Monday Watch

Today's Headlines

Bloomberg:

• China’s Electricity Pricing Shifts in Blow to Solar Power, Boon for Batteries.
• Jack Ma’s Biggest E-Commerce Rival Is Coming for Amazon.
• Zelenskiy to Meet Biden, US Lawmakers in Bid to Free Ukraine Aid. 
• Stocks in Asia Advance Ahead of Heavy Eco Week: Markets Wrap. 
• Oil Steadies After Glut Fears Drove Worst Losing Run Since 2018.
• Biden’s Support of Israel Alienates More Democrats in New Poll.
• Big Tech’s Ability to Deliver on AI Profits Looms Over S&P 500.
• A Record High Is in the Cards for US Stocks in 2024.
• Harvard Under Heightened Pressure After Penn Leaders Ousted.
• Climate Fight Takes Aim at Food in First Ever Net-Zero Plan.

Zero Hedge:

• Musk Asks Zelensky About Imprisoned American Journalist After Tucker Carlson Sounds Alarm
• "People Have Spoken": Elon Musk Restores X Account Of Alex Jones After User Poll
• Unprecedented: Hedge Funds Short Stocks For A Record 17th Week, Offset By Historic ETF Buying Frenzy.
• If You Didn’t Like The First Term, Just Wait For The Second.
• Biden Wants To Seize Patents Of Pricey Drugs And Use Government To Make Them Cheaper.
• "Sticker Shock": Washington Governor Inslee's $100 Million Gamble To Address Homelessness Crisis.
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• Trump Has Good Shot With Supreme Court To Get DC Case Tossed, Experts Say.
• Affiliate ACLU Members Revolt After Left-Wing Group Agrees To Represent NRA.
• Ready Or Not, Here They Come: Morgan Stanley's Key Takeaways For The 2024 Elections.
• Court Ruling Shakes Up New York's Concealed Carry Law Landscape.
• California Facing Record $68 Billion Deficit, Potential 'Fiscal Budget Emergency': Legislative Analyst.
• Trump Warns Of Business Exodus from New York Amid Fraud Case Fallout.
• Al Gore Warns: People Having Access To Non-Mainstream Information "Threatens Democracy".
• These Are The Richest 'Politicians' In The US.
• Arizona's Democrat Governor Demands $512 Million Reimbursement From Biden For Border Security 'Failure'.
• Overstaying The Market's Welcome.
• 13% Of American Teens Suffer 'Food Poverty'.
• Finally, sentiment & positioning levels associated with a top.
• Stockman: The Destruction Of The American Middle Class.
• Goldman Trader: How To Navigate The Final Days Of 2023.
• Top Defense Official: US Can Handle Middle East, Russia & China Operations All At Once.
• Farmers Are Turning To An Ancient Practice To Improve Agriculture.
• The Venezuela-Guyana Dispute Explained In 3 Charts.
• Long-Term ADHD Medication Use May Increase Heart Disease Risk: Study. 
• How The Federal-Private Speech Police Operated In Election 2020: With Radar Highly Attuned To The Right.

Wall Street Journal:

• The Ivy League Mask Falls. Antisemitism is one example of a much deeper rot on campus.
• Israel’s Message in Gaza to Iran and Hezbollah. Jerusalem, no longer afraid of taking the offensive, shows it is willing to go to the mat if pushed too far.
• Trump as Dictator Is a Classic Case of Projection. Biden and his supporters try to excuse and deflect attention from their own authoritarian actions.
• Powell’s Inflation Fight Is Working, Raising Questions About Rate Cuts.
• The Hamas Leader Who Studied Israel’s Psyche—and Is Betting His Life on What He Learned.
• Car Dealers on Why Some Customers Hesitate With EVs.
• Why Treasury Auctions Have Wall Street on Edge.
• Here’s Where Prices Are Actually Coming Down.
• Sigma Healthcare Agrees to $5.79 Billion Merger With Pharmacy Chain.

CNBC:

• China’s livestream shopping is booming, fueling new tech such as avatars and AI.
• People are spending hundreds a month on dating apps as free versions turn ‘borderline unusable’.
• Tennessee residents clean up after severe weekend storms killed 6 people and damaged neighborhoods.

