Evening Headlines

Bloomberg:              

• Traders Hold Breath as China Markets to Reopen After Holiday.
• Brazil’s Meatpackers Curb Output as China Beef Ban Lingers.
• SEC Chief to Wall Street: The Everything Crackdown Is Coming.
• Vaccine Mandates Hit Amid Historic Health-Care Staff Shortage.  
• Stablecoins Added to Agenda of U.S. Financial Stability Watchdog .
• Colorado Covid Hospitalizations Rising Even With High Jab Rate.   
• Robinhood Sees Crypto, Order Flow Payment Risks in Filing Update.  
• More Stocks Are Moving in Tandem. That's a Troubling Sign for Bulls.  
• PG&E Warns of Possible Blackouts on Monday Due to Fire Risk.  
• Cosmetic-Services Firm Ideal Image Said Preparing for IPO.

Wall Street Journal:  

• Labor Shortage Holds Back Hiring.
  
• The Global Tax Damage.
  
• Where Did All the Workers Go?
• Crews Are Abandoned on Ships in Record Numbers Without Pay, Food or a Way Home.
• Global Supply-Chain Woes Escalate, Threatening Recovery.
• Allstate Wants to Track Your Driving to Set Rates.
• How Evergrande Grew, Despite Years of Red Flags.
• Biggest Teachers Union Urges TikTok, Facebook, Others to Stop Spread of Viral Challenges.
• Brazil Comes Out of Pandemic and Hits the Next Hardship—Inflation.

IG:

• Weekend Markets Trading Live.

CNBC:

• Apple files appeal in Epic Games case, potentially delaying App Store changes for years.
• World leaders reach landmark deal on a global corporate tax rate.
• Charts suggest stock market should move higher in late October. 
• Here’s where the jobs are — in one chart.

MarketWatch.com:              

• Cable’s broadband party could be ending, in a negative signal for Charter and Comcast.

Fox News:   

• White House backtracks after Biden raises eyebrows for comment about Dem opposing socialist spending.
• Massive state opens door to CRT mandates as gov signs controversial bill.
• Press secretary blames Biden's plunging poll numbers on familiar punching bag.

Newsmax:    

• Rep. Mast: Biden's Afghan Exit Wasted 20 Years of 'Blood, Sweat, Tears'.

Zero Hedge:   

• Taibbi: The Cult Of The Vaccine.
• The Assault On Merit Continues: MIT Cancels University Of Chicago Professor.
• Florida State Board Sanctions Eight School Districts For Defying Ban On Mask Mandates.
• US Fossil-Fuel-Rich States Attracting Bitcoin Miners With Flared Gas Amid China Crackdown.
• Biden Mulls New Regulations On Crypto Via Executive Order; May Hire 'Crypto Czar'.
• China Threatens "Cataclysmic Upheaval" In Relations After Former Aussie PM Gives Fiery Speech In Taiwan.
• China's Largest Bank Restricts Forex And Commodity Trading For Retail Investors.
• Texas School Shooting Suspect Freed On Bail.
• Amazon Developing 'Smart Fridge' To Monitor What You Eat.
• The Transition From QE Winners To QE Losers Has Begun: BofA's Primer On How To Trade The Taper, China And Stagflation.
• Debt-Limit-Delay Gains Purged On Punk Payrolls; Crypto & Crude Surge.

TheGatewayPundit.com:

• Manchin Buries His Head in His Hands, Tells Schumer His Unhinged Senate Speech Attacking Republicans Was “F*cking Stupid”.
• Democrat Party Files Lawsuit to Ensure They Can Steal All Future Pennsylvania Elections through Mail-in Voting.
• “I’m Willing to Lose Everything…Even My Life” – Anesthesiologist Escorted Out of UCLA Medical Plaza for Refusing to Get Covid Vaccine (VIDEO).
• Liberal Analyst Warns Democrats in Deep Trouble for Next Decade — And Explains Why They Lied about the “Peaceful Protesters” Burning and Pillaging America’s Cities.
• Fairfax County, Virginia Public Schools Have Also Signed on to a Million Dollar CRT ‘Education’ Package with AG Garland’s Son-In-Law’s Company Panorama.
• Chris Rufo Unleashed: “They’ve Now Targeted Our Kids – Classified Our Parents Domestic Terrorists. We’re NOT Going to Back Down” (VIDEO).
• Los Angeles Sheriff Says He Will Not Enforce Vaccine Mandate (VIDEO).
• BREAKING EXCLUSIVE: Clayton Missouri School District Is Using US AG Garland’s Son-In-Law’s Panorama Books Pushing CRT – Is Your District Too?

