Tuesday Watch

Evening Headlines

Bloomberg:    

• China Bill With Semiconductor Aid to Be Included in U.S. Defense Measure.  
• Asia Stocks Steady as Treasury Yields Hold Advance: Markets Wrap.
• Oil Edges Up as Supplies Remain Tight With No SPR Release.
• Republican Consumer Sentiment Is Worse Today Than the Height Of the Financial Crisis.
  
• Inflation Prompts Growing Chorus to Call on Fed to Speed Taper.  
• Corporate Snitching to SEC Surges as Telework Emboldens Tipsters.  
• Biden’s Fed Chair Pick Is ‘Imminent,’ Senate Banking Chair Says.  
• L.A., Long Beach to Delay Start of Fee for Lingering Containers.  
• Rice Goes Against the Grain as Other Crop Prices Soar.
• Celebrity NFTs Risk ‘Catastrophic Failure.’ Just Ask John Cena.  
• ASML, the Obscure Powerhouse at the Cutting Edge of Chip Technology.

Wall Street Journal:

• Tyson Foods Raises Meat Prices as Costs Escalate.
• Inflation Surge Fuels Demand for Gold.
  
• Left-Leaning Media Seek a Misinformation Monopoly. They peddle their own falsehoods while trying to drive opposing views out of circulation entirely.
• ‘We Want Them to Go Bankrupt’. Biden’s nominee for Comptroller has an idea on climate change.
• M.B.A. Starting Salaries Are Soaring.

Fox News:   

• Biden's trillion dollar wish list creates loophole for illegals to cash in on YOUR hard-earned money.
• Democrats face tumultuous process to get massive social spending package passed.
• Rittenhouse murder case goes to jury — when deliberations are set to begin.
• Dem switches to Republican Party over police defunding, 'chaos' on the border.
• Psaki could use ECON 101 after showing she doesn’t understand inflation.
  

CNBC.com:

• Factory shutdowns in Vietnam could have longer impact for apparel and footwear retailers, BofA warns.
• Ohio attorney general files lawsuit claiming Facebook misled investors about safety measures.

MarketWatch           

• EVgo stock tumbles after BofA says sell, citing recent EV ‘charging euphoria’ and pending lockup expiry.
  
• Can Nvidia show anything in earnings to boost stock after massive move higher?  
• Fed’s Barkin says he is happy to wait a few more months to gauge ‘reality’ of inflation.  
• Infrastructure law mandates new technology to prevent drunk driving — here’s how it would work.

Zero Hedge:

• Biden's Baffling Oil Policy Faces Backlash From All Sides.
• In Some Parts Of America, Looting Has Become A Way Of Life.
• "Jerome Powell Is Finished".
• US Calls Belarus Migrant Crisis "Distraction" From Ukraine, Threatens Fresh Russia Sanctions.
• Florida School District Abandons Mask Mandate After 8-Year-Old Girl Told Them They Should Be In Prison.
• Did COP26's "Humiliating Failure" Mark The Beginning Of The End Of UN's Climate Crisis Agenda?
• Even The WSJ Admits The Market Is Now Betting On A Fed Policy-Error.
• Waiting for seasonality (again)...?
• Trans Teen Pleads No Contest To Second Loudon County School Assault, To Face Sentencing In December.
• Home Ownership Elusive As Rise In Cost Of Mortgage Payments Far Outpace Wage Growth.
• CCP Accuses US Of "Building Trade Barricades" By Not Allowing Intel To Produce Semi Components In China.
• Paging Isaac Newton: Time To Buy The Top Of This Bubble.

Newsmax:

• Florida GOP Moves to Combat Vaccine Mandates, Virus Rules.
• Rep. Meuser: Infrastructure, Spending Bills Equals 'Disaster'.
• Wyoming GOP Votes to Stop Recognizing Cheney as a Republican.