Reuters:

• Nvidia CEO aims to set up a base in Vietnam.
• Dollar steady with US inflation, Fed meeting eyed; yuan heavy.

MarketWatch.com:

• Cigna raises stock buyback by $10 billion, will reportedly drop bid to buy Humana.
• Investor group aims to buy Macy’s for nearly $6 billion, take it private: report.
• Fed meeting could slam brakes on year-end stock rally.
• The VIX says stocks are ‘reliably in a bull market’ heading into 2024. Here’s how to read it. 
• Fed will try to ‘Keep calm and carry on’ amidst talk of steep rate cuts and recession.

NewsMax:

• Trump: McConnell Is 'Checked Out,' 'Hope to Hell He Gets Out'.
• Trump: 'Nothing More to Say,' 'I Will Not Be Testifying on Monday'.
• Trump: Dems Reactivate Old Ruse, 'Threat to Democracy Hoax'.
• Violence Escalates Between Israel, Lebanon's Hezbollah.
• Fleitz: Biden Will Demand Israel Stop Its War.

Fox News:

• SNL gets blowback for 'vile' skit of college presidents' antisemitism testimony
• Hamas threatens no hostage will leave 'alive' if 'demands of the resistance' not met.

TheGatewayPundit.com:

• Shoppers Warned of Gift Card Scam Linked to Chinese National.
• “I Will Not Be Testifying on Monday. MAGA!” — Trump Cancels Scheduled Testimony, Slams New York Investigation as ‘Election Interference Witch Hunt’.
• DEVELOPING: Florida’s Surgeon General Joseph Ladapo Confirms Detection of DNA Fragments in COVID mRNA Vaccines.
• Man Who Beat Sheila Jackson Lee Adds Insult to Injury with Post-Victory Statement on His Defeated Opponent.
• Democrat Porn Star Susanna Gibson of “HotWifeExperience” Plays Victim, Lashes Out at Republicans After Her Election Loss.
• Joe Biden and Speaker Johnson to Meet Volodymyr Zelensky at White House Tuesday Amid Push for Increased Congressional Aid for Ukraine.
• Ramaswamy Sheds Light on the Climate Cult’s Plot to Steal Land from Americans.
• US Senator Reveals Chilling Way World Governments Spy on Smartphone Users.
• JUST IN: Illegal Alien Arrested For Murder of 16-Year-Old Texas High School Cheerleader Lizabeth Medina.
• Star Wars Actor Adam Driver Says “Wokeness Killed Han Solo”.
• Christian Teacher Fired for Revealing Student’s ‘Gender Transition’ to Parents Sues School.
• California School District Holds Antisemitic ‘Teach-in’ Using Imagery That Mirrors Nazi Propaganda.
• As Threat of Invasion From Venezuela Escalates, the US Runs Military Drills With Allied Guyanese Armed Forces.
• Vivek Ramaswamy Warns Hunter Biden Indictment Might Be Part of Democrats’ Grand Plan to “Sideline Biden and Pick a New Puppet for 2024”.
• Here We Go: Nebraska Begins Mass Collection of Digital Health Data on All its Citizens.
• America Last: Joe Biden Announces Additional $175 Million Security Assistance to Ukraine.
• Tucker Carlson Sheds Light on American Citizen Gonzalo Lira Who’s Been Tortured in Ukrainian Prison — A Case of Political Persecution Reminiscent in the US.

The Epoch Times:

• Doctor Calls For Breaking Silence on China’s Forced Organ Harvesting.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 997,917 Reports(+9,212 from prior week) Through November 3rd, 2023.

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.

Night Trading

• Asian indices are -.75% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 99.5 -.25 basis point.
  
• China Sovereign CDS 61.5 -1.25 basis points.
• China Iron Ore Spot 133.5 USD/Metric Tonne -1.5%.
  
• Bloomberg Emerging Markets Currency Index 41.5 -.1%.
• Bloomberg Global Risk-On/Risk Off Index 62.5 +2.8%.
• Bloomberg US Financial Conditions Index .58 -2.0 basis points. 
  
