Today's Headlines

Bloomberg:          

• China Reveals Punishment for Firms on Unreliable Entity List.  
• Iran Warns U.S. Against War Before UN Sanctions Showdown.
• TikTok App Store Ban Delayed After Trump Approves Oracle Deal.
• Canada’s Most Populous Province Extends Caps on Gatherings.
• U.S. Adds Almost 50,000 Cases; U.K. Is on Edge: Virus Update.
• Rates Market Sleepwalks Back Toward Historically Low Yields.
• Amy Coney Barrett Emerges as Front-Runner for Trump Court Pick.
• Ginsburg Death Reshapes Presidential Campaign in Final Weeks.  
• IPO Frenzy This Week Nets Billions for Venture Capital Backers.  
• Covid Grows Less Deadly as Doctors Gain Practice, Drugs Improve.
• Goldman Says Options Market Pushing Election Risk to December.
• Charting the Global Economy: Fed Signals Rates on Hold for Years.  
• Schumer Says All Options Open on Court If Democrats Win Senate.  
• Biden Has No Plans to Match Trump’s Release of Court Picks.

Wall Street Journal:

• Companies’ New Back-to-Work Dilemma: Who Returns First?
• The ‘Systemic Racism’ Dodge.
• The Ginsburg Vacancy.
• The Russia Farce Continues.
• Huang’s Law Is the New Moore’s Law, and Explains Why Nvidia Wants Arm.
• Death Toll From Pandemic Extends Far Beyond Virus Victims.
• BlackRock ETF Business Wins Big After Fed Taps It for Help.
• Trump Says Supreme Court Nominee Will Be a Woman.

CNBC:

• CDC reverses controversial coronavirus guidance that said people without symptoms may not need a test.
• Apple has quietly dropped 22% from its peak, giving up $500 billion in market cap.
• Trump agrees to deal in which TikTok will partner with Oracle and Walmart.
• Chime is now worth $14.5 billion, surging past Robinhood as the most valuable U.S. consumer fintech.

IG:

• Weekend Markets Trading Live.

Barron's:

• Had bullish commentary on (MA), (PYPL), (FIS), (GPN), (ACI) and (V).

MarketWatch.com: 

• Fed’s Kashkari decries ‘absurd’ U.S. financial system that needs bailout every 10 years.
• Fed to add pandemic-recession scenarios to next round of big banks’ stress tests.  
• Goldman warns U.S. election will trigger ‘extended period of high volatility’: FN.

Fox News:

• Trump urges GOP to honor 'obligation' to immediately fill Supreme Court vacancy.
• List of potential Supreme Court nominees that former VP may consider.
• Ted Cruz urges Senate to fill seat, warns of 'constitutional crisis' on Election Day.
• Michael Moore warns Biden about campaign in Michigan.
• Trump calls mail-in voting a 'scam,' says Dems setting up chaos.
  

Zero Hedge: 