TheGatewayPundit.com:

• Merriam-Webster Dictionary Adds ‘Fourth-Trimester’ to Describe Newborns as ‘More Fetus-Like Than Baby-Like’.
• It Begins… Elites Discuss Redefining “Booster” Since They Are Not Sure How Many “Booster” Shots Will Be Demanded of the Population.
• Biden Forgets His Mask, Tries to Find it, Then Gives Up After Insulting Kamala Harris’ Husband During Infrastructure Signing Ceremony (VIDEO).
• “We’re Going to Go on Offense – This Is Going to be the Misdemeanor from Hell” – UPDATE: Defiant Steve Bannon Emerges From Court Determined to Fight Back Against Regime (VIDEO).
• Critical Race Theory Supporter Threatens Parents Who Question CRT: “I’ve Got Over 1,000 Soldiers – Locked And Loaded” (VIdeo).
• TODAY 4 PM: AZ State Rep. Joseph Chaplik To Hold Press Conference With Parents Targeted By Greenburg Dossier – Will Call For Jann-Michael Greenburg’s Resignation.
• WATCH: Hero Taxi Driver Survives, Saves Countless Lives After Locking ‘Suicide Bomber’ In His Cab Before Blast Outside Liverpool Hospital – Cops Arrest 3 Others Who Helped Plan Attack – (Video).

The Epoch Times:

• Trapped in a ‘Dead’ City: The Cost of China’s Zero-COVID Policy.
• DEA Battling ‘Unprecedented Levels’ of Fentanyl, Meth at Southern Border: Official.
  

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 -.5% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 89.0 unch.

• China Sovereign CDS 52.25 -.25 basis point.
  

• Bloomberg Emerging Markets Currency Index 57.55 -.04%. 
• Bloomberg Global Risk-On/Risk Off Index 3,233.0 +7.0 points.
• Volatility Index(VIX) futures 20.0 +.6%.
• Euro Stoxx 50 futures -.02%.

• S&P 500 futures -.02%

• NASDAQ 100 futures -.01%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (HD)/3.38
• (NTES)/6.12
• (ONON)/-.10
• (SE)/-.61
• (WMT)/1.39
  

After the Close:

• (DLB)/.56
• (LZB)/.73
• (RMAX)/.62

Economic Releases

8:30 am EST

• Retail Sales Advance MoM for October is estimated to rise +1.4% versus a +.7% gain in Sept.
• Retail Sales Ex Autos MoM for October is estimated to rise +1.0% versus a +.8% gain in Sept .
• Retail Sales Ex Autos and Gas for October is estimated to rise +.7% versus a +.7% gain in Sept.
• Import Price Index MoM for Oct. is estimated to rise +1.0% versus a +.4% gain in Sept.
• Import Price Index Ex Petrol for Oct. is estimated to rise +.3% versus a +.1% gain in Sept.
• Export Price Index MoM for Oct. is estimated to rise +1.0% versus a +.1% gain in Sept.
  

9:15 am EST

• Industrial Production MoM for Oct. is estimated to rise +.8% versus a -1.3% decline in Sept.
• Capacity Utilization for Oct. is estimated to rise to 75.9% versus 75.2% in Sept.
• Manufacturing Production for Oct. is estimated to rise +.8% versus a -.7% decline in Sept.
  

10:00 am EST

• Business Inventories for Sept. is estimated to rise +.6% versus a +.6% gain in Aug.
• The NAHB Housing Market Index for Nov. is estimated at 80.0 versus 80.0 in Oct.
  

4:00 pm EST

• Net Long-Term TIC Flows for Sept.

Upcoming Splits

• (ANET) 4-for-1
  

Other Potential Market Movers

• The Eurozone GDP report, RBA Minutes, weekly US retail sales reports, (QCOM) investor day, (ALV) capital markets day, Roth Tech Conference, (RBLX) investor day, (BMY) investor day, (CBOE) investor day, Deutsche Bank Industrials Conference, RBC Global Mining/Materials Conference, RBC Tech/Internet/Media/Telecom Conference and the (BRKS) investor day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and healthcare shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.