• Volatility Index(VIX) futures 15.0 -.4%. 
• Euro Stoxx 50 futures +.07%.
• S&P 500 futures -.01%.
• NASDAQ 100 futures -.17%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by financial and industrial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 75% net long heading into the week.

Today's Headlines

Bloomberg:

• Global Rate-Cut Standoff Looms in 2023 Policy Finale.
• Brazil’s Haddad Expects 50-Point Interest Rate Cut, Valor Says.
• Japan PM to Fire Second Minister in Funds Scandal, Asahi Says.
• Charting the Global Economy: US Labor Market Picks Up Steam.
• The First Crispr Therapy Is Just the Start of the Gene-Editing Revolution.
• World’s Richest Families Add $1.5 Trillion in Wealth.
• Wall Street Week: Summers Sees ‘Tricky Situation’ on Multiple Fronts.
• SocGen’s Global Head of Economics Argues a US Downturn Is Inevitable.

Zero Hedge:

• How The Federal-Private Speech Police Operated In Election 2020: With Radar Highly Attuned To The Right.
• Number Of Attacks On US Bases In Iraq & Syria Pushes Past 80.
• Gun Owners Of America Defeats Hidden Gun Control In Military Funding Bill.
• "Escape Liberal Hell": Oregon, Washington Republicans Flee PNW, Join California Conservatives In Idaho.
• New York Democrats Nominate Former Rep. Tom Suozzi To Fill Santos' Seat.
• South American Gangs Target Dozens Of Mansions In Detroit.
• He Who Must Not Be Named: The Hunter Biden Indictment is Itself a Model of Evasion.
• Penn President Liz Magill Resigns After 'Genocide Requires Context' Comments.
• Disney's 'Democratic Political Operative' Bob Iger Fully Exposed After Musk Spat: Thacker.
• Trump Is Absolutely Smoking Biden In Yet Another Major Poll.
• US Tells Israel Not To Strike The Houthis In Yemen.
• "They Look Like America": Clip Of Kevin McCarthy Fluffing Democrats Goes Viral.
• US Joins Over 60 Other Nations To Pledge Emissions Reduction From Air Conditioners And Refrigerators.
•  "Beyond Shocking": ACLU Will Represent NRA In Free Speech Supreme Court Case.
• New Rumble Channel Established For Release Of Jan. 6 Security Video By Congress.
• Egypt Warns Israel Ties Could 'Rupture' If Masses Of Refugees Pushed Into Sinai.
• Border Patrol Agents Blame Policy Reversals For Historic Surge In Illegal Crossings.
• X CEO Says 10 Million New Users Joined 'Free Speech' Platform In December.
• We're Starting To Find Out What's Beneath The Thin Veneer Of Civilization That We've All Been Taking For Granted.
• Hartnett: Markets Sold "The Last Fed Hike", Now Are Frontrunning "The First Negative Payroll And First Rate Cut".
• Brits May Be Forced To Take Selfie Before Watching Porn.
• These Are The World's Most Expensive Cities.
• Child Mask Mandates Have No Clear Benefits And Cause Harm, BMJ Review Finds.
• NATO Aspirant Sweden Signs Deal To Let US Military Use All Its Bases.
• French Farmers Dump Manure On Govt Buildings To Protest Climate Hysteria.
• "Filthy Air": India Overtakes China As Country With Most Polluting Cities.
• Bah Humbug: The Police State Wants Us To Be A Nation Of Snowflakes.

Wall Street Journal:

• The True Face of the Anti-Israel Movement. The leader of the Council on American-Islamic Relations celebrated Oct. 7, in his own words. 
• The Truth About Net Zero, at Last. Climate enthusiasm hits the political wall as voters face the costs.
• What’s Behind Warren Buffett’s Fight With a Truck-Stop Mogul.
• He Built a Trillion-Dollar Company. He Wouldn’t Do It Again.
• The Fed Can’t Put Off Preparing for Rate Cuts.
• John Kerry and CO2 Emissions Reality. He attacks Chevron while China keeps building coal plants.
• A Moving Company Touts Its Young, Chiseled Workers. Feds Say That’s Age Discrimination.
• Boys Are Struggling. It Can Take Coaches, Tutors and Thousands a Month to Fix That.
• America’s Most Powerful Spying Tool Is Fighting for Its Life.

