Tuesday Watch

Evening Headlines

Bloomberg:     

• Boris Johnson Sees ‘Extremely Tough’ Global Climate Talks in Glasgow.  
• The 5 Biggest Takeaways From Bloomberg’s Interview with Boris Johnson.
• A $30 Billion Fortune Is Hiding in China’s Silicon Valley.
• India Rains Stoke Concern That Coal Shortages May Linger On.
• Biggest U.S. Coal Miner Surges 17% as Global Energy Crisis Boosts Demand. “We remain optimistic about the future, given strong coal pricing and global demand fundamentals,” Peabody(BTU) Chief Executive Officer Jim Grech said in the statement.  
• No. 1 Uranium Miner Backs Physical Fund in Nod to Robust Demand.  
• Goldman’s Jeff Currie: It’s a Commodities Supercycle, and We Still Haven’t Hit Max Pain.
  
• Stocks Set for Mixed Start Amid Inflation Concerns: Markets Wrap.
• A Third of Chicago Police Have Failed to Report Their Vaccine Status.
• ESPN’s Allison Williams to Leave Network After Refusing Vaccine.
• NHL Suspends Evander Kane 21 Games for COVID Violations.  
• Apple Drops Intel in Biggest MacBook Pro Overhaul in Years.  
• Manchin Casts Doubt on Oct. 31 Deadline to Act on Biden Plan.

Wall Street Journal:

• To Strike a Climate Deal, Poor Nations Say They Need Trillions From Rich Ones.
• FDA Nears Approval for Mixing Covid-19 Booster Shots.
• Google CEO Calls for Government Action on Cybersecurity, Innovation.
• FBI Will Help Investigate Kidnapping of Missionaries in Haiti.
• China’s Hypersonic Wake-Up Call. 
• Mexico Moves to Seize American Assets.
• Progressive Court-Packing Meltdown.
• Rent the Runway Targets Valuation of Up to $1.5 Billion in IPO.
• On Instagram, 20-Somethings Are Jumping, Twisting and Falling for the Likes.

Fox News:    

• Biden administration's chaotic and deadly Afghanistan withdrawal just got a rude awakening.
• GOP fights back after Dem says a state is 'irrelevant' to America's economy.
• WH's reaction to Biden without mask in posh restaurant likely to surprise you.
  

CNBC.com: 

• Faced with a power crisis, China may have ‘little choice’ but to ramp up coal consumption.
• Carl Icahn says the market over the long run will certainly ‘hit the wall’ because of money printing.
• SEC says brokers enticed by payment for order flow are making trading into a game to lure investors.
• Amazon cloud storage challenger Backblaze files to go public.
• Jim Cramer says he sold some of his ether holdings ahead of bitcoin futures ETF launch.

MarketWatch.com:            

• Microsoft says it warned Bill Gates about flirtatious emails in 2008.  
• Apple unveils new AirPods and high-end Mac computers as it expands its holiday lineup.

Zero Hedge:  

• Peabody Energy(BTU) Earnings Triple As Biden "Makes Coal Great Again".
• Gov. Newsom Signs Cultural Marxist Bills.
• CNN Accidentally Allows Someone To Tell The Truth On Air.
• Chicago Mayor Accuses Police Union Of Trying To 'Induce An Insurrection' Over Vaccine Mandate.
• Biden To Meet With Pope Days Before Pitching 15% Minimum Global Tax And Climate Plan To World Leaders.
• Locked & Loaded: Supreme Court Is Ready To Take Aim At The Second Amendment.
• "Striketober" - Walk-Outs Surge As Workers See Opportunity In Rising Job Openings.
• 'Nothing To See Here': SEC Refutes 'Short Squeeze' As Factor In GME Debacle, Blames HOOD & Payment-For-Order-Flow.
• GOP Senator Wants 'Senility Testing' For Aging Supreme Court Justices, Lawmakers.
• Quinn: Living In A Potemkin World.
• China's US Treasury Holdings Plunge To 10 Year Lows After Dumping In August.
• Powell's Stock Trades Leaked, Show Multi-Million Sale As Market Tanked.
• Bitcoin, Bonds, & Big-Tech Bounce As The Dollar Drops To Key Support.

Newsmax:

• Rep. McCaul: China's Missile Launch Came as US Appears Weak.
• Rep. Comer: Admin Has No Plan for Supply Crisis.

TheGatewayPundit.com:

• Chicago Threatens to Withhold Retirement Benefits From Cops Who Retire Rather than Submit to Mayor Lightfoot’s COVID Vaccine Mandate.
• Union Pacific Railroad Files Federal Lawsuit Over Unions’ Objections to Joe Biden’s Forced Vaccines.
• “We Welcome Stiff Competition” – Psaki When Asked About China’s Space Nukes That Could Evade US Missile Defense Systems (VIDEO).
• Violent Insurrection? New Security Footage From Jan 6th Shows Capitol Police Officers Herding Protesters Inside As They Enter The Capitol – Then Stood Back (Video).
• Japan Has Never Had Anything Close to a COVID Lockdown and Now Its COVID Crisis is Almost Over With New Cases Dropping to Less Than 100 a Day.
• Psaki Defends Joe Biden Violating DC’s Mask Mandate, Lectures Peter Doocy For ‘Overly Focusing’ on Biden’s Hypocrisy (VIDEO).
• Washington State Trooper Speaks Out After Being Fired Over Refusal to Take Mandated COVID Vaccine.
• Massive ‘World Freedom Rally’ Against Vaccine Mandates Takes Over Times Square in NYC; Crowd Marches Through Streets Chanting “WAKE UP NY” – (Video).

The Epoch Times:

• ‘We Just Don’t Know’ How to Defend Against Possible Chinese Hypersonic Missile: US Ambassador.
• Former State Senator Explains the Chinese Communist Party’s Influence in California.

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

• Asia Ex-Japan Investment Grade CDS Index 85.25 -3.25 basis points.

• China Sovereign CDS 47.75 -1.5 basis points.
  

• Bloomberg Emerging Markets Currency Index 58.59 +.03%. 
• Bloomberg Global Risk-On/Risk Off Index 3,393.0 -37.0 points.
• Volatility Index(VIX) futures 19.75 +.3%.
• FTSE 100 futures +.07%.

• S&P 500 futures +.06%

• NASDAQ 100 futures +.11%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BK)/1.00
• (ERIC)/1.52
• (FITB)/.90
• (HAL)/.28
• (JNJ)/2.35
• (KSU)/2.04
• (MAN)/1.89
• (PM)/1.56
• (PG)/1.59
• (TRV)/2.05
  

After the Close:

• (CNI)/1.42
• (IBKR)/.76
• (ISRG)/1.16
• (MRTN)/.25
• (NFLX)/2.56
• (UAL)/-1.68
• (WDFC)/1.24
  

Economic Releases

8:30 am EST

• Housing Starts for Sept. is estimated at 1615K versus 1615K in Aug.
• Building Permits for Sept. is estimated to fall to 1680K versus 1728K in Aug.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Bowman speaking, Fed's Waller speaking, Eurozone CPI report, weekly US retail sales reports and the (ULTA) analyst 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 technology and consumer cyclical 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.