Evening Headlines

Bloomberg:       

• India Enters Recession as Virus Pummels No. 3 Asian Economy.  
• China Targets Australian Wine, Says Ties Have Taken ‘Nosedive’.
• OPEC+ Calls Last-Minute Talks Ahead of Decision on Oil Cuts.
• Black Friday Gets Busted by Covid in Sign of Retail’s Future.
• Wall Street Records Break Quietly in Market That Has Seen It All.  
• New York State Cases Spike; L.A. Locks Down Again: Virus Update.
• Thanksgiving Testing Crunch Foreshadows Strain in December.
• Charting the Global Economy: Recession Recovery Is Wildly Uneven.  
• FCC Maintains Ban on Mobile Phone Voice Calls During Flights.
• Bitcoin Extends Decline After Biggest Slump Since Pandemic Hit.

Wall Street Journal:

• ‘Their Goal Is to Make You Feel Helpless’: In Xi’s China, Little Room for Dissent.
• When the Experts Fail, Everyone Else Pays the Price.
• Hunting Aims for a Comeback in Locked-Down Michigan.
• The Class of 2020 Looks for Work.
• Florida’s Approval of $15 Minimum Wage Sets Up Battle in Other States.
• Cars Are Going Digital, But Detroit Has a Long Road Ahead.
• ‘It’s Like the Second World War.’ Covid-19 Is Tearing Into the Parts of Europe That Lack Doctors.

CNBC: 

• Oxford, WHO scientists say more data needed on AstraZeneca’s Covid vaccine trials.
• A Black Friday unlike any other: What four retail analysts are watching.
• Black Friday 2020 looks bleak at stores, malls, as shoppers stick to couch.
• Los Angeles issues stay-home order as coronavirus cases surge out of control.

IG:

• Weekend Markets Trading Live.

MarketWatch.com:   

• House to consider measure next week that could banish Chinese stocks from U.S. that don't comply with audit rules.

Fox News:

• Trump urges supporters not to boycott Georgia runoff elections.
• United Airlines begins charter flights for Pfizer COVID vaccine: WSJ.
• Obama CIA Director Brennan rips killing of Iranian nuke scientist.

Newsmax:  

• Dark Money, Long Assailed by Dems, Aided Biden: Analysis.
• Federalist: 5 Ways Biden Unusually Outperformed Norms.

One America News Network:

• President Trump to hold rally in Ga. for Senators Loeffler and Perdue.
• Sidney Powell files lawsuit claiming Iranian, Chinese operatives potentially targeted Dominion Voting Systems.
  

Zero Hedge:

• Buying Bonanza Culminates With Record Inflows Into Global Stocks.
• Pennsylvania Appeals Court Tosses Trump Lawsuit, Setting Stage For Supreme Court Showdown.
• Trump Now Says Biden Will Have To 'Prove' His 80 Million Votes Weren't Fraudulent Before Giving Up White House.
• Infographic: The 4-Year-Long Campaign Against Trump.
• Carter Page Sues Comey, DOJ And Others For $75 Million Over Crossfire Hurricane Abuse.
• Iran Blames Israel, US For Assassination Of Top Nuclear Scientist.
• Iconic Shopping Tradition Dies As "Blasé Friday" Means No More Stampedes Or Frenzied Crowds.
• Portland Rioters Cause Thousands Of Dollars In Damage On Thanksgiving Night.
• There's No Reopening Plan For Closed NYC Schools, de Blasio Says.
• The Frightening Ease Of Government Overreach.
• Chicago University Economic Thinktank Poll: Forgiving Student Loans Likely A "Net-Regressive" Idea.
• Lockdowns Destroy What Makes Us Human.
• Belgium 'Cancels' New Year's Eve; Thailand Signs $200MN Deal For AstraZeneca COVID Vaccine: Live Updates.
• Stocks Give Thanks For Fed Liquidity As Dollar, Gold, & Bitcoin Dumped.
  

@kylenabecker:

• Arizona. This one is easy. Joe Biden got 1,040,774 votes in Maricopa County. Barack Obama got 542,206 votes in 2008. Let that sink in. Now consider the current Biden margin of victory in AZ is less than 13K votes. Trump won the state by over 90K votes in 2016. Okay, sure.
• Wisconsin. "It's a sham. It's a complete sham." "I can tell you right away there is NO WAY this is a legitimate recount." Another day, another poll worker's testimony of rampant voter fraud in Milwaukee. This is a truly *DISTURBING* account via @LisaMVanWyk:

@SydneyPowell1:

• Hacking Democracy - This is the hack that proved America's elections can be stolen using a few lines of computer code. (video)

The Epoch Times:

• Canadians Favor Hard-Line Stance Against China, Want Canada to Engage in Human Rights Issues: Poll.