Barron's:

• Had bullish commentary on (PANW), (ZS), (CRWD) and (HCA).

CNBC:

• Here are the 3 top risks facing McDonald’s heading into 2024.
• Meta’s Ray-Ban smart glasses look cool and work well if you want a camera on your face.
• From head to heart to diet, AI is learning to make a map of elite athletic bodies.

Reuters:

• China's consumer prices fall fastest in 3 years, factory-gate deflation deepens.

MarketWatch.com:

• Nvidia and Microsoft CEOs say industrial companies will benefit most from AI. Here are stocks to put on your watch list.
• What the stock market’s biggest bull expects in 2024. Fundstrat’s Lee reveals highest S&P 500 forecast on Wall Street.
• These are the dividend stocks that will hold up in a weakening economy in 2024, says this highly rated money manager.

NewsMax:

• Report: Red Cross Rebukes Parents of Israeli Hostage.
• Dick Morris: Biden, Security Team 'on the Payroll' of CCP.

Fox News:

• Stefanik cheers UPenn president's resignation, sends warning to Harvard, MIT leaders.
• Elderly woman held hostage by Hamas says experience reminded her of the Holocaust.
• Trump moves into clear lead as Biden's approval rating plumbs new depths.

TheGatewayPundit.com:

• Global Elites Attending UN Climate Summit Enjoy Burgers and BBQ While Telling Americans to Not Eat Meat.
• Elon Musk Warns Taylor Swift as Singer Takes Shot at ‘Chads, Brads and Dads’.
• Biden’s Approval Rating Sinks To All-Time Low.
• Billionaire Democrat Mega Donor Who Visited Epstein Island Funds Nikki Haley Soley ‘To Stop Donald Trump’.
• Shattered Dream: Rising Cost of Living and Housing Crisis Are Driving Immigrants To Leave Canada in Growing Numbers.
• One Down: Far-Left President of UPenn Resigns Following Her Anti-Semitic Congressional Testimony.
• McCarthy Endorses Trump, Says He’s Willing to Serve in a Trump Cabinet.
• Leo Hohmann: Enjoy this Christmas Season — It May Be the Last One We Have to Celebrate in ‘Normal’ Times — WEF Warns 2024 Likely to Bring ‘Cataclysmic’ Changes.
• Victor Reacts: Bloated Voter Rolls, 131% of Eligible Voters Registered in DC? (VIDEO).
• BIDEN BORDER CRISIS: Border Patrol’s Tucson Sector Reports a Shocking 18,900 Apprehensions of Illegal Aliens in Last Week – Highest Total Ever Recorded.
• Banks Flagged Joe Biden’s Home Address with ‘Suspicious Activity’ Reports 6 Times: Report.
• ABLECHILD: Ohio Whistleblower Says Schools Hiring Professionals to Push Big Pharma Drugs on Children.
• Megyn Kelly Issues Dire Warning: “America Will Burn if They Put Trump in Jail Before the Next Election”.

Epoch Times:

• Italy Exits China's Belt and Road Project.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 997,917 Reports(+9,212 from prior week) Through November 3rd, 2023.

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.

Evening Headlines

Bloomberg:

• China’s Deflation Struggle Persists as Consumer Prices Drop 0.5%. 
• Hong Kong’s Stock Slump Triggers Wave of Brokerage Closures.
• Australia Will Announce Its Strategy for Slowing Immigration. 
• Yen Trading Volume Hits 2023 Record at Biggest Currency Exchange CME.
• DoorDash to Be Added to Nasdaq 100, Zoom to Be Removed. 
• Biden Calls New Rail Projects the ‘Biggest Investment’ Since Creation of Amtrak.
• Stock Faithful Ride $7 Trillion Rally as Market Timing Backfires.
• Fed Rate-Cut Exuberance Ebbs After US Jobs Data.
• Here Are the Key Takeaways From the US Jobs Report for November.
• OpenAI’s Altman Ouster Was Result of Drawn-Out Tensions.

