Today's Headlines

Around X:

• @Business 

• Trump said he’s increasing US tariffs on Canada by 10% in response to a misleading anti-tariff advertisement by sponsored the state of Ontario that has roiled one of the world’s biggest bilateral trade relationships.
• Secretary of State Marco Rubio said that the Trump administration will not abandon long-standing US support for Taiwan in negotiations with China to reach a trade agreement. 
• European Commission President Ursula von der Leyen said Brussels is considering all options to react to China’s rare-earth threat. 
• President Donald Trump said he expected to meet with Brazilian President Luiz Inacio Lula da Silva during his trip to Asia and that he was open to reducing tariffs on Brazil. 
• Policymakers in the US and Canada will take the spotlight in coming days, with rate cuts likely while the rest of the G-7 stays on hold.
• Moody’s Ratings cut France’s credit outlook to negative from stable, adding to warnings on the country’s bloated public finances. 
• Will AI kill entry-level jobs? Not necessarily. History suggests young workers may actually be best placed to adapt. 
• ExxonMobil has sued California, arguing that two new state laws violate the First Amendment by trying to force it to agree to a certain climate viewpoint, and conflict with federal regulations. 
• What happened to the global economy this week — in charts 

• @Zerohedge 

• The unhinged and hysterical rage over Trump's remodeling of the old, outdated, crusty East Wing is the type of reflexive anti-Trump meltdown that has so often made valid criticism of him fall on deaf ears. Classic boy-who-cried-wolf syndrome: -@ggreenwald.
• Japan Will Play A Much Greater Role In Advancing The American Agenda In Asia.
• Virginia Governor Declares Emergency Over Looming Loss Of SNAP Benefits; USDA Warns Funds Running Out.
• "You Have To Be Scared... Forcefully Rise Up": Democrat Leaders Ramp Up Resistance Rhetoric.
• Market's "In A Holding Pattern"; Goldman's Rates Traders See 2026 Fed Path 'Trickier'.
• Sweet Jesus: $NNE short interest at 41% of float. Big bump for $UUUU too, notably while there's broad sector short covering. (table)  
• I ran down the rabbit hole last night... What I've discovered is shocking. I searched through thousands of arrests in my county and every single Hispanic individual who has been arrested is labelled as "WHITE". Not one, not two... HUNDREDS. How long has this been going on?!!!! (pics) 
• 'Best Seasonal Window Of The Year Starts Next Week'; Citadel Flows Guru Says "Retail Remains Price-Setter".
• The Fragility Of The Digital Age.
• Walmart's Thanksgiving Meal Deal Returns To 2019 Low Price Levels.
• Gross has increased while nets have come down, pointing to shorts having increased. People are just simply not positioned for new ATHs.
• Trump Wants New "Golden Fleet" Of Future Battleships For Hemispheric Defense.
• They're Coming For Your Wood-Burning Stove... Again.
• "We're Living Through A Coordinated Sabotage Of Truth-Seeking Institutions".
• Germany And Poland Are Growing Weary Of Ukrainian Refugees And War.
• Financial conditions: lower is looser. Next week Fed cuts and QT ends. (graph)    
• BEN BERNANKE, JANET YELLEN URGE SUPREME COURT TO STRIKE DOWN MOST OF TRUMP’S GLOBAL TARIFFS, CALLING THEM BASED ON MISCONCEPTIONS ABOUT THE GLOBAL ECONOMY. Are the misconceptions worse than those of the Fed about... everything? 
• Prominent Personalities Sign Letter Seeking Ban On 'Development Of Superintelligence'.
• Pentagon Orders Carrier Strike Group To Join SOUTHCOM Operations Near Venezuela.
• Life comes at you fast. (pic)
• “The Knicks want to make it clear that we do not endorse Mr. Mamdani for Mayor…We will pursue all legal remedies to enforce our rights”. Knicks send Zohran cease & desist letter over logo. 
• Congress Takes A Page From Louisiana: The Case For An American Energy Renaissance.
• Was Rubio The Saboteur-In-Chief Of Ukraine-Russia Peace Efforts? 
• BREAKING: Newly resurfaced excerpt from the 2016 deposition of Virginia Giuffre in relation to Jeffrey Epstein alleges that Billionaire Tom Pritzker (of the notorious Pritzker family) and cousin to Illinois Governor J.B. Pritzker slept with Virginia Giuffre. 
• Stocks Surge To New Record High After Cool CPI; Bullion Battered, Black Gold Bid. 

