Today's Headlines

Bloomberg:      

• Europe’s Virus Surge Is Looking Less Deadly Than Initial Wave.
• Flood of IPOs to Test Resilience of China’s Sizzling Tech Board.
• Charting Global Economy: U.S. Recovery Picks Up, Europe’s Stalls.
• Global Deaths Reach 800,000 With U.S. Cases Steady: Virus Update.
• Corporate America Is Choking on Debt and Imperiling the Recovery.
• Dot-Com Survivors Give Their Verdict on the Current Tech Boom.  
• Permian Oil Drillers Bounce Back with Biggest Rig Hike This Year.
• Bears Are Going Extinct in Stock Market’s $13 Trillion Rebound.
• A Biden Win Over Trump Would Boost Asian Markets, Analysts Say.  
• Biden Would Shut Down the Country If Scientists Recommend It.  
• Yield Curve Research Pioneer Says He Spots Irrational Exuberance.  
• Goldman Says Almost a Quarter of Temporary Layoffs in U.S. to Be Permanent.  
• Double Hurricane Hit is Likely For U.S. Gulf Coast Next Week.

Wall Street Journal:

• Push to Defund the Police Faces Headwinds in Some Poor, Black Neighborhoods.
• Covid-19 Is Dividing the American Worker.
• Covid-19 Pay Cuts Coming to an End at Some Companies.
• Joe Biden’s Me-Too Covid Plan.
• Democrats Make This Nonnative Restless.
• Why Are There Still Not Enough Paper Towels?

CNBC:

• NYC may take a decade to recover from coronavirus, says developer Don Peebles.
• Struggling retailers rush to file for bankruptcy as fears of a second wave of coronavirus linger.
• China’s Achilles heel: What Japan’s 1980s boom and bust can tell us about the Chinese economy.
• The S&P 500′s return to a record doesn’t tell the full story with 60% of stocks still with losses.
• TikTok to challenge U.S. order banning transactions with the video app, sources say.

IG:

• Weekend Markets Trading Live.

Barron's:

• Had bullish commentary on (TGT), (WH), (WMT), (TJX), (SYNA) and (NKE).

MarketWatch.com:

• Microsoft is signing deals similar to JEDI with foreign governments: report.  
• Corporate borrowing in 2020 to smash prior records, Goldman says.

Fox News:

• Trump, in Fox interview, blasts Biden for not mentioning rising violence in cities in DNC speech.
  

Zero Hedge:    

• Virginia Plans Mandatory COVID-19 Vaccinations For All Residents.
• 'As Easy As Going To Starbucks' - Dr. Birx Says In-Person Voting Safe In November.
• UK Officials Exposed For Inflating COVID Hospital Numbers At Height Of "Pandemic".  
• Arrest Made In Viral Hate Crime Against 7-Year-Old With MAGA Hat.
• "What Have Democrats Done To Solve ANYTHING?": Rose McGowan Goes Ballistic Over 'Rapist' Biden, 'Vacuous' Liberal Elites.
• House Passes $25 Billion Post Office Bailout As Trump Rages On Twitter.  
• New York Landlords Beg Businesses: "Return To Work And Save The City's Economy!".
• South Korea Indefinitely Closes All Nightlife As Global COVID-19 Cases Top 23 Million: Live Updates.
• Financials Can't Catch A Break, And What It Means For The Market.
• Putin Critic Navalny "Stable" After Transfer Arrival In Berlin.
  
• Wells Fargo Preparing To Potentially Cut Tens Of Thousands Of Jobs.
• What Americans Are (And Aren't ) Spending On During The Pandemic.
• Not Again!? Joe Biden Accused Of Plagiarizing Canadian Politician In DNC Speech.
• Slammed NYC Movers Turning Away Business As Residents Flee City.
• 'These' Are The Real Huge Jobs Numbers, And They Will Make Your Blood Run Cold.
• China Says The World Has "Sour Grapes" About Massive Wuhan Water Park Concert.
• This Is What A Nation Cut Off From The Rest Of The World Looks Like.
• Hillary Clinton Gave Ghislaine Maxwell's Nephew "Very Powerful" Position At State Department: Report.
• "It's Just Absolutely Incredible": What's Going On In The Corporate Bond Market Is Stunning.
• "These Are Staggering Numbers": Spending By Unemployed Americans Plunges As Fiscal Stimulus Ends.
  
• Trump Team Assures Big Tech Lobbyists That WeChat Ban Won't Impact China Business.
• "Wake Up Motherf**ker, Wake Up!" BLM Idles Through Portland Neighborhood With Bullhorn.
• Watch: Biden Supporters Steal 7-Year-Old Boy's MAGA Hat, Attack His Mother.
• Suspect In Brutal Portland Head-Kicking Turns Himself In After Manhunt.
• Value-Rotation 'Cancelled' - Small Caps Slammed As Mega-Tech Meltup Accelerates.

The Epoch Times:

• Chinese State Media Backs Biden Presidency, Says He Would Be ‘Smoother’ to Deal With Than Trump.
• Canada Should Be Proactive in Uniting With Allies Against Beijing, Says MP.
  