Zero Hedge:

• Hunter Biden Vs. Elon Musk: First Crackhead Talks Trash During 'Moby' Damage Control Podcast
• Bill Burr: Liberals Are "F**king Stupid" To Have Turned Trump Into A Martyr
• The Pentagon's Rush To Deploy AI-Enabled Weapons Is Going To Kill Us All.
• Goldman Says China Politburo "Less Dovish" As Policymakers Gear Up For 2024 Fiscal Support.
• The Deep State Agenda Is "Controlled Demolition Of America": Alex Newman.
• Big buy fading.
• Senate Votes Down Resolution To Withdraw Troops From Syria: "Another Regional War Without Debate".
• Vivek Vivisects Van Jones Over 'Great Replacement' Hypocrisy.
• "A Constant State Of Sticker Shock" – Here Is Proof That Inflation In The US Is Wildly Out Of Control.
• US Mulls Military Action Against Houthis After Officials Angered At Lack Of Response.
• Elon Musk Appeals SEC Case To US Supreme Court, Alleges Violation Of Free Speech Rights.
• "Trumpism Created This" - Former NOLA Mayor Says DEI Depts Not Responsible For Jewish Safety On Campus.
• White House Delays Implementing Ban On Menthol Cigarettes Until At Least 2024.
• US Bank Deposit Outflows Continue To Surge As Regional 'Stress' Accelerates.
• "Similarities Between Late-'80s USSR & Present-Day USA Are Uncanny...".
• Stocks shrug off higher yields on strong jobs report ahead of CPI and FOMC - Newsquawk US Market Wrap.
• The Media Is Hyping Up "Carbon Passports" To Restrict Travel.
• Cryptos Jump, Commodities Dump, & Yield-Curve Slumps In 'Goldilocks' Week. 
• Record Bitcoin Call Volumes Target $50,000 By January.

Wall Street Journal:

• The True Face of the Anti-Israel Movement. The leader of the Council on American-Islamic Relations celebrated Oct. 7, in his own words.
• Wharton Board Calls for Leadership Change at Penn.
• The Rape of the Israeli Women. Hamas’s crimes on Oct. 7 were deliberate and systematic. Why has the left been disbelieving, silent or equivocal?
• Law Firms Escalate Talent War Even in Slower Economy.
• Economy’s Soft Landing Comes Into View as Job Growth Slows.
• X Works to Lure Smaller Advertisers as Elon Musk Alienates Big Brands.
• Harvard Bans ‘Cisheterosexism’ but Shrugs at Antisemitism. College presidents are directly responsible for the hatred that has flourished on campus since Oct. 7. 
• The California Budget Bust Arrives. The state’s progressive tax code strikes again. New deficit: $68 billion.
• Luxury Stores Are Bursting With Unsold Stuff.

CNBC:

• The runway is getting clearer, but the U.S. economy still isn’t assured of a soft landing.
• U.S. approves first gene-editing treatment, Casgevy, for sickle cell disease.
• Why automakers are turning to hybrids in the middle of the industry’s EV transition.
• U.S. issues strongest criticism of Israel yet as civilian deaths in Gaza surge.
• 10-year Treasury yield jumps as unemployment rate unexpectedly declines.

Reuters:

• Europe agrees to landmark AI rules in bid to lead global race.
• Wall St Week Ahead Year-end rally in US stocks faces twin tests as Fed, inflation data loom.

MarketWatch.com:

• What’s the Sahm rule? Here’s what you need to know about the recession indicator that has Wall Street talking.
• Jobs report ‘suggests a bit less recession risk than you might have thought,’ economist says.
• Investors are taking more risk as we near the end of 2023.

NewsMax:

• 74 Lawmakers Demand Harvard, MIT, UPenn Ax Presidents Over Antisemitism.
• US to Israel: We'll Respond to Houthi Attacks.
• US Bases in Middle East Attacked Again.
• Palestinian Authority Envisions Ruling Gaza With Hamas.

Fox News:

• Stefanik rips into Harvard president over her apology for antisemitism testimony: ‘No, Dr. Gay’.