• @BarronsOnline

• Had bullish commentary on (EXE) and (PGR).

• @IGSquawk 

• Weekend markets update: #DAX 24190 -0.06%. #DOW 47190 -0.03%. #NASDAQ 25376 +0.06%. #FTSE 9633 -0.01%. #HANGSENG 26227 0.00%. #ASX 9044 0.00%. #CAC 9207 -0.01%. #EURUSD 11629 +0.01%. #GOLD 4116 +0.05%. #USOIL 6133 -0.30%.

• @WSJ

• The future of Argentina’s free-market experiment hinges on the country's midterm congressional elections Sunday.
• As President Trump goes to Asia, some countries in the region fear a ‘grand bargain’ with China on economic issues could sideline security.
• Gambling has a long history of attracting crooks. Addictive legal bets can spiral toward illegality. There’s a reason Congress tried to ban this in the first place, which the public might be rediscovering. 

• @CNBC 

• China opposes decoupling from the U.S., Chinese Commerce Minister Wang Wentao said Friday.
• Elite bull market takes control again with the S&P 500 touching 6,800 for first time ever.
• Bank of America names five stocks with more room to run before they report earnings.
• Wall Street barrels toward final week of October against backdrop of Big Tech earnings, Fed meeting. 

• @MarioNawfal

• ELON: TESLA IS TRANSFORMING THE ENERGY SECTOR WITH POWERWALL AND MEGAPACK. “We’re also making a huge impact on the energy sector with battery storage. With both Powerwall and especially with the Megapack, we are dramatically improving the ability to generate more energy from the grid. If you look at total U.S. energy capability, there’s roughly a terawatt of continuous power available, but the average usage over a 24 hour cycle is only half a terawatt because of the big difference between day and night usage.”
• ELON: OPTIMUS ROBOTS NOW PATROL OUR PALO ALTO OFFICES 24 HOURS A DAY. “We do have Optimus robots that walk around our offices at our engineering headquarters in Palo Alto, California. Basically 24 hours a day, seven days a week. Any visitors that come by can stop one of the Optimus robots and ask it to take them somewhere, and it’ll literally take them to that meeting room or location in the building.”

• @LauraLoomer

• WATCH: Mamdani admits his goal for NYC is a Muslim takeover of New York! For those of you who are accusing @ZohranKMamdani critics of “Islamophobia”, just take a listen to his own words. He literally says he ran for office so he can increase the number of Muslims in America who are registered to vote so he can make America more Islamic. (video)

• @BasedSamParker

• BREAKING: CHARLIE KIRK ABANDONED BY CHIEF OF STAFF! After spending the entire morning at Charlie Kirk's side filming everything, Charlie's friend & TPUSA Chief of Staff Mikey McCoy appears to ABANDON Charlie at the very moment of Charlie's death. You simply must watch Mikey McCoy turn & walk away from Charlie in the very instant Charlie is mowed down. Mikey doesn't jump in surprise. He doesn't duck for cover. He doesn't rush to Charlie's aid. He doesn't run away in panic. He doesn't even try to capture any footage as he's been doing all morning! Nope. None of that. Instead, what he actually does is calmly strolls off. That's it. He just turns and walks away. No fuss. No muss. And no security accompanies him, so he's apparently not being evacuated for his own protection or anything like that. He just saunters off by himself. (video)
• BREAKING, FBI DESTRUCTION OF EVIDENCE: Ryne Simmons says the FBI tried to get him to DELETE his Charlie Kirk assassination video. Is this why we've gotten so little footage from witnesses?! How many witnesses followed these FBI instructions? Outrageous. Cover-up confirmed? (video)

