Monday Watch

Today's Headlines

Bloomberg:              

• China Deletes Social Media Posts Mocking India Amid Backlash.  
• China Leverage Ratio Falls as Government Tries to Rein in Risks.  
• Australia Central Bank to Keep Stimulus Even as Economy Roars.
  
• Hong Kong’s Economy Set to Bounce Back After Long Decline.
• Australia’s Housing Boom Shows Signs of Slowing.
• U.S. Seeks Expanded Access in Global Vaccine Talks: Virus Update.  
• Stocks to Drift Lower in Asia; U.S. Futures Rise: Markets Wrap.
• Rich Americans Fleeing Tax Hikes May Turbocharge Shift to ETFs.
• Your Weekend Reading: Inside India’s Terrible Fight Against Covid-19.  
• Intel CEO Says Chip Shortage Will Persist for ‘Couple of Years’.  
• Lumber Extends Record Rally With Order Surge Straining Sawmills.
• Francisco Partners, TPG Agree to Buy Dell’s Boomi for $4 Billion.  
• U.S. Plastic Surgeons Expect Boom in Procedures Below Zoom Line.  
• Record Metals Prices Catapult Mining Profits Beyond Big Oil.

Wall Street Journal:

• Americans Can’t Get Enough of Stocks.
• Capital Gains and Tax ‘Fairness’.
• U.S. Companies Scramble to Meet Surge in Demand.
• Sorry, Professor, We’re Cutting You Off.
• Litigation Without End: Chevron Battles On in 28-Year-Old Lawsuit.
• Biden, Republicans Set Talks Over Competing Infrastructure Plans.
• A Tech Company Tried to Limit What Employees Talk About. It Didn’t Go Well.
• India’s Covid Calamity Has Sick Caring for the Sicker.
• For China’s Small Businesses, Life Is Still Far From Normal.

Fox News:

• Life-or-death scenario plays out in front of horrified beachgoers after boat packed with illegals capsizes. 
  
• Tim Scott slams 'Uncle Tim' label as hypocritical bigotry.

CNBC:  

• NYC indoor dining to increase to 75% in May, full reopening set for July.
• Verizon is considering selling the remnants of AOL and Yahoo — here are the most valuable pieces.
• Covid cases fall sharply in U.S., Gottlieb calls vaccination campaign ‘monumental achievement’.
• Warren Buffett says Robinhood is catering to the gambling instincts of investors.
• Wall Street’s top analysts recommend these buy-rated stocks as earnings season rolls on.
• Audiences for award shows are in steep decline. This chart shows how far viewership has fallen.

Zero Hedge: 

• We Are At The Early Stage Of The Biggest Cobra Effect In The History Of Economics.
• 'Follow The Science' Fallacy Exposed - Teachers Union Exerted Influence Over CDC School Reopening Guidelines.
• Boeing Fires 65 Employees, Disciplines 53 More For 'Racist And Hateful Conduct' Following George Floyd Death.
• Watch: Mitt Romney Raucously Booed At Utah Republican Party’s Organizing Convention.
• You Know It's Bad When... CNN Calls Out Biden Over Anti-Science Mask Use.
• "This Time Is Indeed Different" - Why Morgan Stanley Sees No Housing Bubble.
• "The Costs Are Up, Up, Up. We're Seeing Substantial Inflation" Admits A Surprised Warren Buffett As Powell, Yellen See Nothing.
• $70,000 For A Part-Time Driver.
• Safe Spaces Are Creating A Generation Of "Snowflake Tyrants": Dr. Everett Piper.
• 'Work-From-Home' To Dent Spending In Large Cities By Up To 10%, Study Says.
• Ron Paul: No, Conservatives Should Not Embrace MMT.
• NYT, Washington Post, NBC Retract Incorrect Reporting On Giuliani's Contact With FBI.
• "I Just Wanted A Little More Time" - Texas Nurse Was Fired For Refusing COVID Vaccine.
• Niall Ferguson: How Ike's 1950s America Beat The 'Asian Flu' With Science & Common Sense.
• Russia, Iran, & A SWIFT Nuclear First Strike.
• North Korea Slams "Intolerable" Biden Comments, Lashes Out At "Human Wastes" In South Korea.
• Majority Of French Agree With Military Generals That Nation Is Nearing "Civil War", New Poll Finds.
• The State Of The Third COVID Wave In Europe.
• Hedge Fund CIO: "Biden Is Betting The Voters That Brought Trump To Power Can Be Bought".
• Connecticut Ends Religious Vaccine Exemptions For Students.
• How Costco Is Masking A 14% Price Jump With Shrinkflation.

