Tuesday Watch

Evening Headlines

Bloomberg:           

• The Waltons: World’s Richest Family Trims Exposure to Emerging Markets.
• PwC Chairman Says Firms Considering Need to Restructure in China.  
• Japan’s Economy Unexpectedly Shrinks on Hit From Weak Yen.
  
• RBA Prepared to Pause or Return to Outsized Hikes, Minutes Show.   
• Surge in Sexual Diseases Adds to Strain on UK Health Service.  
• Biden and Xi Finally Met at the G-20 Summit in Bali. Here Are the Key Takeaways.
  
• What If Everything Goes Wrong At the Same Time?   
• Asian Stocks Eke Out Gains Before China Data: Markets Wrap.   
• Oil Extends Losses With Demand Fears Overshadowing Tight Supply.
• Bankman-Fried’s Magic Money Box Enriched Vast Crypto Network.  
• From Bad to Worse? Next Year’s Economic Risks Are Already Here. 
• Biden’s Student Debt Relief Plan Is Blocked Indefinitely by Court.
• FTX Fiasco Sparks Billions of Dollars of Outflows From Exchanges.
• Binance’s Billionaire CEO Casts Himself as Crypto’s New Savior.  
• Amazon, Meta Join Ranks of Tech Companies Slashing Thousands of Jobs.
• Soaring US Mortgage Rates Are Discouraging Americans From Moving.
• Easing Rates Won’t Be Enough to Revive Big Tech, Citigroup Says.

Wall Street Journal:

• How Meth Worsened the Fentanyl Crisis. ‘We Are in a Different World.’.
• Amazon Set to Lay Off Thousands of Corporate Workers.
• The Risky Business of Sam Bankman-Fried.
• Major Miami Beach Real-Estate Projects Nixed by Voters.
• Your Boss Is Over Hybrid Work. Here’s How to Keep Your Flexibility.

CNBC.com:

• Washington lobbyists sever ties with FTX founder Sam Bankman-Fried after crypto exchange implodes.
• Crypto.com CEO downplays FTX contagion fears, says he’ll prove naysayers wrong as withdrawals rise.
• Flu hospitalizations are surging in the U.S. These states are the hardest hit right now.
  

MarketWatch:                

• If Sam Bankman-Fried committed fraud, he’ll face the music in the U.S, legal experts say.
  
• The Dow is outperforming, which could be a sign that the latest stock-market rally will flame out.
  
• Think his stock-market call is bearish? Trading pioneer Peterffy awaits a steeper, 25% bitcoin plunge amid FTX scandal.  
• Berkshire Hathaway discloses stakes in TSMC, Jefferies, Louisiana-Pacific, sending those stocks higher.  
• Corporate borrowers risk this ‘biggest shock’ in more than three decades, warns Goldman Sachs.  
• Former Point72 fund manager caught up in FTX collapse: ‘I’m pretty disgusted with the space as a whole’.  
• Americans have not been this worried about layoffs since April 2020 — and they also see no immediate end to rising prices.
•  Realtors expect ‘vulnerable’ commercial real-estate prices to drop in 2023 — as people embrace hybrid work

Zero Hedge:

• Alameda Frontran Crypto Tokens Ahead Of New Listings On FTX.
• Trump Says McConnell 'Blew The Midterms'.
• US Health System Cash Reserves Plummet.
• When Protecting Criminals’ Rights Comes At The Expense Of Victims.
• Life after the furious short squeeze.
• Tech Breakthrough Could Slash Fertilizer Emissions.
• Ukraine Backs UN Vote To Send Israel To International Court While Begging For Arms.
• Russia Price Cap Could Threaten India's Oil Supplies.
• FedEx Freight To Begin Driver Furloughs Next Month.
• US stocks were lower on Monday after unwinding NY morning strength; Biden met with Xi - Newsquawk Asia-Pac Market Open.
• Russians With Dual Citizenship Can Now Be Drafted, New Putin Decree Says.
• 'Dangerous': Expert Pans Move To Donate Guns, Armored Vehicles To Pro-Beijing Solomons Leader.
• Technical Rally Runs Out Of Gas Despite Dovish Drawl From Fed's #2.
• Stocks snap rally streak amid mixed Fed Speak and rising inflation expectations - Newsquawk US Market Wrap.
• Zelensky Visits Kherson, Hailing It As "The Beginning Of The End Of The War".