• @ImMeme0

• British citizens are sending a fair warning to New Yorkers: “If Mamdani becomes the next mayor, this city is absolutely fvcked. Just look at what happened to London after Sadiq Khan took over.” (video)
• UNBELIEVABLE! DC journalist just exposed why Democrats are dragging out the government shutdown — “dark money from billion-dollar health insurance companies.” Even while the federal government is shut down, UnitedHealthcare, Aetna, Kaiser, and Molina are still getting paid directly from the U.S. Treasury under ACA provisions. The journalist claims Democrats are protecting these payouts, not federal workers or the military, because losing ACA tax credits next year would cost insurers billions. “This shutdown has nothing to do with healthcare — it’s about billion-dollar insurance companies keeping their cash flow.” (video)

• @elonmusk

• Did we forget how to solve crimes? - @rmcentush. This is concerning. (graph) 

• @MJTruthUltra

• Do you believe the government has genetically engineered ticks to cause us to get sick? Over the last several months, there has been a surge in tick-borne Meat Allergies from the Lone Star Tick.

• @NicHulscher

• We are the majority now. A recent Rasmussen Survey found 56% of U.S. voters believe COVID-19 "vaccines" caused mass deaths. What was once called a “conspiracy theory” has now become the mainstream view.

• @ValerieAnne1970

• Neomycin Is An Additive In 15 Vaccines..."When Injected Into A Person's Bloodstream, It Damages The Inner Ear, Causing Lifelong Hearing Loss." Dr Bryan Ardis. Neomycin Has A Black Box Warning That States... "Causation For Tinnitus, Hearing Loss & Profound Irreversible Deafness."

• @realstewpeters

• “If your average citizen knew the truth about what’s going on and what they’re being exposed to without their consent, they would be outraged and they would take action.” Climate Trails - Now on Amazon Prime. (video)

• @unusual_whales

• BREAKING: The White House is preparing an "imminent" probe to explore whether any US trade partners aren’t paying enough for medicines, per the FT.

• @EricLDaugh

• BREAKING: The red state of INDIANA has the chance to pass this Congressional map for the 2026 midterms. SHIFT: Republican: +2 Democrat: -2. There is NO EXCUSE it can’t be done. Make sure your local Indiana Senator knows redistricting is a MUST — or we’ll lose ground to Gavin Newsom. It’s crucial for President Trump! (map)

• @persianjewess

• Mamdani claims “I have never, not once, spoken in support of global Jihad.” Here’s a look back at all the times he never, not once, spoke in support of global jihad… (video)

• @ChristianHeiens

• If Indiana does not redistrict, the odds of a Democrat takeover of the House of Representatives next year skyrocket because Republicans would be leaving two guaranteed pickups off the table for no reason aside from their chronic addiction to losing.

• @AuronMacintyre

• If you want young people to stop embracing socialist rhetoric you have to stop this immediately. People who will never own a home because they’re being systematically acquired by speculators aren’t going to sit through lectures on the wonders of capitalism.

• @DC_Draino

• Democrats shut down the government demanding more healthcare dollars for illegal aliens. Meanwhile, hospitals like U of Miami use the 340B program to markup drugs and build palaces. This now deleted video proves they're lining pockets, not helping patients like the program intends. Reform! (video)

• @topheronx

• Obama criticized men for not supporting a Black woman in the last election—now he’s heading to Virginia to urge people NOT to vote for a Black woman.

OpenVAERS:  

• VAERS US COVID Vaccine Adverse Event Reports. 1,026,944 Reports(+441 from prior report) Through August 29th, 2025.

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 6,805.2 +2.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 47,275.2 +2.3%