• Mostly Non-Peaceful? Princeton Study Finds BLM Responsible For 91% Of Riots Over Last 3 Months.
• Picking RBG's Successor: The Who, The When, & The Hypocrisy.
• Trump Has "Given His Blessing" To TikTok-Oracle Deal As ByteDance Begs US Court To Intervene.
• Nuclear Scenario For Markets Emerges In 'Jaw-Dropping' SCOTUS/Election Plot-Twist.
• ActBlue Raises Record $50 Million Following Ginsburg Death.
• France Suffers Another Daily COVID-19 Record As New York Reports Most Cases Since Early June: Live Updates.
• Amazon Keeps Spreading Across America, Plans 1000 Warehouses In Suburban Neighborhoods.
• Governments Will Impose New Lockdowns If They Think They Can Get Away With It.  
• "I'm Speechless": Police Chase Down Tesla On Autopilot Doing 90 MPH With Driver And Passenger Asleep.
• From Brilliant To Brain-Dead: The Risk Of Timing Manic Markets.
• AOC: Democrats Should 'Radicalize And Fight' Following Ginsburg's Death.
• Tug Of War Across Markets Hides "Trade Of A Lifetime".
• Secret Service Intercepts 'Highly Toxic' Poison Ricin Mailed To White House.
• "This Resets The Race" - SCOTUS Opening Creates Opportunity For Trump To 'Change The Subject' Before Nov. 3.
• "Trying To Break Us Down": Mass Protests Hit Israel As 2nd Nationwide Lockdown Takes Effect.
• China Is Killing The Dollar.
• Dershowitz: Why I Am Suing CNN.
• The New Normal In 'Virtual Classrooms': Porn, Guns, & Racism?
• Chicago Logs Whopping 52% Jump In Homicides From 2019: 'Five Times Any Prior Year'.
• "Absolutely Terrified" Democrats Demand Emergency Investigation Into Durham Probe.
• Justice Ruth Bader Ginsburg Dead At 87.
• When Government Incompetence And Overreach Turns Deadly.
• California Crackdown On Benefits Fraud Sparks 72% Plunge In Pandemic Jobless Claims.
• Schumer, Warren Introduce Resolution To Cancel $50,000 In Student Loans To "Close Racial Wealth Gaps".
• A Textbook Case Of Treason.
• France Suffers Most COVID-19 Deaths Since Spring; Finance Minister Tests Positive: Live Updates.
• "We Don't Have The $$$" - Yellow Cabs Block NYC Bridges As Taxi-Debt Crisis Erupts.
• First CMBS Mega-Casualty On Deck: $700MM Starwood Portfolio On Verge Of Default.
• Stocks Suffer Longest-Losing Streak In Over A Year As Dollar Dump Continues.

Business Insider:

• 11 things you can do to stop being manipulated by your phone, according to the tech experts on Netflix's 'The Social Dilemma'.
  

The Epoch Times:

• Timeline: China’s Handling of the Pandemic and Canada’s Stance.
• China Flies 18 Warplanes Near Taiwan During US Envoy’s Visit.
• DOJ Urged to Investigate US Environmental NGOs for Foreign Influence.
  

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 3,312.92 -.96%

 




















 

 

 

The Weekly Wrap by Briefing.com.  

Indices

• DJIA 27,630.08 -.24%

• NASDAQ 10,746.90 -1.11%

• Russell 2000 1,531.08 +2.1%

• S&P 500 High Beta 43.60 +1.76%

• Goldman 50 Most Shorted 174.02 +3.3%

• Wilshire 5000 33,813.67 -.41%

• Russell 1000 Growth 2,097.17 -1.47%

• Russell 1000 Value 1,180.84 +.36%

• S&P 500 Consumer Staples 649.17 -2.0%

• MSCI Cyclicals-Defensives Spread 1,302.96 -.36%
  

• NYSE Technology 2,998.36 +.78%

• Transports 11,437.30 +1.4%

• Utilities 798.12 -.26%

• Bloomberg European Bank/Financial Services 47.8 -3.7%

• MSCI Emerging Markets 44.63 +1.43%

• HFRX Equity Hedge 1,231.18 +.53%

• HFRX Equity Market Neutral 900.46 +.36%

Sentiment/Internals

• NYSE Cumulative A/D Line 419,668 -.62%

• Bloomberg New Highs-Lows Index 125 +2

• Crude Oil Commercial Bullish % Net Position -42.99 +5.43%

• CFTC Oil Net Speculative Position 449,366 -8.5%

• CFTC Oil Total Open Interest 2,046,660 -.85%

• Total Put/Call .94 -5.0%

• OEX Put/Call 1.67 +2.4%

• ISE Sentiment 112.0 +12.0 points

• NYSE Arms 1.27 +90.4% 
• Bloomberg Global Risk-On/Risk-Off Index 179.0 +97.0 points
  