Newsmax:   

• Dick Morris: McConnell, Not Trump, Hurt GOP in Midterms.
• Report: Most Say Cheating Will Affect Election Results.

TheGatewayPundit.com:

• MORE ARIZONA DATA: Only 17% of Maricopa Election Day Voters Were Democrat, Only 23% of Primary Election Day Voters Were Democrat — But Democrats Are Winning 50% of Delayed Election Day Totals? IMPOSSIBLE!
• Coincidence? Zelensky Calls for Peace Just Days After FTX Is Caught Funneling Millions of Ukrainian Aide Dollars to US Democrats.
• Completely Normal: TV Presenters in Brazil and Argentina Collapse During Live Broadcasts (VIDEO).
• THE COVERUP BEGINS: Investigators at DOJ’s Corrupt Southern District of New York Investigating FTX.
• Sen. Cotton Demands Answers on Foreign TikTok Employees in the US.
• World Economic Forum Scrubs FTX Page from Its Website – CEO Was a Speaker at Davos.
• ARIZONA VOTERS: Check Your Ballot Status Now In Case It Needs To Be CURED – Deadline Is Wednesday.
• GP’s Jim Hoft Joins The War Room with Steve Bannon to Discuss the IMPOSSIBLE Arizona Election Results (VIDEO).
• Jeff Bezos to Give Away Most of his $124 Billion Fortune to Charities Fighting Against "Climate Change" (VIDEO). 
• Steve Bannon Delivers Rallying Cry to American Patriots to Save the Republic Following Proposterous Midterms (VIDEO).
• Arizona State Senator Wendy Rogers Joins Charlie Kirk Show To Respond To Sunday Night Ballot Drop (VIDEO).
• Massive Brazil Election Protests Continue – Crooks from Brazil Sneek Off to New York, Are Greeted by Protesters. 
• US Team Redesigns Crest with LGBTQ+ Rainbow Stripes Ahead of World Cup in Qatar.

The Epoch Times:

• CCP Shortens Quarantines, Continues ‘Zero-COVID’ Policy.
• China Has Become a Big Prison, Residents Under Surveillance by Property Managers.
• CCP to Focus on War, Military Expert: Be Wary of Reappearance of Nazism.

Twitter: 

• @NextNewsNetwork - Biden makes a statement that should chill every red blooded American to their core, when...
• @TomFitton - And just like that we're "allowed" to ask questions about the safety of the covid vaccines. 
• @DrEliDavid - Sorry we called you anti-vaxxers, caused you to lose your jobs, and had your kids thrown out of college. It turns out you were right. (video)
  

 OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 894,850 Reports(+3,243 from prior week) Through November 4th, 2022.

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.

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).

Night Trading 

• Asian equity indices are -.25% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 140.75 -8.75 basis points. 

• China Sovereign CDS 76.0 +1.5 basis points.
  

• Bloomberg Emerging Markets Currency Index 47.5 unch.
• Bloomberg Global Risk-On/Risk Off Index 49.1 -.3%. 
• Bloomberg US Financial Conditions Index -.73 +4.0 basis points.
  
• Volatility Index(VIX) futures 25.2 -.8%.
• Euro Stoxx 50 futures -.28%.

• S&P 500 futures +.27%.

• NASDAQ 100 futures +.40%  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ARMK)/.49
• (BERY)/2.15
• (ENR)/.79
• (HD)/4.12
• (DNUT)/.04
• (SE)/-.95
• (WMT)/1.32
  

After the Close:

• (AAP)/3.34

Economic Releases

8:30 am EST

• Empire Manufacturing for Nov. is estimated at -6.0 versus -9.1 in Oct.
• PPI Final Demand MoM for Oct. is estimated to rise +.4% versus a +.4% gain in Sept.
• PPI Ex Food and Energy MoM for Oct. is estimated to rise +.3% versus a +.3% gain in Sept.
• PPI Final Demand YoY for Oct. is estimated to rise +8.3% versus an +8.5% gain in Sept.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Cook speaking, Fed's Barr speaking, Eurozone GDP report, China Retail Sales report, weekly US retail sales reports, Bloomberg US Economic Survey for Nov., Jefferies Healthcare Conference, RBC Tech/Media/Telecom Conference, Stifel Healthcare Conference, Stephens Investment Conference, Wolfe Healthcare Conference, (AFL) Analysts Briefing, (PLNT) investor day, (LMND) investor day and the Needham Networking/Communications/Security Conference could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