TheGatewayPundit.com:

• “Hunter is in a Lot of Trouble” – Former Federal Prosecutor Breaks Down Latest Hunter Biden Indictment.
• Blue State Set to Fine Toy Stores That Don’t Have Gender-Neutral Sections Under New Law.
• WATCH: “Thank You, Joe Biden… We Love You, Joe Biden” – Osama from Morocco Tells Reporter He Doesn’t Care What Americans Pay After Invading Our Country, Thanks Biden for Opening the Border.
• REVEALED: Banks Filed 6 Suspicious Activity Reports Flagging Joe Biden’s Wilmington, Delaware Home Address.
• New Mexico Complaints Against Meta and Mark Zuckerberg Reveal Disturbing Development — Shows Sex Predators Used “PIZZA” to Hide Their Criminal Activities on Facebook and Instagram (GRAPHIC PHOTOS).
• Review of Hiring Process Reveals University of Washington Faculty Search Weighed Race Inappropriately Against White Applicant.
• How Liberals Let Antisemitism Happen Here.
• Republican Challenger for George Santos’ Congressional Seat Linked to Black Lives Matter and Anti-Trump Organizations.
• Far Left Chicago Teachers Union Boss Owes Thousands in Unpaid Utility Bills Despite $289,000 Salary.
• UPenn Reportedly Requesting University’s Woke President Liz Magill to Resign on Friday Over Antisemitic Testimony in Congress.
• Prominent Rabbi Resigns from Harvard’s Antisemitism Board After School President’s Embarrassing Testimony.
• Conservative Commentator Digs Up Clip That Shows What ‘Person of the Year’ Taylor Swift Thinks About Bible-Believing Christians.
• Ronna McDaniel Schedules Two More Debates with CNN Before Primaries – Because She Hates Trump and the GOP.
• WATCH: Megyn Kelly Reveals What Chris Christie Was Saying to Her in Viral Video During Debate Commercial Break, Says He Was ‘Pissed Off’.

Epoch Times:

• US Sanctions Uyghur Persecutors, Expands Chinese Imports Ban to Mark Human Rights Day.
• Rubio Introduces Bill to Protect American Education From Malign Chinese Influence.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 997,917 Reports(+9,212 from prior week) Through November 3rd, 2023.

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.

Weekly Scoreboard*

S&P 500 4,604.2 +.2%

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 36,258.5 +.01%

• NASDAQ 14,409.2 +.67%

• Russell 2000 1,881.0 +.93%

• NYSE FANG+ 8,296.0 +1.1% 
• Roundhill Meme Stock ETF 38.93 +5.4%
  

• Goldman 50 Most Shorted 143.6 +1.4%

• Wilshire 5000 45,931.2 +.24%

• Russell 1000 Growth 2,957.4 +.72%

• Russell 1000 Value 1,559.43 -.35%

• S&P 500 Consumer Staples 738.31 -1.2%

• MSCI Cyclicals-Defensives Spread 1,325.49 +.83%
  

• NYSE Technology 4,116.8 +.74%

• Transports 15,240.6 -1.4%

• Utilities 872.7 -.36%

• Bloomberg European Bank/Financial Services 90.29 +1.8%
  

• MSCI Emerging Markets 39.01 -1.6%

• Credit Suisse AllHedge Long/Short Equity Index 188.60 -.06%

• Credit Suisse AllHedge Equity Market Neutral Index 106.19 -.51%

Sentiment/Internals

• NYSE Cumulative A/D Line 464,548 +.63%
• Nasdaq/NYSE Volume Ratio 10.6 +103.8%

• Bloomberg New Highs-Lows Index 46 -94
  

• Crude Oil Commercial Bullish % Net Position -26.9 +6.4%

• CFTC Oil Net Speculative Position 183,171 -11.7%

• CFTC Oil Total Open Interest 1,563,737 +.65%

• Total Put/Call .88 +3.6%

• OEX Put/Call .92 -12.4%

• ISE Sentiment 113.0 -14.0 points
  

• NYSE Arms .68 -25.0%
  
• Bloomberg Global Risk-On/Risk-Off Index 60.4 -.66%
• Bloomberg US Financial Conditions Index .62 +10.0 basis points
  