• Volatility(VIX) 27.4 +.97%

• S&P 500 Implied Correlation 56.37 +4.45%

• G7 Currency Volatility (VXY) 8.71 -1.58%
  

• Emerging Markets Currency Volatility (EM-VXY) 11.19 -.89%

• Smart Money Flow Index 14,735.14 -1.5%

• ICI Money Mkt Mutual Fund Assets $4.416 Trillion -1.2%

• ICI Domestic Equity Mutual Fund/ETFs Weekly Flows -$8.764 Million

• AAII % Bulls 32.0 +35.1%

• AAII % Bears 40.4 -16.6%

Futures Spot Prices

• CRB Index 151.26 +3.3%

• Crude Oil 40.88 +9.3%

• Reformulated Gasoline 122.91 +11.6%

• Natural Gas 2.05 -9.6%

• Heating Oil 115.57 +5.95%

• Gold 1,952.40 +.66%

• Bloomberg Base Metals Index 187.45 +.93%

• Copper 310.35 +2.0%

• US No. 1 Heavy Melt Scrap Steel 296.0 USD/Metric Tonne -2.6%

• China Iron Ore Spot 120.63 USD/Metric Tonne -3.96%

• Lumber 578.60 -9.65%

• UBS-Bloomberg Agriculture 896.31 +3.3%

Economy

• Atlanta Fed GDPNow Forecast +32.0% +1.2 percentage points

• ECRI Weekly Leading Economic Index Growth Rate 2.3% +.7 percentage point
  
• Bloomberg US Recession Probability Next 12 Months 100.0% unch.

• NY Fed Real-Time Weekly Economic Index -5.11 -.79%

• US Economic Policy Uncertainty Index 254.37 +10.6%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 155.36 +.6%

• Citi US Economic Surprise Index 172.5 -15.5 points

• Citi Eurozone Economic Surprise Index 69.7 -20.7 points

• Citi Emerging Markets Economic Surprise Index 50.3 +7.3 points

• Fed Fund Futures imply 100.0% chance of no change, 0.0% chance of rate hike on 11/5

• US Dollar Index 92.84 -.47%

• MSCI Emerging Markets Currency Index 1,646.0 +.82%

• Bitcoin/USD 10,851.35 +5.3%

• Euro/Yen Carry Return Index 128.32 -1.51%

• Yield Curve 54.5 +.75 basis point
  

• 10-Year US Treasury Yield .69% +2.0 basis points

• Federal Reserve's Balance Sheet $7.025 Trillion +.77%

• U.S. Sovereign Debt Credit Default Swap 17.97 -.96%

• Illinois Municipal Debt Credit Default Swap 306.78 +1.95%
  

• Italian/German 10Y Yld Spread 144.0 -3.5 basis points
  

• China Sovereign Debt Credit Default Swap 36.5 -.09%
  

• Brazil Sovereign Debt Credit Default Swap 203.68 -.29%
  

• Israel Sovereign Debt Credit Default Swap 53.20 -3.2%

• South Korea Sovereign Debt Credit Default Swap 22.46 -3.7%

• Russia Sovereign Debt Credit Default Swap 103.54 +.39%

• iBoxx Offshore RMB China Corporate High Yield Index 178.11 +.13%

• 10-Year TIPS Spread 1.67% unch.

• TED Spread 14.5 +.5 basis point

• 2-Year Swap Spread 8.25 unch.
  

• 3-Month EUR/USD Cross-Currency Basis Swap -2.75 +2.75 basis points

• N. America Investment Grade Credit Default Swap Index 70.79 +1.75%
  

• America Energy Sector High-Yield Credit Default Swap Index 479.0 +3.88%

• European Financial Sector Credit Default Swap Index 61.67 -5.1%
  

• Emerging Markets Credit Default Swap Index 174.21 +1.40%
  

• MBS 5/10 Treasury Spread 95.5 +5.75 basis points
• Markit CMBX BBB-6 67.0 +.18%

• M1 Money Supply $5.403 Trillion -.21%

• Commercial Paper Outstanding 983.50 -2.6%

• 4-Week Moving Average of Jobless Claims 912,000 -6.3%

• Continuing Claims Unemployment Rate 8.6% -60.0 basis points
  

• Average 30-Year Mortgage Rate 2.87% +1.0 basis point

• Weekly Mortgage Applications 757.20 -2.51%

• Bloomberg Consumer Comfort 47.7 -.1 point

• Weekly Retail Sales -.6% -50.0 basis points

• Nationwide Gas $2.18/gallon -.02/gallon

• Baltic Dry Index 1,294.0 +2.1%

• China (Export) Containerized Freight Index 985.44 +3.79%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 20.0 unch.
• Truckstop.com Market Demand Index 96.42 -5.68%

