Tuesday Watch

Evening Headlines

Bloomberg:                    

• Huawei Rejected by Three in Four Canadians on Eve of 5G Decision.
• Asia Stocks Set to Dip Amid Inflation, China Risks: Markets Wrap. 
• U.S. Crude Closes Above $80 With Energy Crisis Boosting Demand.
• Commodity Surge Fuels Inflation Threat.
• Morgan Stanley Sees Stocks Suffering on Souring Consumer Outlook  
• Five Traders Tell Us How to Survive a World of Disrupted Markets.  
• Amazon Softens Return-to-Office Policy, Says Remote Work Is Fine. 
• Everyone’s a Dollar Bull as Taper Makes U.S. Currency a Top Bet.  
• U.S. Farmers Reap Bigger Crop Profits and Boost Stockpiles.

Wall Street Journal: 

• Oil Prices and Bad Policy.
• Oil Jumps Above $80, Turbocharged by Supply Shortages.
• Merrick Garland Has a List, and You’re Probably on It.
• Afghan Interpreter Who Helped Rescue Biden in 2008 Escapes Afghanistan.
  
• Virginia Dad Takes On the School Board.

Fox News:

• DeSantis rips those trying to 'defame' the explorer.
• Kamala’s cringe-worthy science video a bigger phony than originally thought.

CNBC.com:  

• Dow sheds 250 points, S&P 500 slides to start the week.
• ‘Turbocharged’ M&A market could hit a record $6 trillion by year end: KPMG.

MarketWatch.com:          

• JPMorgan CEO Jamie Dimon says ‘bitcoin is worthless’ amid crypto bull run.
  
• A major crypto hedge-fund manager expects bitcoin to tumble once the SEC greenlights a bitcoin-backed ETF — here’s why.
  
• PC sales growth slows as supply-chain issues persist.  
• We’ve ‘almost certainly’ seen the 2021 high in the stock market, unless earnings clear this bar.

Zero Hedge:

• Southwest Blames Cancellations On Worker Shortage, Union Denies 'Sick-Out' Over Vaccine Mandate.
• Beijing Cracks Down On Banks, Regulators In Latest Anti-Corruption Drive.
• "It's A Disastrous Day" - All Hell Breaks Loose In China's Bond Markets.
• Learning To Fear Free Speech: How Politicians Are Moving To Protect Us From Our Unhealthy Reading Choices.
• Taliban Hails Reception Of US Humanitarian Aid, But No Formal Political Recognition Yet.
• Wall Street Is Done With Covid: Pandemic No Longer Among Top 3 Risks For Market.
• 131 Federal Judges Didn't Disclose Their Interests And Cases May Be Reheard.
• China's Military Conducts Beach Landing Assault Drills Just Across From Taiwan.
• Beware Of The Progressive Redefinition Of Moderates.
• Seattle PD May Lose 40% Of Officers Over Covid-19 Vaccine Mandate.
• COVID-19: The Weaponization Of Fear & The Loss Of Freedom.
• Mexican Cartel Seen Firing Machine Guns Into US, Above National Guard Recon Post.
• Our Economy Is Starting To Break Down On A Very Basic Level.
• Stocks Pump'n'Dump, Bitcoin Jumps With Bonds Away For Columbus Day.
  

Newsmax:

• 2 State Ed Boards Say Feds Have No Role to Play in Parent-School Disputes.
• Supply Chain Shortages Threaten Christmas Gift Delays.

TheGatewayPundit.com:

• More Than Half of Americans Believe Cheating Tainted the 2020 Presidential Election and the Number of Americans Who Believe This Is Increasing.
• BREAKING: Over 284,000 Ballots, or 1 Out of Every 10th Maricopa County Ballot, Lacked Evidence That It Was the Original Ballot Received.
• JUST IN: Governor Abbott Bans Vaccine Mandates by ANY Entity in Texas.
• Pelosi Says She Thinks “A Lot” About What She Would do if She “Ruled the World” During Remarks at NATO Parliamentary Assembly (VIDEO).
• Callouts Due to Mandatory COVID Vaccinations Lead to Seattle Ferry Crew Shortages and Unprecedented Ferry Cuts (UPDATE: 250 Crew Not Vaccinated).
• ‘Journey of Self-Discovery’ – Superman Comes Out as Bisexual in DC Comics.

The Epoch Times:

• Time for Free and Open Debate on the Origin of COVID.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
• Bloomberg.com:  International Travel Restrictions.  Case Graphs by State.
  
• NYTimes.com:  County Trends and Clusters. Local ICU Occupancy.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity(region).
  
• CovidActNow:  Covid Severity/Infection Rate by Metro Area.
  
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits.  Restaurant Visits. Wearing Masks. (graphs)
  
• Safegraph.com:  Commerce Patterns(graphs).

Night Trading 

• Asian equity indices are -1.5% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 97.75 +9.0 basis points.

• China Sovereign CDS 60.5 +8.5 basis points.
  

• Bloomberg Emerging Markets Currency Index 58.50 +.07%. 
• Bloomberg Global Risk-On/Risk Off Index 3,236.0 -140.0 points.
• Volatility Index(VIX) futures 22.0 +.66%.
• FTSE 100 futures -.51%.

• S&P 500 futures -.34%

• NASDAQ 100 futures -.37%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (AZZ)/.65
• (FAST)/.42
  

After the Close:

• (PNFP)/1.55
• (SGH)/1.60
  

Economic Releases

6:00 am EST

• The NFIB Small Business Optimism for Sept. is estimated to fall to 99.5 versus 100.1 in Aug.
  

10:00 am EST

• The JOLTS Job Openings report for Aug. is estimated to rise to 10950K versus 10934K in July.
  

Upcoming Splits

• (MCHP) 2-for-1
  

Other Potential Market Movers

• The Fed's Clarida speaking, G7/G20 Finance Ministers meetings, 3/10Y T-Note auctions, China Exports/Imports data, German ZEW Index, weekly US retail sales reports and the (HUBS) analyst day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are lower, weighed down by technology and consumer cyclical shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon. The Portfolio is 25% net long heading into the day.