ProtectTheVote.com: 

• Serious allegations of misconduct in the 2020 elections have resulted in unprecedented legal action to ensure our elections are -- and remain -- free and fair. Find out where we’re exposing fraud and how you can help.

HereIsTheEvidence.com:

• This is for aggregating publicly available items of voter fraud evidence in the US election that would be admissible in court.
  

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).

Stocks Slightly Higher into Final Hour on Vaccine Hopes, Dollar Weakness, Short-Covering, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 20.99 -1.22%
• Bloomberg Global Risk On/Risk Off Index 1,323.0 +59.0 points

• Euro/Yen Carry Return Index 128.82 +.16%

• Emerging Markets Currency Volatility(VXY) 10.10 unch.

• S&P 500 Implied Correlation 50.1 +1.4%

• ISE Sentiment Index 225.0 +77.0 points
  

• Total Put/Call .69 -1.43%

• NYSE Arms 1.52 +45.7%

Credit Investor Angst:

• North American Investment Grade CDS Index 51.21 -2.09%
  

• US Energy High-Yield OAS 680.32 -.11%

• European Financial Sector CDS Index 59.78 -1.7%

• Italian/German 10Y Yld Spread 118.0 unch.
  

• Asia Ex-Japan Investment Grade CDS Index 59.29 +.09%
  

• Emerging Market CDS Index 165.03 -1.68%
  

• iBoxx Offshore RMB China Corporate High Yield Index 180.63 -.11%

• 2-Year Swap Spread 10.0 +.5 basis point

• TED Spread 15.25 +2.5 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -18.5 -2.75 basis points
  
• MBS  5/10 Treasury Spread  76.5 +1.25 basis points
  
• IHS Markit CMBX BBB- 6 71.25 +1.0 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 61.28 +.04%
• 3-Month T-Bill Yield .08% unch.

• Yield Curve 70.25 -2.0 basis points
  

• China Iron Ore Spot 127.25 USD/Metric Tonne +2.9%

• Citi US Economic Surprise Index 80.0 -1.4 points

• Citi Eurozone Economic Surprise Index 117.7 +8.1 points
  

• Citi Emerging Markets Economic Surprise Index 63.5 +7.0 points

• 10-Year TIPS Spread 1.76 unch.
• 100.0% chance of no change at Jan. 27th meeting, 100.0% chance of no change at March 17th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +96 open in Japan 
• China A50 Futures: Indicating +24 open in China

• DAX Futures: Indicating -11 open in Germany

Portfolio:

• Slightly Lower: On gains in my tech/biotech/medical/consumer staple sector longs
  

• Disclosed Trades: None
  

• Market Exposure: 50% Net Long

Morning Market Internals

NYSE Composite Index:

• Volume Running -.6% Below 100-Day Average
• 5 Sectors Rising, 6 Sectors Declining
• 49.0% of Issues Advancing, 48.6% Declining
• 161 New 52-Week Highs, 1 New Low
• 84.5% of Issues Above 200-day Moving Average
• Average 14-Day RSI 57.8% 
• Bloomberg Global Risk-On/Risk-Off Index 1,362.0 +98.0 points
• Vix 20.9 -1.9%
• Total Put/Call .70 unch.
• TRIN/Arms 1.05 unch.

Friday Watch

Evening Headlines

Bloomberg:            

• Bank of Canada Chief Defends Bond Purchases From Political Attacks.
• Libya’s Oil Comeback Has Legs Even If Reliability Is in Doubt.
• Caution Sets in for Stock Market; Treasuries Climb: Markets Wrap.  
• Race to Recovery, China Stimulus Exit, Swedish Surprise: Eco Day  
• Oil Falls From Eight-Month High on OPEC+ Tensions Before Meeting.  
• Bitcoin Steadies After Biggest Slump Since March Market Meltdown.  
• Holiday Goes Dark in California as Edison Cuts Power.
  

Wall Street Journal:

• U.S. Airports See Busiest Travel Day Since March.
• How Three TikTok Stars Beat Back U.S. Plans to Ban the App.
• Fireworks Over Religious Liberty.
• GM Drives in Political Reverse.
• With Slack, Salesforce Would Put Heat on Microsoft.
• Mexico Arrests Alleged Mastermind of Attack That Killed American Women and Children.

Fox News: 

• Trump insists there was 'massive fraud,' says he will visit Georgia in Q & A with reporters.
• Twitter claims it has reversed ban of link to Sidney Powell's Georgia election lawsuit.
• WaPo story on world's 'dread' about US Thanksgiving celebrations ripped.
  