• Bloomberg European Financial Conditions Index .32 +9.0 basis points
  

• Volatility(VIX) 12.6 -1.6%
• DJIA Intraday % Swing .55% -43.0%

• CBOE S&P 500 3M Implied Correlation Index 20.54 -4.0%

• G7 Currency Volatility (VXY) 8.0 +7.1%
  

• Emerging Markets Currency Volatility (EM-VXY) 7.92 +1.2%

• Smart Money Flow Index 13,755.14 +3.8%
• NAAIM Exposure Index  76.1 -5.3
  

• ICI Money Mkt Mutual Fund Assets $5.898 Trillion +1.1%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows +$6.307 Million

• AAII % Bulls 47.3 -3.1%

• AAII % Bears 27.4 +39.8%

Futures Spot Prices

• CRB Index 260.74 -3.7%

• Crude Oil 71.28/bbl. -4.3%

• Reformulated Gasoline 205.27 -3.1%

• Natural Gas 2.56 -6.7%
• Dutch TTF Nat Gas(European benchmark) 38.6 euros/megawatt-hour -12.0%
  

• Heating Oil 258.03 -3.2% 
• Newcastle Coal 153.7 (1,000/metric ton) +13.4%
  

• Gold 2,000.24 -3.4%
• Silver 23.03 -9.6%
  

• S&P GSCI Industrial Metals Index 398.0 -3.5%

• Copper 383.60 -2.1%

• US No. 1 Heavy Melt Scrap Steel 430.0 USD/Metric Tonne +12.3%

• China Iron Ore Spot 134.7 USD/Metric Tonne +4.5%

• CME Lumber  528.50 +.57%

• UBS-Bloomberg Agriculture 1,551.90 -1.6%
• US Gulf NOLA Potash Spot 322.50 USD/Short Ton unch.
  

Economy

• Atlanta Fed GDPNow 4Q Forecast +1.25% +6.0 basis points
  

• ECRI Weekly Leading Economic Index Growth Rate (graph)
  
• US Recession Within 3 Months Probability(3M/18M Forward Yld Curve Spread) 29.4% +1.0 percentage point
  

• NY Fed Real-Time Weekly Economic Index 2.48 +17.0%

• US Economic Policy Uncertainty Index 95.1 +67.2%
• S&P 500 Current Quarter EPS Growth Rate YoY(498 of 500 reporting) +4.4% -.1 percentage point

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 242.35 +.28:  Growth Rate +9.4% +.1 percentage point, P/E 18.9 unch.
  
• S&P 500 Current Year Estimated Profit Margin 12.11% -2.0 basis points
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(10 of 10 reporting) +47.7% -2.9 percentage points
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 285.80 +1.34: Growth Rate +34.0% +.6 percentage point, P/E 28.8 -1.2
  

• Citi US Economic Surprise Index 20.3 -5.3 points

• Citi Eurozone Economic Surprise Index -21.0 +2.7 points

• Citi Emerging Markets Economic Surprise Index 26.2 +.4 point

• Fed Fund Futures imply .00%(-0.0 percentage point) chance of -25.0 basis point cut to 5.0-5.25%, 98.2%(-.6 percentage point) chance of no change, 1.8%(+.6 percentage point) chance of +25.0 basis point hike to 5.5-5.75% on 12/13
  

• US Dollar Index 104.01 +.77%

• MSCI Emerging Markets Currency Index 1,710.12 -.26%
  

• Bitcoin/USD 43,927.5 +10.5%

• Euro/Yen Carry Return Index 167.26 +.24%
  

• Yield Curve(2s/10s) -48.0 -13.5 basis points
  

• 10-Year US Treasury Yield 4.24% +1.0 basis point
  

• Federal Reserve's Balance Sheet $7.701 Trillion -.75% 
• Federal Reserve's Discount Window Usage $2.110 Billion -17.5%
• Federal Reserve's Bank Term Funding Program $121.695 Billion +6.9%
  