The Epoch Times:

• US Flooded With Fentanyl-Laced Fake Pills From China: Part 1.
• Analysis: Fall in China’s $1.3 Trillion Land Sales to Test Local Finances, Economy.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
• Bloomberg.com:  International Travel Restrictions.  Case Graphs by State.
  
• NYTimes.com:  County Trends and Clusters. Local ICU Occupancy.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity(region).
  
• CovidActNow:  Covid Severity/Infection Rate by Metro Area.
  
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits.  Restaurant Visits. Wearing Masks. (graphs)
  
• Safegraph.com:  Commerce Patterns(graphs).

Weekly Scoreboard*

S&P 500 4,392.25 +1.0%*

 

 

 

 

 

 

 

 

 

 

 

 

The Weekly Wrap by Briefing.com. 

Indices

• DJIA 34,746.25 +1.3%

• NASDAQ 14,579.54 +.14%

• Russell 2000 2,234.03 -.08%

• S&P 500 High Beta 75.12 +.68%

• Goldman 50 Most Shorted 303.53 -3.8%

• Wilshire 5000 45,526.24 +.7%

• Russell 1000 Growth 2,797.42 +.6%

• Russell 1000 Value 1,582.44 +1.4%

• S&P 500 Consumer Staples 726.43 +1.44%

• MSCI Cyclicals-Defensives Spread 1,431.21 +.16%
  

• NYSE Technology 4,172.95 +.9%

• Transports 14,640.46 +2.7%

• Utilities 884.97 +1.4%

• Bloomberg European Bank/Financial Services 75.5 +4.2%

• MSCI Emerging Markets 50.92 +.9%

• HFRX Equity Hedge 1,459.36 -.12%

• HFRX Equity Market Neutral 931.48 +.14%

Sentiment/Internals

• NYSE Cumulative A/D Line 477,435 +.47%

• Bloomberg New Highs-Lows Index 76 +356

• Crude Oil Commercial Bullish % Net Position -36.2 -2.7%

• CFTC Oil Net Speculative Position 373,814 +5.0%

• CFTC Oil Total Open Interest 2,175,199 +3.5%

• Total Put/Call 1.05 +14.1%

• OEX Put/Call 2.5 +13.3%

• ISE Sentiment 106.0 unch.
  

• NYSE Arms .65 -1.75% 
• Bloomberg Global Risk-On/Risk-Off Index 3,350.0 +370.0 points
• Bloomberg Financial Conditions Index + Bubbles 5.48 +2.1%
  

• Volatility(VIX) 18.4 -12.3%

• S&P 500 Implied Correlation 55.5 -11.1%

• G7 Currency Volatility (VXY) 6.0 -1.7%
  

• Emerging Markets Currency Volatility (EM-VXY) 8.9 +1.3%

• Smart Money Flow Index 13,759.51 +2.7%

• ICI Money Mkt Mutual Fund Assets $4.531 Trillion -.29%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows -2.274 Million

• AAII % Bulls 25.5 -9.3%

• AAII % Bears 36.8 -9.6%

Futures Spot Prices

• CRB Index 235.42 +1.7%

• Crude Oil 79.51 +4.4%

• Reformulated Gasoline 236.81 +5.2%

• Natural Gas 5.60 +1.5%

• Heating Oil 247.68 +4.2% 
• Newcastle Coal 225.0 (1,000/metric ton) +1.4% ***New***

• Gold 1,757.19 -.16%
• Silver 22.67 +.9%
  

• S&P GSCI Industrial Metals Index 484.46 +2.3%

• Copper 427.90 +1.6%

• US No. 1 Heavy Melt Scrap Steel 466.0 USD/Metric Tonne +5.9%

• China Iron Ore Spot 127.30 USD/Metric Tonne +9.0%

• Lumber 721.50 +14.3%

• UBS-Bloomberg Agriculture 1,298.90 +.4%
• US Gulf NOLA Potash Spot 675.0 USD/Short Ton +5.5%
  

Economy

• Atlanta Fed GDPNow Forecast +1.3% -1.9 percentage points
  

• ECRI Weekly Leading Economic Index Growth Rate +3.1% -.3 percentage point
  
• Bloomberg US Recession Probability Next 12 Months 10.0% unch.
  