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

Stocks Reversing Slightly Higher into Afternoon on Less Hawkish Fed Hopes, Diminished China Hard-Landing Fears, Less Emerging Markets Debt Angst, Commodity/Pharma Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume:  Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 23.0 +2.3%
• DJIA Intraday % Swing .99%
  
• Bloomberg Global Risk On/Risk Off Index 49.6 -.4%

• Euro/Yen Carry Return Index 149.6 +.9%

• Emerging Markets Currency Volatility(VXY) 12.3 -.3%

• CBOE S&P 500 Implied Correlation Index 44.9 -2.0% 

• ISE Sentiment Index 96.0 -6.0 points
  

• Total Put/Call .93 +25.7%

• NYSE Arms .86 +11.7%

Credit Investor Angst:

• North American Investment Grade CDS Index 82.2 -1.3%
  

• US Energy High-Yield OAS 359.65 -4.1%
• Bloomberg TRACE # Distressed Bonds Traded 477.0 unch.
  

• European Financial Sector CDS Index 105.41 -1.8% 
• Credit Suisse Subordinated 5Y Credit Default Swap 331.08 -.42%
  

• Italian/German 10Y Yld Spread 203.0 basis points -2.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 143.61 -9.3%
  

• Emerging Market CDS Index 239.23 -3.06%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 25.5 +2.3%

• 2-Year Swap Spread 35.5 basis points -1.5 basis points
  

• TED Spread 45.0 basis points -4.25 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -52.25 basis points -1.25 basis points
  
• MBS  5/10 Treasury Spread  146.0 +5.0 basis points
  
• Bloomberg US Agg CMBS Avg OAS 132.0 unch.
  
• Avg. Auto ABS OAS 1.22 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 47.57 -.08%
• 3-Month T-Bill Yield 4.17% +1.0 basis point
  

• Yield Curve -54.0 basis points (2s/10s) -1.5 basis points
  

• China Iron Ore Spot 95.25 USD/Metric Tonne +1.8%
• Dutch TTF Nat Gas(European benchmark) 117.5 euros/megawatt-hour +20.1%

• Citi US Economic Surprise Index 8.4 -.5 point

• Citi Eurozone Economic Surprise Index 12.5 -3.6 points
  

• Citi Emerging Markets Economic Surprise Index 3.3 -.7 point
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 230.87 -.03:  Growth Rate +11.6% unch., P/E 17.3 unch.
  
• Bloomberg US Financial Conditions Index -.74 +21.0 basis points
  
• US Atlanta Fed GDPNow Forecast +4.0% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +5.02% unch.: CPI YoY +7.62% unch.
  
• 10-Year TIPS Spread 2.39 -2.0 basis points
  
• Highest target rate probability for Feb. 1st FOMC meeting: 46.7%(-6.5 percentage points) chance of 4.5%-4.75%. Highest target rate probability for March 22nd meeting: 46.2%(-2.1 percentage points) chance of 4.75%-5.0%.
  

US Covid-19:

• 84 new infections/100K people(last 7 days total). 4.8%(+.0 percentage point) of 1/14/22 peak(1,740) +0/100K people from prior report.
  
• New Covid-19 patient hospital admissions per 100K population -85.0%(-.7 percentage point) from peak 7-day avg. of 1/9/22 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +126 open in Japan 
• China A50 Futures: Indicating +41 open in China

• DAX Futures: Indicating +27 open in Germany

Portfolio:

• Slightly Higher:  On gains in my tech/commodity/industrial sector longs
  

• Disclosed Trades:  None
  

• Market Exposure:  50% Net Long
  

Bear Radar

Style Underperformer:

• Small-Cap Growth -.3%
  

Sector Underperformers:

• 1) Alt Energy -1.7% 2) Homebuilding -1.6% 3) Banking -.8%

Stocks Falling on Unusual Volume: 

• TROW, BLK, APPS, BROS, BAND, S, TPG, WWW, D, WAFD, XRAY, MGNI, BZH, EXFY, TDS, VET, GTLS, MATX, SE, VZIO, DOCS, HAS, CVNA, ASND and MASS

Stocks With Unusual Put Option Activity:

• 1) IHI 2) FIVN 3) WMT 4) XRT 5) TJX
  

Stocks With Most Negative News Mentions:

• 1) AMPS 2) HTCR 3) OTLY 4) HAS 5) LCID
  

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Value +.2%

Sector Outperformers:

• 1) Steel +2.0% 2) Pharma +1.8% 3) Biotech +1.6%

Stocks Rising on Unusual Volume:

• DWAC, YOU, FDMT, SSP, PENN, BIIB, ECC, SI and PBT
  

Stocks With Unusual Call Option Activity:

• 1) XELA 2) PM 3) SCO 4) ARDX 5) FIVN

Stocks With Most Positive News Mentions:

• 1) HRT 2) IQST 3) DSKE 4) MGIC 5) ARDX
  

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running +7.2% Above 100-Day Average 
• 7 Sectors Declining, 4 Sectors Rising
• 34.0% of Issues Advancing, 62.0% Declining
• 29 New 52-Week Highs, 13 New Lows
• 43.7%(-.6%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 66.0 +1.0
  
• Bloomberg Global Risk-On/Risk-Off Index 49.9 +.4%
  
• Russell 1000: Growth/Value 14,548.1 -.9%
  
• Vix 23.2 +2.8%
• Total Put/Call .85 +14.9%
• TRIN/Arms .91 +18.2% 

Monday Watch

Today's Headlines

Bloomberg:                      

• G-20 Statement in Doubt as US, Russia Fail to Agree at Asean.  
• Global Banks Are Quietly Cutting China Jobs as Big Bang Fizzles.
  
• China’s Covid Zero and Housing Slump Drag on Growth Engines.
• China Plans Property Rescue as Xi Surprises With Policy Shifts.
• Turkey’s Erdogan Finds Himself a Surprise G-20 Power Broker.
• UK Home Sellers Slash Asking Prices After Mortgage Rates Jump.
• SoftBank Falls 9% After Loss and No New Buyback Program.
• Asian Stocks to Rise on China Policy; Dollar Gains: Markets Wrap.  
• Oil Extends Gain on China Demand Optimism as Market Tightens.
• FTX Falls Into Bankruptcy So Fast Court Papers Get Left Behind.
  
• FTX Latest: Dim Picture for Customers; Criminal Probe Possible.  
• Big Investors Are Giving Up on Crypto Markets Going Mainstream.
• Big Tech Loses Sway as S&P 500 Becomes More Exxon, Less Amazon.  
• Fed’s Waller Says There’s a ‘Ways to Go’ Before Rate Hikes Done.
• Dollar Climbs as Fed’s Waller Pushes Back on Dovish Rate Bets.
• Wall Street Managers Are Pushing Back on Easing Inflation Hopes.

Wall Street Journal:

• Investors Question Whether Big Tech’s Rebound Can Last.
• Dozens of Americans Are Barred From Leaving China, Adding to Tensions.
• GOP Weighs Leadership Choices, Looks for Answers.
• Biden’s Missing Taiwan Strategy. As he meets with Xi Jinping, the President lacks a credible trade agenda for the Pacific.
• JPMorgan Dodges a Buyout-Loan Bullet.
• The Classic 60-40 Investment Strategy Falls Apart. ‘There’s No Place to Hide.’.
• G-20 Discord Threatens Efforts to Prop Up Global Economy.
• Deadly Explosion Hits Busy Istanbul Pedestrian Street.
• Inflation, Supply-Chain Woes Hit Medical-Device Makers.
• Labor Market Mystery: Where Are the Older Gen Z Workers?
• China’s Global Port Investments Give Rise to Security Worries.

CNBC:

• Sam Bankman-Fried’s Alameda quietly used FTX customer funds without raising alarm bells, say sources.
• FTX halts trading and withdrawals, moves assets to cold wallet after $477M suspected hack.
• Ford vs. GM: Same industry, two increasingly different companies.
• ‘Huge regime shift’: Active managers see boost from the energy trade.

