Thursday, November 17, 2022

Friday Watch

Evening Headlines

Fox News:
Zero Hedge:
The Blaze:
  • Collapsed cryptocurrency exchange FTX had ties to Ukrainian government, WEF, and top Biden adviser. Curiously, the Ukrainian government launched a cryptocurrency donation website in March that was backed by FTX. CoinDesk reported in March, "'Aid for Ukraine,' which has the backing of crypto exchange FTX, staking platform Everstake, and Ukraine’s Kuna exchange, will route donated crypto to the National Bank of Ukraine, Everstake’s Head of Growth Vlad Likhuta told CoinDesk. Ukraine’s crypto-savvy Ministry of Digital Transformation is also involved."
  • Bankman-Fried spent millions on Dem campaigns. It's unclear where Bankman-Fried's money came from. Forensic accountants and bankruptcy courts are on the case, but it could take months to untangle FTX's web of comingled funds. Bankman-Fried spent around $37 million during the last election cycle, almost all of which went to boosting Democratic candidates and causes. That made him the party's second-largest donor, according to OpenSecrets, and the sixth largest overall.
Night Trading 
  • Asian equity indices are +.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 146.25 +6.5 basis points. 
  • China Sovereign CDS 84.0 +5.5 basis points.
  • Bloomberg Emerging Markets Currency Index 47.3 -.02%.
  • Bloomberg Global Risk-On/Risk Off Index 47.7 +.8%. 
  • Bloomberg US Financial Conditions Index -.82 -1.0 basis point.
  • Volatility Index(VIX) futures 24.8 +.18%.
  • Euro Stoxx 50 futures +.75%.
  • S&P 500 futures +.13%.
  • NASDAQ 100 futures +.29%  
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (BKE)/1.19
  • (FL)/1.12
  • (JD)/4.46
  • (SPB)/.34
After the Close:
  • None of note
Economic Releases
10:00 am EST
  • Existing Home Sales for Oct. is estimated to fall to 4.4M versus 4.71M in Sept.
  • The Leading Index for Oct. is estimated to fall -.4% versus a -.4% decline in Sept.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The UK retail sales report could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are modestly higher, boosted by financial 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 50% net long heading into the day.

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