• NY Fed Real-Time Weekly Economic Index +7.8 -3.0%

• US Economic Policy Uncertainty Index 81.0 -3.6%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 215.31 +.35%

• Citi US Economic Surprise Index -17.4 +7.4 points

• Citi Eurozone Economic Surprise Index -76.7 -17.0 points

• Citi Emerging Markets Economic Surprise Index -4.5 -8.2 points

• Fed Fund Futures imply 99.5% chance of no change, .5% chance of rate hike on 11/3

• US Dollar Index 94.08 +.09%

• MSCI Emerging Markets Currency Index 1,720.36 -.20%
  

• Bitcoin/USD 54,604 +12.1%

• Euro/Yen Carry Return Index 134.11 +.8%
  

• Yield Curve 127.0 +7.0 basis points
  

• 10-Year US Treasury Yield 1.60% +13.0 basis points
  

• Federal Reserve's Balance Sheet $8.426 Trillion +.2%

• U.S. Sovereign Debt Credit Default Swap 13.26 -3.7%

• Illinois Municipal Debt Credit Default Swap 134.20 +4.6%
  

• Italian/German 10Y Yld Spread 103.0 -1.0 basis point
  

• China Sovereign Debt Credit Default Swap 51.33 +5.7%
  

• Brazil Sovereign Debt Credit Default Swap 204.18 unch.
  

• Israel Sovereign Debt Credit Default Swap 44.47 +1.2%

• South Korea Sovereign Debt Credit Default Swap 20.81 +1.2%

• Russia Sovereign Debt Credit Default Swap 86.15 -2.1%

• China Corp. High-Yield Bond USD ETF(KHYB) 34.75 -5.2%

• 10-Year TIPS Spread 2.51% +12.0 basis points

• TED Spread 7.75 -2.0 basis points

• 2-Year Swap Spread 11.0 +.25 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -18.75 -3.0 basis points

• N. America Investment Grade Credit Default Swap Index 53.76 +2.1%
  

• America Energy Sector High-Yield Credit Default Swap Index 283.0 -10.4%

• European Financial Sector Credit Default Swap Index 58.64 +3.3%
  

• Emerging Markets Credit Default Swap Index 182.53 +1.0%
  

• MBS 5/10 Treasury Spread 71.75 +.5 basis point
  
• Markit CMBX BBB-6 71.75 +.25 basis point

• M2 Money Supply YoY % Change 13.2 unch.
  

• Commercial Paper Outstanding 1,175.40 -.8%

• Week Moving Average of Jobless Claims 344,000 +1.0%
  

• Continuing Claims Unemployment Rate 2.0% unch.
• Kastle Back-to-Work Barometer(entries into secured buildings) 35.01 +1.9% ***New***

• Average 30-Year Mortgage Rate 2.99% -2.0 basis points

• Weekly Mortgage Applications 684,500 -6.9%

• Langer Consumer Comfort 53.4 -1.3 points

• Weekly Retail Sales +16.4% +.1 percentage point 
• OpenTable US Seated Diners % Change from 2019 -9.0% -2.1 percentage points ***New***

• Nationwide Gas $3.27/gallon +.07/gallon

• Baltic Dry Index 5,650 +8.6%

• China (Export) Containerized Freight Index 3,235.26 unch.

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 20.0 unch.
• Container Ships Anchored 977 -6.1% ***New***
  
• Truckstop.com Market Demand Index 164.86 unch.