• Rail Freight Carloads 260,643 -9.29%

Best Performing Style

• Small-Cap Growth +2.6%

Worst Performing Style

• Large-Cap Growth -1.3%

Leading Sectors

• Steel +8.4%

• Paper +8.0%

• Alt Energy +6.5%

• Biotech +5.0%

• Oil Service +3.7%

Lagging Sectors

• Telecom -1.5% 

• Internet -2.5%

• Education -2.7%

• Tobacco -3.2%

• Gaming -4.5%

Weekly High-Volume Stock Gainers (22)

• BE, STRO, INO, ARCH, BBIO, KODK, LOB, MAXR, W, PSNL, PRTS, DPHC, AXNX, SWTX, MYOK, OSUR, BEAT, COOP, DKNG, BG, TPTX, FREQ, RVMD and CASH
  

Weekly High-Volume Stock Losers (31)

• KHC, VAC, DEI, BKNG, ISRG, DOC, MTOR, PRLB, AAPL, RVLV, FSLR, CONE, LGIH, ADBE, JBHT, DTE, ODFL, WIFI, KTB, VRM, SMTC, PINC, YELP, LRN, CHWY, CNMD, FRTA, CCL, CMD, RDFN and CUK
  

Weekly Charts

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

 

Stocks Falling Substantially into Afternoon on Biden Tax Hike Proposals, China Tensions, Diminished US Stimulus Hopes, Tech/Energy Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 27.6 +4.4%
• Bloomberg Global Risk On/Risk Off Index 156.0 -78.0 points

• Euro/Yen Carry Return Index 128.33 -.18%

• Emerging Markets Currency Volatility(VXY) 11.18 unch.

• S&P 500 Implied Correlation 56.3 +8.3%

• ISE Sentiment Index 110.0 +1.0 points

• Total Put/Call .91 -5.2%

• NYSE Arms 1.44 +73.5%

Credit Investor Angst:

• North American Investment Grade CDS Index 70.95 +2.0%
  

• US Energy High-Yield OAS 807.66 -.28%

• European Financial Sector CDS Index 61.59 -1.67%

• Italian/German 10Y Yld Spread 144.5 -1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index  57.59 -.53%
  

• Emerging Market CDS Index 174.30 +3.18%
  

• iBoxx Offshore RMB China Corporate High Yield Index 178.11 +.02%

• 2-Year Swap Spread 8.25 unch.

• TED Spread 14.5 -2.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -3.0 +.75 basis point
  
• MBS  5/10 Treasury Spread  95.25 +1.25 basis points
  
• IHS Markit CMBX BBB- 6 67.0 +.5 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 60.65 -.27%
• 3-Month T-Bill Yield .09% unch.

• Yield Curve 54.5 +.5 basis point
  

• China Iron Ore Spot 120.63 USD/Metric Tonne -.31%

• Citi US Economic Surprise Index 172.5 +2.4 points

• Citi Eurozone Economic Surprise Index 69.70 -5.5 points

• Citi Emerging Markets Economic Surprise Index 50.3 -.3 point

• 10-Year TIPS Spread 1.68 unch.
• 100.0% chance of no change at Dec. 16th meeting, 100.0% chance of no change at Jan. 27th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -230 open in Japan 
• China A50 Futures: Indicating -101 open in China

• DAX Futures: Indicating -41 open in Germany

Portfolio:

• Slightly Higher: On gains in my index hedges and emerging market shorts
  

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 25% Net Long

Bull Radar

Style Outperformer:

• Small-Cap Growth +.1%

Sector Outperformers:

• 1) Steel +2.0% 2) Alt Energy +1.9% 3) Agriculture +.8%

Stocks Rising on Unusual Volume:

• BE, PLAY, NKTX, STRO, ARCH, LOB, BBIO, PRTS, DPHC, OSUR, MAXR and CRY
  

Stocks With Unusual Call Option Activity:

• 1) BGFV 2) SAVA 3) STWD 4) STWD 5) WRK

Stocks With Most Positive News Mentions:

• 1) PLAY 2) SPWR 3) GNBT 4) LLY 5) IIVI

Charts:

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