being heard shouting "this is for Syria" inside a London tube station, Sky News reports. Police later said the attack, which occurred in the Leytonstone tube station in East London, was being investigated as a "terrorist incident".
• Democrats' talk after deadly terror shootings echoes past, unfulfilled promises on gun violence. (video) “Voters and mothers are not going to tolerate this,” New York nurse and Democrat Carolyn McCarthy said in 1997 when she won a House seat on a single issue: gun violence. Colin Ferguson murdered McCarthy’s husband and six other people during a bloodbath on the Long Island Railroad in 1993. Ferguson also severely injured McCarthy’s son.
• Female San Bernardino shooter reportedly entered US on 'fiance' visa with inaccurate address. (video) The ISIS-inspired female terrorist in the recent mass killings in San Bernardino, Calif., reportedly entered the country on a so-called “fiancé visa” that listed a false or at least inaccurate foreign home address. The woman, Tashfeen Malik, listed an address in her home country of Pakistan. This summer, she received her Green Card, which allows immigrants to legally live and work in the United States, according to ABC News. The issue raises questions about the vetting process for immigrants amid growing concerns that Middle East terrorists could be slipping into the country.

CNBC:

• The party is over for oil by Daniel Yergin.

Zero Hedge:

• Man Yielding Machete In London Subway Slashes Man's Throat Screaming "This Is For Syria". (video)
• ISIS Calls Mass Shooters "Soldiers Of The Caliphate" As New Details Emerge About Wife.
• 'Bankrupt' Mortgage Lenders Unveil The Zero-Money-Down "Friends-And-Family" Mortgage.
• "Hollow Markets". (graph)
• Dozens Of Global Stock Markets Are Already Crashing: "Not Seen Numbers Like These Since 2008". (graph)
• JPMorgan Warns Of "Eye-Catching" 76% Probability Of Recession.
• Will 2017 Be The Year Of The EM Corporate Debt Crisis? (graph)
• Broken Commodities Continue To Crush Investors.
• 326,000 Native-Born Americans Lost Their Job In November: Why This Remains The Most Important Jobs Chart. (graph)
• These Ain't Your Grandfather's "Jobs" - Why Friday's Rip Should Be Sold. (graph)
• The "Real Stuff" Economy Is Falling Apart. (graph)
• The Beginning Of The End Of The Cult Of Draghi.
• Greece Loses Last Trace Of Sovereignty After EU Takes Control Of Greek Borders.
• First Picture Of Female Mass Shooter Released After Reporters Storm Suspects' Home On Live TV. (video)
• Robots Made Fast-Food Workers Obsolete: Now They Are Coming After These 791,200 Jobs.
• Correlation May Not Equal Causation, But This Divergence Looks Like Bad News. (graph)
• For Citi, This Is The "Greatest Event Risk" For Markets In 2016.
• Feds Illegally Maintain Registry Of Firearm Owners; Media Fails To Report It.
• Here Are The 5 Words That Sent The Market Soaring. (graph)
• Chipotle Chokes On E-Coli ,"Rescinds" Guidance, Expects Up To 11% Collapse In Q4 Sales. (graph)
• China "Terrifies" Investors With Crackdown: "If You Don't Do What They Ask, There Will Be Blood".
• Weekend Reading: Market Forecasting.
• "As If It Never Happened" - Stocks, Bonds, Gold Soar On Draghi "No Limits" Double-Speak. (video)

Business Insider:

• CNN law-enforcement experts shocked, horrified by reporters rummaging through shooting suspects' home.
• CLEVELAND FED: Raising the minimum wage is bad news for America's poorest.
• The ominous 'Skyscraper Indicator' has been triggered. (graph)
• 'The most miserable country in the world' is having an election this weekend, and it already looks like a disaster.
• Turkey is deploying troops near ISIS's most important city.
• Goldman thinks oil prices could fall another 50% as the market spends another year sorting itself out.
• Here's what we know about the San Bernardino shooting suspects.
• The 'Made in China' story is falling apart. (graph)

The Times:

• Isis invades Afghanistan. Islamic State fighters have captured swathes of eastern Afghanistan in a drive to establish a new province of the group’s self-styled caliphate on territory straddling the border with Pakistan. Up to 1,600 fighters pledging allegiance to Isis are ruling much of four districts south of Jalalabad with the same ruthlessness that characterises the group’s regime in Syria and Iraq: public beheadings, strict adherence to Koranic teachings foreign to Afghanistan, and extortion. Some of the worst atrocities have been filmed and posted online.

Financial Times: 

• Corporate debt downgrades hit $1tn worth of issues. More than $1tn in US corporate debt has been downgraded this year as defaults climb to post-crisis highs, underlining investor fears that the credit cycle has entered its final innings.

Telegraph:

• David Cameron may campaign for Brexit, allies say. The Prime Minister has made clear to his closest allies that he will lead the “Out” campaign if he considers the result of his renegotiation with Brussels to be unsuccessful. 
• Mario Draghi riles Germany with QE overkill. Markets threw a tantrum because they did not get instant gratification, but the ECB's radical stimulus is unprecedented.

G1:

• Brazil's Government Has Enough Votes to Stop Impeachment. Government has 50 votes in addition to 171 it needs in Lower House to stop impeachment process against president Dilma Rousseff, citing unidentified sources.