Tuesday Watch

Evening Headlines

Bloomberg:        

• China’s Slowdown Tests Central Bank as Debate Rages Over Easing.
• China Is More Dedicated Than Ever to Covid Zero as It Battles Delta.  
• China Slows Quant Hedge Fund Approvals as Trades Scrutinized.
• Asian Stocks Mixed After Jump in Yields, Dollar: Markets Wrap.
• Oil Slips as Investors Assess OPEC+ Response to Reserve Release.  
• OPEC+ Warns of Response as Biden Poised for Oil Reserve Release.  
• Wall Street Breathes Sigh of Relief as Powell Gets Second Fed Term.
  
• Traders Brace For June Interest-Rate Hikes After Biden Confirms Powell as Chair.
  
• Selloff in Highly Priced Tech Stocks Is Pressuring Hedge Funds That Piled In.
• N.Y. Says 90% Adults Inoculated; N.J. School Spike: Virus Update.  
• Fed Atlanta President Bostic Says Faster Taper Would Give Option for Earlier Hikes.  
• Keystone Pipeline Developers Seek $15 Billion From U.S. for Cancellation.

Wall Street Journal:

• JPMorgan’s Jamie Dimon and Tesla’s Elon Musk Feud Behind the Scenes.
• Powell’s Nomination for Second Fed Term Signals Biden’s Desire for Policy Continuity.
• U.S. Home Sales on Track for Biggest Year in 15 Years.
• Comcast Weighs Pulling Some Content From Hulu.
• Censoring the Pilgrims. The left wants to cancel the WSJ’s annual Thanksgiving editorials.
• The Waukesha Rampage. The suspected assailant was free on a $1,000 bond despite recent charges of violence.
• Kyle Rittenhouse and the Left’s Terrifying Assault on Due Process. They want revolutionary justice. The legal system’s verdict will be supplanted by the people’s judgment.
• Samsung to Choose Taylor, Texas, for $17 Billion Chipmaking Factory.
• Austria’s Return to Lockdown Met With Anger, Resignation.

Fox News:  

• Criminal accused of Christmas parade bloodshed had been freed twice this year, despite active warrant.
• LIVE UPDATES: Hundreds gather for prayer vigil just 24 hours after Christmas parade tragedy.
• Kamala Harris calls for health care workforce that 'looks like America'.
  

CNBC.com:

• After Micron has best day in 18 months, two traders see a bigger breakout forming.
• White House says no Covid lockdowns as European nations implement restrictions.
• Zoom beats estimates even as revenue growth is poised to slow after pandemic.
• Jim Cramer picks 4 stocks to look at as market rotates away from tech winners.
• Cost of shipping a container from Asia jumped over 500% since last year, Traeger Grills CEO says.

MarketWatch         

• With Uber and Lyft prices rising, passengers return to original ride-hailing service: Taxi cabs.

Zero Hedge:

• Waukesha Massacre Suspect Charged With Five Counts Of Murder.
• Australian Army Begins Transferring COVID-Positive Cases, Contacts To Quarantine Camps. 
• Texas AG Accuses Biden Admin Of Creating Border Crisis As Large Migrant Caravan Approaches.
• BofA Is Bearish On Markets Ahead Of The 2022 "Rates Shock".
• Pentagon Confirms US Will Start Over-the-Horizon Mission In Afghanistan.
• Biden Thanksgiving Is Most Expensive Ever As Traditional Dinner Cost Soars 14%.
• Soros-Stooge Chesa Boudin Suddenly "Outraged" As Wave Of Shoplifting Gangs Sweeps Bay Area.
• Watch: Pelosi Admits Massive Climate Change Spending Is "A Religious Thing".
• $15 Billion In Inflows Every Single Day: Goldman Bets It All On A Meteoric Year-End Meltup.
• As Markets Brace For Beijing Easing, Chinese State Media Unveils 25bps RRR Cut Before Year-End.
• Biden Using Backdoor Rule To Pass Free College Agenda.
• The Benefit Of SARS-CoV-2 Natural Immunity In The Armed Forces.
• Cold Snap Sweeps Across China As Fears Of Energy Crisis Reemerge.
• Watch: Rhode Island Teacher Warns CRT "Absolutely Everywhere" In Schools.
• Bonds, Bitcoin, & Big-Tech Puke On Powell Pick; Banks Bid On Brainard Diss.

Newsmax:

• House Jan. 6 Panel's Latest Subpoenas Include Alex Jones, Roger Stone.
• Rep. Steil: 'Build Back Better' Bill Must Die in the Senate.
• Rep. Keller: Dems 'Lying to the American People' on Spending Bill.

TheGatewayPundit.com:  

• UPDATE: How Devastating: 79-Year-Old Nurse, Grandmother and ‘Dancing Grannie’ Member Is One of Five Killed by Christmas Parade Killer.
• UPDATE: It Was Intentional! Christmas Parade Killer Darrell Brooks Charged with 5 Counts of Intentional Homicide – The Media Was Wrong Again.
• MUST-READ EXCLUSIVE! Family of Rosanne Boyland Who was KILLED on January 6th Is DENIED HER FULL AUTOPSY REPORT – Speak Out for First Time and Plead for Government Investigation — PLEASE HELP THE BOYLAND FAMILY HERE! 
• BREAKING: Parade Killer Darrell Brooks Was Recently Arrested after RUNNING OVER WOMAN at a Gas Station Earlier This Month! — And Was Bailed Out for Only $1000 Last Week …Update: It Was Mother of His Child.
• Corrupt Milwaukee DA behind the John Doe Investigations Credited with Release of Christmas Parade Killer from Jail Last Week.
• DO NOT COMPLY: Thousands of New Yorkers Flood the Streets to March for Freedom As WORLDWIDE RESISTANCE Against Covid Tyranny Continues to Grow – (Video).

The Epoch Times:

• Chinese Hypersonic Weapon Launched Second Missile: Report.

OpenVAERS:

• VAERS COVID Vaccine Adverse Event Reports. 654,412 (US) Reports Through November 12, 2021.
  

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

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 84.5 -.25 basis point. 

• China Sovereign CDS 48.25 -.25 basis point.
  

• Bloomberg Emerging Markets Currency Index 55.58 -.05%. 
• Bloomberg Global Risk-On/Risk Off Index 2,933.0 -5.0 points.
• Volatility Index(VIX) futures 21.1 -.25%.
• Euro Stoxx 50 futures -.43%.

• S&P 500 futures +.06%

• NASDAQ 100 futures +.03%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ANF)/.66
• (AEO)/.61
• (AMWD)/.88
• (ADI)/1.70
• (BBY)/1.96
• (BURL)/1.27
• (CBRL)/1.52
• (DKS)/2.02
• (DLTR)/.95
• (SJM)/2.05
• (MDT)/1.29
• (TITN)/.68
  

After the Close:

• (PLAN)/-.11
• (ADSK)/1.26
• (DELL)/2.30
• (GPS)/.51
• (GES)/.45
• (HPQ)/.88
• (JWN)/.56
• (VMW)/1.54
  

Economic Releases 

9:45 am EST

• The Markit US Manufacturing PMI for Nov. is estimated to rise to 59.2 versus 58.4 in Oct.
• The Markit US Services PMI for Nov. is estimated to rise to 59.0 versus 58.7 in Oct.

10:00 am EST

• The Richmond Fed Manufacturing Index for Nov. is estimated to fall to 11.0 versus 12.0 in Oct.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone PMI report, $59B 7Y T-Note auction and the US weekly retail sales reports 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 consumer shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 75% net long heading into the day.