CNBC.com:

• AstraZeneca and Oxford defend Covid vaccine trials after questions raised in the U.S.
• Google and Facebook to be scrutinized by new U.K. antitrust unit from next year.
• Amazon gives front-line workers a $300 holiday bonus.
• Take a look at the electric trucks coming from Tesla, Rivian, Ford and GM.

Zero Hedge:

• "The Fraud Was Executed By Many Means": Sidney Powell "Releases Kraken" With Dual Lawsuits In Michigan, Georgia
• YouTube Attempts To Silence The Mises Institute.
• Watch: Obama Blames Trump For His Own Border "Cages".
• Black Friday Shoppers Expected To Spend More Online Than In Stores For First Time.
• Illinois Senators Durbin and Duckworth Are Among The Book Burners Happy With Big Tech Censorship.
• Cuomo Calls Supreme Court Ruling On Churches 'Irrelevant'
• 'Kraken' Lawsuit Accuses Iran Of 'Monitoring And Manipulating' 2020 Election, Stoking Deep Dive By Journalist.
• Doctor Who Demanded Mandatory Mask Law Pictured Partying Maskless On Boat Surrounded By Bikini-Clad Women.
• Politico Exposes Secretive Consulting Firm Set To Dominate Biden Cabinet.
• Snitchgiving: Americans Are Being Urged To Report Families Gathering For The Holiday.
• "Zero Masks And Zero Concern": Underground Parties Rage In Los Angeles In Defiance Of COVID-19 Restrictions.
• Disney's Thanksgiving Present: Another 4,000 Layoffs.
• "I Humbly Ask For Your Forgiveness" - Yet Another Democrat Leader Busted Breaking His Own COVID Rules.

Newsmax:

• Newsmax/McLaughlin Poll: Two-Thirds of Nation Back Trump on Recounts.  
• Report: Trump Says He'll Exit if Electoral College Backs Biden.
• Lou Dobbs Scolds 'Dismissive' Fox News Reporter on Fraud Hearing.
• WashPost: Obama Take on Hispanic Evangelical Trump Voters Misses Mark.

@Breaking911:

• TRUMP: “I know one thing; Joe Biden did not get 80 Million votes. — I got 74 Million. 74 Million is 11 Million more than I got last time. — Joe Biden did not beat Barack Obama with the black vote.”“It was a rigged election, 100%... and people know it!” (video)

@SydneyPowell1:

• Thank You President @realDonaldTrump for Re-Tweeting this post which includes my interview with @PatrickByrne! I shared @justin_hart's data showing pattern of 4:00 AM data dumps for Biden ... Piece about clearly algorithmic addition of votes to push Biden over the top in GA and PA WATCH THIS, NOW!

The Epoch Times:

• Chinese Leader Xi Congratulates Biden As Trump Reportedly Moving to Take Tough Action Against Regime.
• Chinese Hacker Reveals How He Helped Beijing Steal Secrets From Foreign Governments, Companies.

ProtectTheVote.com: 

• Serious allegations of misconduct in the 2020 elections have resulted in unprecedented legal action to ensure our elections are -- and remain -- free and fair. Find out where we’re exposing fraud and how you can help.

HereIsTheEvidence.com:

• This is for aggregating publicly available items of voter fraud evidence in the US election that would be admissible in court.
  

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).

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 59.25 +.25 basis point.

• China Sovereign CDS 30.25 +.5 basis point.

• Bloomberg Emerging Markets Currency Index 61.23 -.02%.
• Bloomberg Global Risk-On/Risk Off Index 1,286.0 +23.0 points.
• Volatility Index(VIX) futures 22.95 +1.44%
• FTSE 100 futures -.23%.

• S&P 500 futures -.23%.

• NASDAQ 100 futures +.03%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• None of note
  

Economic Releases 

• None of note

Upcoming Splits

• (MKC) 2-for-1
  

Other Potential Market Movers

• The Roche Diagnostics Day could also impact trading today.

Market Hours
Normal:

• 9:30 am - 1:00 pm EST
  

BOTTOM LINE: Asian indices are mostly lower, weighed down by financial and commodity 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 day.