• NASDAQ 23,255.5 +2.5%

• Russell 2000 2,517.2 +2.7%

• NYSE FANG+ 16,542.0 +2.5%

• Goldman 50 Most Shorted 279.8 +1.7%

• Wilshire 5000 67,323.4 +2.2%

• Russell 1000 Growth 4,813.8 +2.3%

• Russell 1000 Value 2,033.3 +1.9%

• S&P 500 Consumer Staples 881.4 -.5%

• Bloomberg Cyclicals/Defensives Index(Ex Telecom) 249.9 +1.8%
  

• NYSE Technology 7,563.1 +3.2%

• Transports 15,505.6 -1.4%

• Utilities 1,145.4 -.6%

• MSCI Europe Banks 97.0 +1.3%
  

• MSCI Emerging Markets 55.2 +1.7%

• Credit Suisse AllHedge Long/Short Equity Index 245.05 +1.13%

• Credit Suisse AllHedge Equity Market Neutral Index 126.79 +.35%

Sentiment/Internals

• NYSE Cumulative A/D Line 584,998 +.68%
• Nasdaq/NYSE Volume Ratio 16.6 +31.4%

• Bloomberg New Highs-Lows Index 461 -72

• Crude Oil Commercial Bullish % Net Position -12.4 n/a

• CFTC Oil Net Speculative Position 102,958 n/a

• CFTC Oil Total Open Interest 1,936,690 n/a

• Total Put/Call .78 -14.4%

• OEX Put/Call 1.61 +43.8%

• ISE Sentiment 163.0 -10.0

• NYSE Arms 1.03 +24.1%
  
• Bloomberg Global Risk-On/Risk-Off Index 84.1 +10.5%
• Bloomberg US Financial Conditions Index .50 +29.0 basis points
• Bloomberg European Financial Conditions Index 1.10 -17.0 basis points

• Volatility(VIX) 16.4 -21.1%
• S&P 500 Intraday % Swing .51 -55.4%

• CBOE S&P 500 3M Implied Correlation Index 13.9 -18.9%

• G7 Currency Volatility (VXY) 7.3 -4.7%
  

• Emerging Markets Currency Volatility (EM-VXY) 6.5 -4.7%

• Smart Money Flow Index 23,027.8 -2.3%
• NAAIM Exposure Index  90.4 +5.8

• ICI Money Mkt Mutual Fund Assets $7.398 Trillion +.41%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows +$3.133 Million

• AAII % Bulls 36.9 +9.5%

• AAII % Bears 42.7 -7.4%
• CNN Fear & Greed Index 33.0 (FEAR from EXTREME FEAR) +4.0

Futures Spot Prices

• CRB Index 305.0 +3.8%

• Crude Oil 61.6/bbl. +6.7%

• Reformulated Gasoline 192.2 +5.1%

• Natural Gas 3.38 +8.7%
• Dutch TTF Nat Gas(European benchmark) 32.0 euros/megawatt-hour +.3%
  

• Heating Oil 240.3 +10.5% 
• Newcastle Coal 108.0 (1,000/metric ton) -1.1%

• Gold 4,112.0 -3.4%
• Silver 48.55 -6.5%
  

• S&P GSCI Industrial Metals Index 506.4 +2.7%

• Copper 512.5 +2.5%

• US No. 1 Heavy Melt Scrap Steel 351.0 USD/Metric Tonne +.3%

• China Iron Ore Spot 104.2 USD/Metric Tonne +.4%
• China Battery Grade Lithium Carbonate 10,250.0 USD/metric tonne n/a

• CME Lumber  686.5 -6.9%

• UBS-Bloomberg Agriculture 1,337.5 +.6%
• US Gulf NOLA Potash Spot 327.5 USD/Short Ton unch.

Economy

• Atlanta Fed GDPNow Q2 Forecast +3.9% unch.

• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 38.4 -2.8 percentage points

• NY Fed Real-Time Weekly Economic Index 2.16 -13.6%

• US Economic Policy Uncertainty Index 417.50 -32.0%
• Bloomberg Global Trade Policy Uncertainty Index 3.0 -35.7%
• DOGE Total Taxpayer Dollars Saved $214.0 Billion($1,329.19 Savings Per Taxpayer) unch.
• S&P 500 Current Quarter EPS Growth Rate YoY(145 of 500 reporting) +15.1% -.9 percentage point

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 297.03 +1.09:  Growth Rate +13.4% +.4 percentage point, P/E 22.7 +.3
• S&P 500 Current Year Estimated Profit Margin 13.58% +10.0 basis points
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(1 of 10 reporting) +7.6%
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 480.32 +2.71: Growth Rate +18.9% +.6 percentage point, P/E 33.8 +.4

• Citi US Economic Surprise Index 11.0 +1.2 points

• Citi Eurozone Economic Surprise Index 7.1 +9.1 points

• Citi Emerging Markets Economic Surprise Index 13.2 +4.5 points

• Fed Fund Futures imply 96.7%(-1.7 percentage points) chance of -25.0 basis point cut to 3.75-4.0%, 3.3%(+3.3 percentage points) chance of no change, 0.0%(unch.) chance of +25.0 basis point hike to 4.25-4.5% on 10/29