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).

Weekly Scoreboard*

S&P 500 3,395.41 +.58%

 

The Weekly Wrap by Briefing.com.

 

 Indices

• DJIA 27,925.28 -.13%

• NASDAQ 11,308.19 +2.51%

• Russell 2000 1,551.60 -1.76%

• S&P 500 High Beta 42.20 -4.4%

• Goldman 50 Most Shorted 161.80 -.17%

• Wilshire 5000 34,613.38 +.54%

• Russell 1000 Growth 2,194.69 +2.83%

• Russell 1000 Value 1,177.48 -1.54%

• S&P 500 Consumer Staples 658.73 +.16%

• MSCI Cyclicals-Defensives Spread 1,275.79 +1.94%
  

• NYSE Technology 3,058.87 +5.2%

• Transports 10,945.27 -.08%

• Utilities 810.22 -1.95%

• Bloomberg European Bank/Financial Services 50.17 -3.78%

• MSCI Emerging Markets 44.10 -.11%

• HFRX Equity Hedge 1,225.53 +.41%

• HFRX Equity Market Neutral 897.14 -.28%

Sentiment/Internals

• NYSE Cumulative A/D Line 419,057 -.5%

• Bloomberg New Highs-Lows Index 253 -133

• Crude Oil Commercial Bullish % Net Position -46.03 +3.16%

• CFTC Oil Net Speculative Position 520,935 -2.86%

• CFTC Oil Total Open Interest 2,060,880 +1.38%

• Total Put/Call .69 -9.2%

• OEX Put/Call 1.75 +3.76%

• ISE Sentiment 106.0 +8.0 points

• NYSE Arms .87 +14.3%

• Volatility(VIX) 22.45 +1.86%

• S&P 500 Implied Correlation 42.50 -7.44%

• G7 Currency Volatility (VXY) 8.34 +2.8%
  

• Emerging Markets Currency Volatility (EM-VXY) 11.28 +1.07%

• Smart Money Flow Index 15,542.21 -.08%

• ICI Money Mkt Mutual Fund Assets $4.544Trillion -.23%

• ICI Domestic Equity Mutual Fund/ETFs Weekly Flows -$5.498 Million

• AAII % Bulls 30.4 +1.2%

• AAII % Bears 42.4 +.7%

Futures Spot Prices

• CRB Index 149.39 +.37%

• Crude Oil 41.99 -.5%

• Reformulated Gasoline 127.45 +2.20%

• Natural Gas 2.41 +.47%

• Heating Oil 120.32 -2.48%

• Gold 1,938.30 -.11%

• Bloomberg Base Metals Index 182.16 +1.6%

• Copper 291.80 +2.22%

• US No. 1 Heavy Melt Scrap Steel 286.0 USD/Metric Tonne unch.

• China Iron Ore Spot 121.92 USD/Metric Tonne +4.28%

• Lumber 830.90 +13.1%

• UBS-Bloomberg Agriculture 836.11 +.56%

Economy

• Atlanta Fed GDPNow Forecast +25.6% +5.1 percentage points

• ECRI Weekly Leading Economic Index Growth Rate -2.7% +1.4 percentage points
  
• Bloomberg US Recession Probability Next 12 Months 100.0% unch.

• NY Fed Real-Time Weekly Economic Index -5.73 +5.6%

• US Economic Policy Uncertainty Index 201.80 -38.7%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 151.81 +.7%

• Citi US Economic Surprise Index 254.60 +1.3 points

• Citi Eurozone Economic Surprise Index 132.5 -70.9 points

• Citi Emerging Markets Economic Surprise Index 26.1 +9.0 points

• Fed Fund Futures imply 100.0% chance of no change, 0.0% chance of rate hike on 9/16

• US Dollar Index 93.35 +.24%

• MSCI Emerging Markets Currency Index 1,610.52 -.13%

• Bitcoin/USD 11,721.13 -.4%

• Euro/Yen Carry Return Index 129.26 -1.13%

• Yield Curve 49.5 -5.5 basis points
  

• 10-Year US Treasury Yield .64% -5.0 basis points

• Federal Reserve's Balance Sheet $6.971 Trillion +.77%

• U.S. Sovereign Debt Credit Default Swap 18.15 unch.

• Illinois Municipal Debt Credit Default Swap 300.12 +2.5%
  

• Italian/German 10Y Yld Spread 1420 +.5 basis point
  

• China Sovereign Debt Credit Default Swap 38.6 -3.8%
  

• Brazil Sovereign Debt Credit Default Swap 225.22 -1.0%
  

• Israel Sovereign Debt Credit Default Swap 55.58 -.44%

• South Korea Sovereign Debt Credit Default Swap 21.66 -2.87%

• Russia Sovereign Debt Credit Default Swap 105.91 +14.5%

• iBoxx Offshore RMB China Corporate High Yield Index 177.20 -.02%

• 10-Year TIPS Spread 1.64% -1.0 basis point

• TED Spread 16.5 -2.25 basis points

• 2-Year Swap Spread 8.0 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.0 -1.25 basis points

