Tuesday Watch

Evening Headlines

Bloomberg:               

• The World Economy Is Suddenly Running Low on Everything.  
• Korea Retail Trading Boom Reaches New Heights With Record Buying.  
• Asia Stocks Set for Muted Open; Dollar Steady: Markets Wrap.
• GOP ‘Getting There’ on Infrastructure Counteroffer to Biden.
• Biden Pledges to Export Millions of FDA-Authorized Vaccines.  
• Elon Musk Is Now Blowing Up the Wall Street Case for Bitcoin.
• Amazon in Talks to Buy Film Studio MGM, According to Reports.  
• California Farmers Facing Drought Are Choosing Empty Fields.  
• New Jersey Residents Will Pay Most in Taxes Over a Lifetime.  
• Builders Scour for Cheaper Lumber as Futures Prices Tumble.  
• The U.S. Travel Rebound Is Leading Jet Fuel’s Summer Surge.

Wall Street Journal:

• Did Biden Peak on Inauguration Day?
• China’s Economic Recovery Slowed in April.
• Despite Lumber Boom, Few New Sawmills Coming.
• Andrew Cuomo Was Paid $5.1 Million for Covid-19 Memoir, Tax Filings Show.

Fox News:

• Biden has stern warning for the unvaccinated as he urges Americans to get COVID shots.
  

CNBC.com:

• Ahead of Walmart earnings, Oppenheimer says another big-box retailer looks best.
• EV start-up Fisker will not accept or invest in bitcoin, CEO says.
• Stocks making the biggest moves after the bell: Fisker, Aon, Twilio & more.

MarketWatch.com:             

• These growth companies may be primed for massive stock buybacks.

Zero Hedge:

• GOP Chair Elise Stefanik: Justice Department Is "Trying To Block" Maricopa County Audit.
• Michael Burry Reveals Massive Tesla Short, Huge Inflationary Bet.
• Biden Voices Support For Gaza Ceasefire In Netanyahu Call As More Rockets Fired From Lebanon.
• MGM Spikes On Report Amazon Wants To Buy It.
• Port Of LA Volumes Are "Off The Charts".
• Supreme Court Unanimously Rebuffs Biden Administration On Warrantless Searches For Handguns.
• A Tesla Reportedly "Runs Over 2 Traffic Cops In Zhejiang": Weibo Post.
• Space Force Officer's Book On Marxism In The Military Reaches No. 1 On Amazon After Being Fired.
• Gates And Epstein Traded Advice On Bill's 'Toxic' Marriage, Jeff's Pedo Image Rehab During Secretive "Men's Club" Gatherings.
• Plunging Coinbase Steamrolls Shareholders Even More With $1.25BN Convertible Offering.
• Foreigners Bought The Most Long-Term US Assets In March Ever.
• Gold Glows As Cryptos Collapse After Musknado; Dollar, Bonds, & Stocks Sink.

Newsmax: 

• Embattled Biden's Approval Rating Dips Below 50 Percent.
  

TheGatewayPundit.com:

• Matt DePerno BOMBSHELL: Michigan Attorney Says Anyone with Access to Voting Machine Tabulators Can Change an Election, Backdate Their Cheating (VIDEO).
• BREAKING EXCLUSIVE: TGP Reporter Confronts Soros-Backed Maricopa County Sheriff After His Meltdown Over Router Request (VIDEO).
• Dreams of Adolf: CNN Contributor Tweets Out His Support for Hitler’s Genocide – Wishes He Was Here Today.
• Live-Stream Video: Panicked Maricopa County Board of Supervisors Hold Monday Meeting Before Tuesday’s Senate Grilling — Starting at 4 PM ET.

The Epoch Times: 

• Full-Blown Boycott Pushed for Beijing Olympics.
• Communist Ideology Delivered in China’s Christian Churches.

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 +.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 84.5 unch.

• China Sovereign CDS 38.25 +.5 basis point.

• Bloomberg Emerging Markets Currency Index 61.43 +.02%.
• Bloomberg Global Risk-On/Risk Off Index 3,228.0 +13.0 points.
• Volatility Index(VIX) futures 21.6 -2.33%.
• FTSE 100 futures +.54%.

• S&P 500 futures +.18%.

• NASDAQ 100 futures +.25%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BIDU)/10.75
• (DY)/.23
• (HD)/2.93
• (M)/-.47
• (NTES)/6.27
• (SE)/-.56
• (WMT)/1.21
  

After the Close:

• (STE)/1.79
• (TTWO)/.68
  

Economic Releases

8:30 am EST

• Housing Starts for April is estimated to fall to 1702K versus 1739K in March.
• Building Permits for April is estimated to rise to 1770K versus 1766K in March.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The UK Unemployment Conference, Eurozone GDP report, weekly US retail sales reports, BofA Metals/Mining/Steel Conference, Berenberg Conference, RBC Healthcare Conference, Bernstein Ag Conference and the (RTX) investor day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are higher, boosted by industrial 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 75% net long heading into the day.