• US Dollar Index 98.96 +.4%

• MSCI Emerging Markets Currency Index 1,839.3 -.08%
  

• Bitcoin/USD 110,618.5 +1.5%

• Euro/Yen Carry Return Index 201.08 +1.3%
• Swiss Franc/Offshore Chinese Renminbi Cross 8.96 -.3%

• Yield Curve(2s/10s) 51.25 -2.75 basis points
  

• 10-Year US Treasury Yield 3.99% -1.0 basis point

• Federal Reserve's Balance Sheet $6.542 Trillion -.1%
• Federal Reserve's Discount Window Usage $6.788 Billion +11.6%

• U.S. Sovereign Debt Credit Default Swap 40.0 -2.3%
  

• Illinois Municipal Debt Credit Default Swap 201.0 -5.9%
  

• Italian/German 10Y Yld Spread 79.0 -1.0 basis point
• UK Sovereign Debt Credit Default Swap 21.4 -.7%

• China Sovereign Debt Credit Default Swap 43.7 -3.0%
  

• Brazil Sovereign Debt Credit Default Swap 141.6 -3.9%
  

• Israel Sovereign Debt Credit Default Swap 72.9 -.7%

• South Korea Sovereign Debt Credit Default Swap 24.60 +1.4%

• China Corp. High-Yield Bond USD ETF(KHYB) 24.61 +.22%
• China High-Yield Real Estate Total Return Index 125.27 +.08%
  

• Atlanta Fed Low Skill Wage Growth Tracker YoY +3.8% unch.
• Zillow US All Homes Rent Index YoY +2.6% unch.
• US Urban Consumers Food CPI YoY +3.1% -10.0 basis points
• CPI Core Services Ex-Shelter YoY +3.3% -20.0 basis points
• Cleveland Fed Inflation Nowcast Core PCE YoY +2.85% -2.0 basis points: CPI YoY +2.97% -2.0 basis points
• 1-Year TIPS Spread 2.96 +36.0 basis points
• 10-Year TIPS Spread 2.29 +1.0 basis point

• Treasury Repo 3M T-Bill Spread -35.75 basis points -3.25 basis points
• 2-Year SOFR Swap Spread -23.0 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.5 +.25 basis point

• N. America Investment Grade Credit Default Swap Index 51.4 -4.6%
  

• America Energy Sector High-Yield Credit Default Swap Index 199.0 -5.6% 
• Bloomberg TRACE # Distressed Bonds Traded 237.0 -6.0 
  

• European Financial Sector Credit Default Swap Index 59.3 -5.1%
• Deutsche Bank Subordinated 5Y Credit Default Swap 128.4 -4.9%

• Emerging Markets Credit Default Swap Index 144.9 -5.8%
  

• MBS 5/10 Treasury Spread 123.0 +1.0 basis point
• Bloomberg CMBS Investment Grade Bbb Average OAS 606.0 +3.0 basis points
• Avg. Auto ABS OAS .57 +1.0 basis point

• M2 Money Supply YoY % Change +4.8% unch.

• Commercial Paper Outstanding $1,320.5B +.7%

• 4-Week Moving Average of Jobless Claims 237,500 n/a

• Continuing Claims Unemployment Rate 1.3% n/a
• Kastle Back-to-Work Barometer(entries in secured buildings) 54.2 +.4%
  

• Average 30-Year Fixed Home Mortgage Rate 6.34% -5.0 basis points

• Weekly Mortgage Applications 316,200 -.3%

• Weekly Retail Sales +5.4% -50.0 basis points
• OpenTable US Seated Diners % Change YoY +7.0% -3.0 percentage points
• Box Office Weekly Gross $98.4M -4.0%

• Nationwide Gas $3.07/gallon +.02/gallon

• Baltic Dry Index 2,057.0 -.6%
• Drewry World Container Freight Index $1,746.1/40 ft Box +3.5%
  

• China (Export) Containerized Freight Index 992.7 +2.0%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 52.5 -4.6%
• Truckstop.com Market Demand Index 68.2 -4.6%

