Monday Watch

Today's Headlines

Bloomberg:          

• China’s Slowdown Poses Threat for Global Recover.    
• Japan’s Economy Shrinks as Kishida Mulls Stimulus Package.
• Unvaccinated Austrians Locked Down to Stem Surge: Virus Update.   
• U.K. Home Asking Prices Drop at Sharpest Pace Since Lockdown.
• China Developer Sunac Raises $953 Million; Chairman Issues Loan.
• China May Seek Cyber Check for HK Listings of Firms Holding Data.   
• Stocks Set for Steady Start Ahead of China Data: Markets Wrap.  
• Oil Gains as Biden Faces Mounting Calls to Unleash SPR Crude.
• Morgan Stanley Economists See 2023 Fed Hike, Differ With Gorman.  
• Biden’s Approval Rating Slips to Fresh Low, Post-ABC Poll Shows.  
• Inflation-Wary Manchin Voters Put Biden’s Agenda in Peril.
• Why Pfizer Won't Share Its $36 Billion Secret Vaccine Formula.  
• How Long Will Boosters Last?   
• American Tower Nears $10 Billion Deal to Buy CoreSite.  
• Icahn Seeks to Topple Board at Southwest Gas, Name 10 Directors.  
• Anti-Woke ETFs Are Pitching to Conservatives Mad at Corporate America.

Wall Street Journal:

• Inflation Surge Drives Investors to Buy Riskier Assets.
• Rising Prices Push Biden to Shift Message.
• Covid-19 Cases Rise in North and West U.S., Halting Delta Decline.
• This Thanksgiving, the Masks Are Off, the Dinner’s Inside and the Relatives Are Back.
• Fight Over 5G and Aviation Safety Clouds AT&T, Verizon Outlays.
• Best Tech Gifts 2021: Our Favorite Gadgets.
• As Workers Leave Jobs in Record Numbers, a Closer Look at Who Is Quitting.
• Supermarkets Alter Layouts, Use Decoys to Fill Gaps.
• Chip Shortage Sees Manufacturers Pitch Lower-Tech Models.
• Democrats Try to Heal Rifts and Pass $2 Trillion Bill.
• On Inflation Surge, the Fed Is Running Out of Excuses.
• Democrats Invite More Inflation—and Political Disaster. Joe Manchin is right. Lawmakers should pivot to a responsible spending bill with sustainable financing.
• An Illegal Vaccine Mandate. An appellate court blocks OSHA in a withering rebuke.

Fox News:   

• Trump aims to oust 'RINOs,' 'losers' who voted for Dem infrastructure bill — with 3 notable exceptions.
• Meet the 13 Republicans who voted for the infrastructure bill.
• Cruz gives Cheney a brutal reality check as CNN speculates on 2024 prospects.

CNBC:

• China and India will have to explain themselves on coal, COP26 president says.
• Apple is sticking taxpayers with part of the bill for rollout of tech giant’s digital ID card.
• Airbus receives order for 255 jets in first major deal since Covid outbreak.
• Americans look forward to holiday travel this year but overspending, uncertainty could spoil the fun.
• Top Wall Street analysts see these stocks as long-term winners.

Zero Hedge:

• Worldwide Vaccine Failure. Deaths hitting new highs in Singapore (85% of the population fully vaccinated - NOT adults, the entire population):
• All Of A Sudden The CDC Has Stopped Talking About Herd Immunity.
• "I Keep Forgetting That You're Still Alive": Musk Taunts Bernie Sanders, Asks If He Should "Sell More Stock".
• Morgan Stanley's 2022 Outlook: The Training Wheels Come Off.
• Clock Just Hours From Midnight For Overwhelmed California Ports.
• "I Keep Forgetting That You're Still Alive": Musk Taunts Bernie Sanders, Asks If He Should "Sell More Stock". 
• Joe Biden Should Cancel His Virtual Summit With China.
• Oklahoma National Guard 'Goes Rogue' After New Commander Rejects Vaccine Mandate; Pentagon To Respond 'Appropriately'.
• CDC Admits No Record Of Naturally Immune Transmitting COVID-19.
• FBI Hacked, Over 100K Emails Sent From Official Address.
• The Real Reason Why The Fed Isn't Tightening.
• Inflation In Irrational Exuberance.
• Mexico Is The World's Deadliest Country For Journalists In 2021.
• Used Tractor Prices Skyrocket Amid Deere Strike.
• Smith: Leftists Support Tyranny, Conservatives Do Not; It's Time To Separate.
• Jan. 6 Defendants Taken Out Of Cells On Stretchers: Court Filing.
• "Revolution In Warfare" - Israel Unveils New Scorpius Electronic Warfare System.
• Traffic Deaths Are Surging Despite Less Miles Being Traveled.
• Australia Says It's "Inconceivable" Not To Join US In Defending Taiwan.

MarketWatch.com:                  

• These 25 semiconductor stocks could rise as much as 43% with chips in short supply.
  
• 5 infrastructure stocks to buy now that Biden’s bill has been passed, according to Jefferies.
  
• Opinion: 10 recommended stocks if you think value will beat growth as inflation surges.

NewsMax: 

• Republicans at 40-Year High in Key ABC Poll, Biden Hits Lowest Point Yet.

TheGatewayPundit.com:

• Latest Indictment Reveals Rod Rosenstein, FBI, DOJ Lied and Withheld Information from GOP House Investigators on Junk Russia Dossier.
• Dr. Fauci Admits Vaccines Did Not Work as Advertised and that Vaccinated Are in Great Danger Today. 
• Oklahoma Doctors Have Tremendous Success in Treating Nursing Home COVID Patients with Ivermectin.
• Serial Liar Adam Schiff Says He Doesn’t Regret Pushing Fake, Hillary-Funded Steele Dossier (VIDEO).
• Biden’s Surgeon General Brushes Off First Responders Leaving Workforce Due to Vaccine Mandates (VIDEO).
• RFK Jr. Completely DISMANTLES the “Covid Misinformation” Narrative – “It’s a Euphemism For Any Statement That Departs From Official Government Policy” – “They Are Engineering Destruction of Democracy Worldwide”.
• MUST WATCH: Texas HHS DENIES Monoclonal Antibody Treatments For Whites – “If I Were Black or Hispanic Then I Would Qualify?” – Nurse: “Yep, That’s Right” – (Video).
• Biden’s Economy Getting Worse – Ships Waiting to Unload in California Ports Now Waiting Record Number of Days to Unload.
• Brutal Numbers For Biden: If Midterms Were Held Today 51% of Registered Voters Say They Would Vote Republican; Just 41% For Dems – Largest Lead EVER For GOP.
• Austrian Chancellor Orders Nationwide Lockdown for Unvaccinated People.
  

The Epoch Times:

• COP26 Global Climate Deal Reached After China, India Pushed to Soften Language on Coal.

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 indices are +.25% to +.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 89.0 -1.25 basis points.
• China Sovereign CDS 52.5 -1.75 basis points.
• Bloomberg Emerging Markets Currency Index 57.60 -.05%.
• Bloomberg Global Risk-On/Risk Off Index 3,179.0 +15.0 points.
• Volatility Index(VIX) futures 20.1 -.3%. 
• Euro Stoxx 50 futures +.02%.
• S&P 500 futures +.15%.
• NASDAQ 100 futures +.26%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (TSN)/2.09
• (WMG)/.15
  

After the Close:

• (AAP)/2.84

Economic Releases

8:30 am EST

• Empire Manufacturing for Nov. is estimated to rise to 21.2 versus 19.8 in Oct.

Upcoming Splits

• (ANET) 4-for-1
  

Other Potential Market Movers

• The China Industrial Production report, Eurozone Trade Balance report, Stifel Healthcare Conference, Jefferies Healthcare Conference and the Needham Networking/Communications/Security Conference could also impact trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

BOTTOM LINE: Asian indices are modestly 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 100% net long heading into the week.