• Rail Freight Carloads 273,939 +.47%
• TSA Total Travelers 1-Year Ago Same Weekday 936,915 +38.3% ***New***
• US Covid-19:  211 infections/100K people(last 7 days total) -29/100K people
• US Covid-19:  40% of Jan. 7th,2021 peak -5.0 percentage points
  

Best Performing Style

• Mid-Cap Value +1.3%

Worst Performing Style

• Small-Cap Growth -.9%
  

Leading Sectors

• Oil Service +5.6%

• Road & Rail +5.2%
  

• Gold & Silver +4.9%

• Energy +3.8%
  

• I-Banking +3.2%
  

Lagging Sectors

• Biotech -2.3%
  

• Gambling -2.7%

• Alt Energy -3.5%

• Shipping -4.4%

• Airlines -4.6%
  

Weekly High-Volume Stock Gainers (34)

• CCXI, AEHR, CAR, MNTV, PVAC, SI, METC, AFRM, SRPT, MUR, APA, UNM, MGY, CVET, SSYS, COP, EVH, FANG, MRO, PXD, GM, NOG, GEL, OXY, CPE, CDXS, SILK, WHD, BIG, SLCA, LC, PII and AZPN
  

Weekly High-Volume Stock Losers (14)

• TFX, AGL, CHGG, IHRT, RKLB, DOCS, RBLX, CROX, JYNT, PRLD, NSTG, EDIT, NKTX and ALLO
  

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Mostly Lower into Final Hour on Policy-Induced Labor/Product Shortages, US Stagflation Fears, Rising China Debt Angst, Gambling/Medical Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 18.5 -5.6%
• Bloomberg Global Risk On/Risk Off Index 3,327.0 +202.0 points

• Euro/Yen Carry Return Index 134.06 +.69%

• Emerging Markets Currency Volatility(VXY) 8.87 -.22%

• S&P 500 Implied Correlation 54.0 -3.6%

• ISE Sentiment Index 108.0  +16.0 points
  

• Total Put/Call 1.05 +10.5%

• NYSE Arms .58 -19.4%

Credit Investor Angst:

• North American Investment Grade CDS Index 53.71 +.75%
  

• US Energy High-Yield OAS 373.39 -.66%

• European Financial Sector CDS Index 58.69 +2.0%

• Italian/German 10Y Yld Spread 103.0 -1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 88.64 +2.0%
  

• Emerging Market CDS Index 182.95 +1.2%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 34.75 -1.8%

• 2-Year Swap Spread 11.0 +.5 basis point
  

• TED Spread 7.75 -.75 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -18.75 -1.0 basis point
  
• MBS  5/10 Treasury Spread  71.25 +.25 basis point
  
• IHS Markit CMBX BBB- 6 71.75 +.25 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 58.63 -.21%
• 3-Month T-Bill Yield .04% -1.0 basis point
  

• Yield Curve 127.0 +3.0 basis points
  

• China Iron Ore Spot 127.30 USD/Metric Tonne +4.5%

• Citi US Economic Surprise Index -17.4 -1.9 points

• Citi Eurozone Economic Surprise Index -76.7 -1.3 points
  

• Citi Emerging Markets Economic Surprise Index -4.5 +1.6 points

• 10-Year TIPS Spread 2.51 +4.0 basis points
• 99.5% chance of no change at Dec. 15th meeting, 97.1% chance of no change at Jan. 26th meeting

US Covid-19:

• 211 new infections/100K people(last 7 days total) -3/100K people
• 40% of Jan. 7th, 2021 peak(highest daily avg. new infections) unch.
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +92 open in Japan 
• China A50 Futures: Indicating +28 open in China

• DAX Futures: Indicating -13 open in Germany

Portfolio:

• Slightly Lower: On losses in my tech/medical/consumer discretionary sector longs
  

• Disclosed Trades:  Covered some of my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 100% Net Long
  

Bear Radar

 Style Underperformer:

• Small-Cap Growth -.9%

Sector Underperformers:

• 1) Shipping -1.4% 2) Medical Equipment -.9% 3) Semis -.8%

Stocks Falling on Unusual Volume: 

• PNW, BMY, DOCS, JYNT, NSTG, RKLB, RGP, PRLD, NTLA, EDIT, NKTX and ALLO
  

Stocks With Unusual Put Option Activity:

• 1) CCXI 2) CEI 3) REI 4) BIG 5) BMY
  

Stocks With Most Negative News Mentions:

• 1) NKTX 2) ALLO 3) OMER 4) TMC 5) CHTR
  

Charts:

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