• Rail Freight Carloads 273,610 -.1%
• TSA Total Traveler Throughput 2,780,271 +22.6% 
• Rasmussen Reports Daily Presidential Approval Tacking Poll 47.0% -2.0 percentage points

Best Performing Style

• Small-Cap Value +2.8%

Worst Performing Style

• Large-Cap Cap +1.9%

Leading Sectors

• Oil Service +11.5%

• Computer Services +8.1%
• Computer Hardware +7.2%

• Steel +5.3%
  

• Electric Vehicles +4.6%
  

Lagging Sectors

• Foods -1.2%

• Electrification -1.3%
  

• Nuclear -2.3%

• Coal -4.4%
  

• Gold & Silver -6.7%
  

Weekly High-Volume Stock Gainers (64)

• NEGG, GRND, WYFI, FLNC, FDMT, FIX, CIFR, UMAC, QS, F, EOSE, MNTN, OPRX, LEU, HTBK, ENVA, GRAL, SNDK, ALB, CRCL, LTBR, COIN, AAL, PATH, WW, PATH, EME, CUBI, IBM, AIRS, LITE, AMD, COHR, NOVT, NRIX, IIIV, CEG, ASPI, KOD, SSNC, ASGN, SLM, SAM, DAL, CRS, GS, FLG, THC, VLY, PZZA, UBSI, CRL, GM, FHB, DAKT, SHLS, SKYT, ADTN, PFSI, ARR, ADTN, NUVL, OSBC and AMKR

Weekly High-Volume Stock Losers (21)

• EAF, INSP, MBLY, HONE, NEM, EBC, ITW, GSK, DKNG, ZLAB, BYD, OWLS, MHK, ALK, KNSL, GNTX, SAIC, FORD, VRSN, BAH, MXL and DECK

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Surging into Afternoon on US Economic Data, US-China Trade Deal Hopes, Earnings Outlook Optimism, Tech/Financial Sector Strength

Overseas Futures:

• Nikkei 225 Futures: Indicating +360 open in Japan 
• China A50 Futures: Indicating +41 open in China

• DAX Futures: Indicating +90 open in Germany

Portfolio:

• Higher: On gains in my tech/industrial/consumer discretionary/biotech/utility sector longs 
• Disclosed Trades: None
• Market Exposure: 100% Net Long

Monday's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• (BOH)/1.17
• (CRI)/.73
• (KDP)/.54 

After the Close: 

• (AMKR)/.43
• (CAR)/7.98
• (BBBY)/-.48
• (BRO)/.94
• (CDNS)/1.79
• (CLS)/1.49
• (CR)/1.49
• (FFIV)/3.97
• (FTAI)/1.21
• (NE)/.26
• (NUE)/2.18
• (NXPI)/3.12
• (METC)/-.27
• (RMBS)/.63
• (WHR)/1.39 

Economic Releases 

8:30 am EST 

• Durable Goods Orders for Sept. is estimated to rise +.1%. 
• Durables Ex Transports for Sept. is estimated to rise +.2%. 

10:30 am EST

• The Dallas Fed Manufacturing Activity Index for Oct. 

Upcoming Splits

• (NVA) 5-for-1

Other Potential Market Movers

• The Atlanta Fed GDPNow Q3 update and the 2/5 year T-Note auctions could also impact global trading on Monday.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Friday Watch

Night Trading 

• Asian equity indices are +.25% to +1.25% on average. 
• Asia Ex-Japan Investment Grade CDS Index 69.75 -.75 basis point.
• China Sovereign CDS 44.25 -.5 basis point.
• China Iron Ore Spot 103.8 USD/Metric Tonne -.9%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.96 -.02%
• Bloomberg Emerging Markets Currency Index 36.19 -.14%.
• Bloomberg Global Risk-On/Risk Off Index 83.3 +.4%.
• US 10-Year Yield 4.0% unch.
• Volatility Index(VIX) futures 18.7 -1.4%.
• Euro Stoxx 50 futures +.16%. 
• S&P 500 futures +.15%.
• NASDAQ 100 futures +.26%.

Morning Preview Links

BOTTOM LINE: Asian indices are modestly higher, boosted by technology 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 100% net long heading into the day.