• N. America Investment Grade Credit Default Swap Index 67.81 -.18%
  

• America Energy Sector High-Yield Credit Default Swap Index 448.0 +3.1%

• European Financial Sector Credit Default Swap Index 63.92 -.59%
  

• Emerging Markets Credit Default Swap Index 183.09 -3.57%
  

• MBS 5/10 Treasury Spread 90.25 +3.5 basis points
• Markit CMBX BBB-6 68.16 -.86%

• M1 Money Supply $5.413 Trillion -1.37%

• Commercial Paper Outstanding 1,006.7 -.3%

• 4-Week Moving Average of Jobless Claims 1,175,750 -6.3%

• Continuing Claims Unemployment Rate 10.2% -40.0 basis points
  

• Average 30-Year Mortgage Rate 2.99% +3.0 basis points

• Weekly Mortgage Applications 824.50 -3.32%

• Bloomberg Consumer Comfort 43.5 -.2 point

• Weekly Retail Sales -3.1% +30.0 basis points

• Nationwide Gas $2.19/gallon +.01/gallon

• Baltic Dry Index 1,518.0 -4.8%

• China (Export) Containerized Freight Index 885.46 +.56%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 20.0 -11.11%
• Truckstop.com Market Demand Index 80.95 +1.1%

• Rail Freight Carloads 278,210 +.42%

Best Performing Style

• Large-Cap Growth +3.0%

Worst Performing Style

• Small-Cap Value -3.7%

Leading Sectors

• Homebuilding +4.0%

• Internet +3.7%

• Video Gaming +3.5%

• Software +3.2%

• Alt Energy +1.4%

Lagging Sectors

• Banks -5.7% 

• Energy -6.1%

• Education -6.5%

• Oil Service -8.7%

• Coal -8.9%

Weekly High-Volume Stock Gainers (11)

• CYRX, RKT, SHLL, DE, NVDA, SHAK, AAPL, TSLA, RYN, TDOC and ARCT
  

Weekly High-Volume Stock Losers (9)

• AJG, SCHN, INVA, SUPN, NWS, RVLV, KEYS, NLS and XPEL
  

Weekly Charts

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Slightly Higher into Afternoon on Global Stimulus Hopes, Vaccine Optimism, Technical Buying, Tech/Homebuilding Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 22.60 -.53%

• Euro/Yen Carry Return Index 129.27 -.60%

• Emerging Markets Currency Volatility(VXY) 11.28 -.18%

• S&P 500 Implied Correlation 42. -4.42%

• ISE Sentiment Index 111.0 +22.0 points

• Total Put/Call .69 -6.8%

• NYSE Arms .84 -33.3%

Credit Investor Angst:

• North American Investment Grade CDS Index 67.80 +.49%
  

• US Energy High-Yield OAS 782.30 +.40%

• European Financial Sector CDS Index 63.66 -3.3%

• Italian/German 10Y Yld Spread 142.0 +1.75 basis points
  

• Asia Ex-Japan Investment Grade CDS Index  64.68 -.68%
  

• Emerging Market CDS Index 183.03 -1.4%
  

• iBoxx Offshore RMB China Corporate High Yield Index 177.20 -.02%

• 2-Year Swap Spread 8.0 +.25 basis point

• TED Spread 16.5 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -1.0 -1.75 basis points
  
• MBS  5/10 Treasury Spread  88.75 +.25 basis point
  
• IHS Markit CMBX BBB- 6 68.25 -.5 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 60.02 -.44%
• 3-Month T-Bill Yield .9% unch.

• Yield Curve 49.25 -1.5 basis points
  

• China Iron Ore Spot 121.92 USD/Metric Tonne -2.3%

• Citi US Economic Surprise Index 254.6 +5.0 points

• Citi Eurozone Economic Surprise Index 132.50 -49.7 points

• Citi Emerging Markets Economic Surprise Index 26.1 +2.7 points

• 10-Year TIPS Spread 1.64 +1.0 basis point
• 100.0% chance of no change at Nov. 5th meeting, 100.0% chance of no change at Dec. 16th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -90 open in Japan 
• China A50 Futures: Indicating -48 open in China

• DAX Futures: Indicating -17 open in Germany

Portfolio:

• Slightly Lower: On losses in my biotech sector longs and emerging market shorts
  

• Disclosed Trades: Covered some of my emerging market shorts 

• Market Exposure: Moved to 75% Net Long

Bear Radar

Style Underperformer:

• Small-Cap Value -.9%

Sector Underperformers:

• 1) Oil Service -3.0% 2) Gold & Silver -2.6% 3) Steel -2.2%

Stocks Falling on Unusual Volume: 

• AJG, MMC, RVLV, SCHN, CUTR, SUPN, NWS, DPHC, FLGT, PLUG, KEYS, CELH, TCDA, OTRK, NLS, XPEL and GRWG
  

Stocks With Unusual Put Option Activity:

• 1) DVN 2) IVR 3) DHI 4) KEYS 5) FL
  

Stocks With Most Negative News Mentions:

• 1) BLNK 2) CATO 3) VIPS 4) MMC  5) IP
  

Charts:

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