Zero Hedge:

• FTX Facing Criminal Probe By Bahamas Authorities, But Musk Counters There Will Be "No Investigation" Of "Major Democrat Donor" SBF.
• Exxon Mobil Makes First Oil Discovery In Angola In 20 Years.
• "We're Facing The Collapse Of Everything" - Michael Snyder Warns Of "The End-Times".
• Goldman, TS Lombard Confirm Fed Inflation Target Hike Now Inevitable.
• "Hints Of Many Crises - Lehman, Enron, MF Global - But No Lender Of Last Resort... Like Banking In The Late-1800s".
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• Ghislaine Maxwell Befriends Double-Murderer, Becomes Prison Darling.
• Zelensky And Bush To Give Joint Pro-War Presentation. 
• Stanford Racial Discrimination: 'Wakanda Forever' Tickets, Bus-Seats Reserved For Black Students.
• Six Dead, 53 Injured After "Bomb Attack" Rips Through Busy Istanbul Street.
• Democrats Seal Control Of Senate, AZ Governor Race Still Tight.
• The Missing Factor In Britain's Economic Recovery Plan.
• COVID-19 Mortality In England "Extremely Rare" Among Under-20s: Official Study..
• A Cold Winter For Europe: Blame Strategic Blindness.
• The Decline of the West: Spengler In Today's World.
• Eerie Similarities Between Democratic Party And Chinese Communist Party Lingo.

MarketWatch.com:    

• Tom Brady, Steph Curry and Kevin O’Leary set to lose big from FTX bankruptcy filing.

NewsMax:

• Nevada Dem Win May Spell Doom for McConnell. 
• Dems Aim to Raise Debt Ceiling Before GOP Controls House.
• Kari Lake Bashes Arizona Election Process as a 'Laughingstock'.
• Nevada Demo Win May Spell Doom for McConnell.

TheGatewayPundit.com:

• FTX CEO Sam Bankman-Fried Admits FTX Was a Crypto Laudromat for Ukrainian Government. 
• Maricopa County Election Judge Believes the Machines Were Programmed to Reject Ballots on Election Day.
• EXCLUSIVE: The Cause of Arizona’s Machine Tabulator Failure Identified – Ballots Larger than Printer Parameters – Willful Incompetence?
• WAYNE ROOT: You’ve Been Gaslighted.
• Behind Closed Doors: More on Runbeck Election Services in Maricopa County and the Scanning of Ballot Envelopes.
• 10,000 Votes Dropped on Friday Morning Giving Maryland US House Seat to the Democrats.
• Here’s a Close Look at Adrian Fontes and His Path of Destruction in Arizona Politics.
• The Number of House Seats Continues to Dwindle As GOP Leaders Remain Silent and Ignore Reality.
• Chuck Schumer: Midterms a “Vindication” for Democrats’ Agenda After Clinching Senate Majority.
• Communists Play Smash-Mouth: Laxalt Announced Dem Opponent Would Have to Get an Impossible 63% of Remaining Ballots to Win – THE NEXT DAY SHE GETS 63%.
• Lauren Boebert Pulls Ahead in Colorado, Which Could Mean Weeks of Recounts.
• Once Again… Another Democrat Takes the Lead After 4 Days of Delayed Ballot Counting – And Race Is Immediately Called.
• UPDATE: Gateway Pundit Files Federal Civil Rights Lawsuit Against Maricopa County Officials – READ IT HERE!

The Epoch Times: 

• China’s COVID-19 Quarantine Facilities Like ‘Concentration Camps:’ Resident.
• Biden’s Climate Change Policies Work More in China’s Interest: Ex-NSA Officer.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 894,850 Reports(+3,243 from prior week) Through November 4th, 2022.
  

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.

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). 
• COVID Money Tracker. Tracking the Covid response.
  

Night Trading

• Asian indices are -.5% to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 149.5 -15.5 basis points.
• China Sovereign CDS 74.5 -5.5 basis points.
• Bloomberg Emerging Markets Currency Index 47.6 unch.
• Bloomberg Global Risk-On/Risk Off Index 50.5 +1.5%.
• Bloomberg US Financial Conditions Index -.87 +8.0 basis points. 
  
• Volatility Index(VIX) futures 25.7 +.8%. 
• Euro Stoxx 50 futures +.34%.
• S&P 500 futures -.14%.
• NASDAQ 100 futures -.23%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (TSEM)/.61
• (TSN)/1.72
  

After the Close:

• (JJSF)/.91
• (SJR)/.36
• (VVV)/.56
  

Economic Releases 

• None of note

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Brainard speaking, Eurozone Industrial Production report and the Deutsche Bank Industrials Conference could also impact trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and consumer 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.