• U.S. Sovereign Debt Credit Default Swap 47.70 +1.4%
  

• Illinois Municipal Debt Credit Default Swap 185.5 +4.0%
  

• Italian/German 10Y Yld Spread 180.0 +6.0 basis points
  
• UK Sovereign Debt Credit Default Swap 36.07 +1.9%
  

• China Sovereign Debt Credit Default Swap 62.21 +6.7%
  

• Brazil Sovereign Debt Credit Default Swap 147.89 +1.3%
  

• Israel Sovereign Debt Credit Default Swap 109.49 -4.5%

• South Korea Sovereign Debt Credit Default Swap 28.22 +2.5%

• China Corp. High-Yield Bond USD ETF(KHYB) 25.5 +.14%
• China High-Yield Real Estate Total Return Index 74.20 -1.4%
  

• Atlanta Fed Low Skill Wage Growth Tracker YoY +5.9% unch.
  
• Zillow US All Homes Rent Index YoY +3.2% unch.
  
• US Urban Consumers Food CPI YoY +3.3% unch.
  
• CPI Core Services Ex-Shelter YoY +3.9% unch.
  
• Cleveland Fed Inflation Nowcast Core PCE YoY +3.46% unch.: CPI YoY +3.04% unch.
  
• 10-Year TIPS Spread 2.21% -2.0 basis points
  

• TED Spread 24.5 -1.25 basis points
  
• 2-Year SOFR Swap Spread -19.5 -1.25 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -9.0 +3.0 basis points
  

• N. America Investment Grade Credit Default Swap Index 61.49 +.24%
  

• America Energy Sector High-Yield Credit Default Swap Index 176.0 +5.9% 
• Bloomberg TRACE # Distressed Bonds Traded 377.0 +32.0
  

• European Financial Sector Credit Default Swap Index 76.0 -.8%
• Deutsche Bank Subordinated 5Y Credit Default Swap 221.66 -5.2%

• Emerging Markets Credit Default Swap Index 185.22 -1.5%
  

• MBS 5/10 Treasury Spread 149.0 -3.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 952.0 +8.0 basis points
• Avg. Auto ABS OAS .83 -5.0 basis points
  

• M2 Money Supply YoY % Change -3.3% unch.
  

• Commercial Paper Outstanding 1,251.2 -1.9%

• 4-Week Moving Average of Jobless Claims 220,750 +.23%
  

• Continuing Claims Unemployment Rate 1.2% -10.0 basis points
  
• Kastle Back-to-Work Barometer(entries in secured buildings) 48.98 +24.8%
  

• Average 30-Year Fixed Home Mortgage Rate 7.41% -16.0 basis points
  

• Weekly Mortgage Applications 181,100 +2.8%

• Weekly Retail Sales +3.0% -90.0 basis points
  
• OpenTable US Seated Diners % Change YoY -4.0% +2.0 percentage points
  
• Box Office Weekly Gross $132.8M -36.1%
  

• Nationwide Gas $3.19/gallon -.06/gallon

• Baltic Dry Index 2,495.0 -21.8%

• China (Export) Containerized Freight Index 858.40 +.08%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 35.0 -6.7%
• Truckstop.com Market Demand Index 45.2 +90.1%

• Rail Freight Carloads 272,577 +24.3%
• TSA Total Traveler Throughput 2,373,456 +27.3%
  

Best Performing Style

• Small-Cap Value +.9%
  

Worst Performing Style

• Large-Cap Value -.5%

Leading Sectors

• Airlines +12.6%

• Homebuilding +5.4%
• Regional Banks +3.2%
  

• I-Banking +2.9%
  

• Networking +1.4%
  

Lagging Sectors

• Gambling -3.0%
  

• Steel -3.5%
  

• Energy -3.7%

• Oil Service -4.5%
  

• Gold & Silver -6.2%
  

Weekly High-Volume Stock Gainers (27)

• MBI, ALXO, SAVA, PARA, NETI, AAOI, ARVN, AX, CLSK, AMBC, UPST, CVNA, LULU, AFRM, DOCU, ALLE, QNST, SRRK, DAVA, IMCR, AGO, CARR, INSP, S, SRAD, RBLX and ALB
  

Weekly High-Volume Stock Losers (14)

• MEI, SMAR, CIEN, GTES, MNSO, CRSP, SWBI, MDGL, RH, AGRO, XPOF, HCP, NOVA and MDRX
  

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change