Today's Headlines

Bloomberg:        

• Stock Rally Pauses as European Cyclicals Retreat: Markets Wrap.
• Oil Slips From 8-Month High as Rally Fizzles Out.  
• ECB’s Lane Sounds Alarm on Worrying Financing Conditions.
• AstraZeneca Faces More Vaccine Questions After Manufacturing Error.
• Astra Likely to Run Fresh Global Vaccine Trial, CEO Says.   
• Bitcoin Plunges Along With Other Coins.  
• Pro-Trump Group Donor Sues Over Failure to Expose Election Fraud. 
• Covid Vaccine Rush in China Raises Fears of Booming Black Market.
• Global Covid-19 Infections Top 60 Million.  
• Mexico Economy Grows at Record Pace With Long Recovery Ahead.

Wall Street Journal:

• With the Pandemic Surging, Millions Travel for Thanksgiving.
• A Pardon for General Flynn.
• A Progressive Assault on Selective High Schools.
• New Face Masks Relieve Pressure on N95 Supplies.
• The Dollar Is Weak. Investors Bet It Will Slide Even More.
• Social Media’s Liability Shield Is Under Assault.

CNBC: 

• Bitcoin plunges by nearly $3,000 after closing in on its all-time record.
• ByteDance has reportedly been given another week to sell off TikTok’s U.S. business.
• Disney increases layoffs to 32,000 workers as coronavirus batters its theme park business.
• The athleisure market is heating up as consumers flock to ‘comfort in uncomfortable times’.
• Salesforce is in talks to buy Slack, deal could be announced next week.
• After market’s November surge, there may be less of a chance for a big ‘Santa rally’.
• Gold to $2,500: Two ETF analysts break down Citi’s bullish call for 2021.

IG:

• Weekend Markets Trading Live.

MarketWatch.com: 

• Hospital workers called exhausted as U.S. records highest number of COVID deaths since May.

Fox News:

• PAC raising $500K for Ga. runoff Dems. Will it backfire?

Newsmax:  

• Lin Wood to Newsmax TV: Court Must Stop Certifying of Georgia Electors.
• Trump Exhorts Supporters: Don't Be Intimidated by Dems, Others.
• Dick Morris to Newsmax TV: Georgia Ignored Election Fraud Warning.  
• Tim Scott: US Will Become ‘Socialist Utopia’ If GOP Loses Georgia.

One America News Network:

• President Trump addresses Pa. Senate: I won election.
• Fight for fair election in Wis. continues.
  

Zero Hedge:

• "The Fraud Was Executed By Many Means": Sidney Powell "Releases Kraken" With Dual Lawsuits In Michigan, Georgia.
• SCOTUS Strikes Down Cuomo's Draconian Restrictions On Religious Services In New York.
• Apple Orders Foxconn To Shift Some MacBook and iPad Production From China To Vietnam.
• Futures Flat, Global Stocks Mixed In Thin Thanksgiving Trade.
• President Trump Pardons Michael Flynn.
• Biden's Gun Control Plan Would Cost Gun Owners $34 Billion In Taxes.
• Giuliani, Trump Pull Off 'One Hell Of A Hearing' On Pennsylvania Election Fraud.
• Mayo Clinic's Northwest Wisconsin Hospitals Placing Beds In Ambulance Garage, Lobbies.
• What The COVID Vaccine Hype Fails To Mention.
• A Tale Of Two Markets: Visualizing The Huge Impact Of The Covid Vaccine Across Assets.
• UPS Expands Dry Ice Production Ahead Of Vaccine Distribution.
• For What Are America's Wealthy Thankful? A Worsening Culture War: Taibbi.
• "Pandemic Of Crime" - LA Homicides Hit Decade Highs.
• Second Amendment Under Threat After New Third Circuit Decision.
• Fed, IMF Sound Warning That More QE Could Lead To "Unintended Consequences".
• The New 'Woke' Times: The Death Of News As We Once Knew It.
• Judge Blocks Certification Of 'Remaining' Pennsylvania Election Results; Boockvar Appeals To PA Supreme Court.
• Government Worker Wages Drop Most On Record.
  

@kylenabecker:

• GEORGIA. "ALL 900 military ballots in Fulton county... supposedly were 100% for Joe Biden." Wait, I'm sorry. This says all 900 military ballots in Fulton County went for Biden. ALL. 900. MILITARY. BALLOTS.

@SydneyPowell1:

• Sidney Powell Files Lawsuit in Georgia Alleging ‘Massive Election Fraud’.
• For those unfamiliar with the Dominion voting system: Dominion Executive: “Trump is not going to win. I made f***ing sure of that.” (video)

ProtectTheVote.com: 

• Serious allegations of misconduct in the 2020 elections have resulted in unprecedented legal action to ensure our elections are -- and remain -- free and fair. Find out where we’re exposing fraud and how you can help.

HereIsTheEvidence.com:

• This is for aggregating publicly available items of voter fraud evidence in the US election that would be admissible in court.
  

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).