MarketWatch.com:   

• Apple v. Epic: What to expect from a trial that could change antitrust law and the mobile-app ecosystem.
  
• Charlie Munger says bitcoin’s rise ‘disgusting and contrary to interests of civilization'.
  

NewsMax:    

• Texas Gov. Abbott: Biden's First 100 Days 'Great' For Cartels, Gangs, Human Traffickers.
• Ex-Trump Economist Moore: Economy Is Recovering, We Don't Need Blizzard of Spending.
• Biden Preparing for Food Stamp Increase Without Congress. 
• Larry Kudlow: Biden Big Govt Push 'Devastatingly Bad'.

TheGatewayPundit.com:

• BLM-Antifa Rioters Target Upscale Restaurant in Louisville, Kentucky, At Least One Protester Is Armed! – Restaurant Patron Pulls a Pistol! (VIDEO).
• California to Release 63,000 Violent and Repeat Felons Back Onto Streets to Create “Safer Prisons”.
• JUST IN: 2 Dead, 23 Injured After Suspected Smuggling Boat Capsizes Off San Diego Coast (VIDEO).
• MIRACLE! FOX News Covers Election Fraud! — TX AG Ken Paxton Describes How Cheating Democrats Almost Stole Texas in 2020 Like Georgia (VIDEO).
• “There Is Something Fishy on the Final Census Results – There Should Be an Investigation or Litigation” – TX Gov. Greg Abbott Weighs in On Shocking Census Numbers (VIDEO).
• HUGE: Arizona GOP Leader Kelli Ward Sounds the Alarm – Dem Secretary of State Hobbs Is Sneaking Dem Operatives from Biased Orgs into Maricopa County Audit.
• Portland Rioters Take Their Turn Celebrating May Day As They Smash Up What’s Left Of Downtown.
• Tucker Carlson Blasts Republican Party For Taking Advice From Pollster Frank Luntz (VIDEO).

The Epoch Times:

• Chinese Companies Hold Record IPOs in US, Despite Tensions.
• Chinese Leader Xi Jinping Lays out Plan to Control the Global Internet: Leaked Documents.

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 indices are unch. to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 80.25 unch.
• China Sovereign CDS 37.25 -.25 basis point.
• Bloomberg Emerging Markets Currency Index 70.67 +.01%.
• Bloomberg Global Risk-On/Risk Off Index 3,116.0 +4.0 points.
• Volatility Index(VIX) futures 22.0 -1.08%. 
• Euro Stoxx 50 futures +.33%.
• S&P 500 futures +.41%.
• NASDAQ 100 futures +.31%

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (AMG)/4.21
• (EL)/1.28
• (ITRI)/.43
• (ON)/.33
• (PETS)/.40
  

After the Close:

• (CAR)/-2.49
• (CHGG)/.30
• (FANG)/1.26
• (IRBT)/.09
• (LTHM)/.01
• (MOS)/.48
• (RIG)/-.17
• (VAR)/1.18
• (VNO)/.67
• (XPO)/.99
  

Economic Releases

10:00 am EST

• Construction Spending MoM for March is estimated to rise +1.7% versus a -.8% decline in Feb.
• ISM Manufacturing for April is estimated to rise to 65.0 versus 64.7 in March.
• ISM Prices Paid for April is estimated to rise to 86.1 versus 85.6 in March.
  

Afternoon:

• Wards Total Vehicle Sales for April is estimated to fall to 17.5M versus 17.75M in March.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The RBA rate decision, Eurozone PMI report, (PSA) investor day and the (MRK) investor day 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 technology and industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the week.