Wednesday Watch

Night Trading 

• Asian equity indices are -1.25% to -.25% on average. 
• Asia Ex-Japan Investment Grade CDS Index 66.25 +.25 basis point.
• China Sovereign CDS 43.75 +.5 basis point.
• China Iron Ore Spot 100.5 USD/Metric Tonne -.6%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.89 -.14%.
• Bloomberg Emerging Markets Currency Index 36.53 -.05%.
• Bloomberg Global Risk-On/Risk Off Index 80.5 +.1%.
• US 10-Year Yield 4.31% +1.0 basis point.
• Volatility Index(VIX) futures 18.5 +.3%.
• Euro Stoxx 50 futures -.51%. 
• S&P 500 futures -.09%. 
• NASDAQ 100 futures -.22%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and industrial shares in the region. I expect US stocks to open modestly lower and maintain losses into the afternoon.  The Portfolio is 50% net long heading into the day.

Stocks Falling into Final Hour on Earnings Outlook Jitters, Sector Rotation, Technical Selling, Tech/Alt Energy Sector Weakness

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 36.5 -.1%
• US 10-Year T-Note Yield 4.30% -4.0 basis points
• 3-Month T-Bill Yield 4.20% -2.0 basis points

• China Iron Ore Spot 101.5 USD/Metric Tonne +.1%
• Dutch TTF Nat Gas(European benchmark) 31.2 euros/megawatt-hour -.1%

• Citi US Economic Surprise Index 4.2 +.1 point

• Citi Eurozone Economic Surprise Index 23.3 +.8 point

• Citi Emerging Markets Economic Surprise Index -.9 -.6 points
• S&P 500 Current Quarter EPS Growth Rate YoY(462 of 500 reporting) +11.2% -.1 percentage point
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 287.93 +.12:  Growth Rate +12.7% unch., P/E 22.3 -.1
• S&P 500 Current Year Estimated Profit Margin 13.44% unch.
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(7 of 10 reporting) +23.6% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 470.41 +.17: Growth Rate +24.7% +.1 percentage point, P/E 32.4 -.3
• Bloomberg US Financial Conditions Index .67 +1.0 basis point
• Bloomberg Euro-Zone Financial Conditions Index 1.30 -20.0 basis points
• Bloomberg Global Trade Policy Uncertainty Index 4.7 -.2
• US Yield Curve 54.75 basis points (2s/10s) -2.0 basis points
• US Atlanta Fed GDPNow Q2 Forecast +2.3% -.2 percentage point
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 42.4% -.4 percentage point

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.89% unch.: CPI YoY +2.84% unch.
• 1-Year TIPS Spread 2.63 -1.0 basis point
• 10-Year TIPS Spread 2.36 -2.0 basis points
• Highest target rate probability for Oct. 29th FOMC meeting: 47.2% (+4.8 percentage points) chance of 3.75%-4.0%. Highest target rate probability for Dec. 10th meeting: 46.3%(-1.4 percentage points) chance of 3.75%-4.0%. (current target rate is 4.25-4.5%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -176 open in Japan 
• China A50 Futures: Indicating -37 open in China

• DAX Futures: Indicating -54 open in Germany

Portfolio:

• Lower: On losses in my consumer discretionary/tech/financial sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
• Market Exposure: 75% Net Long

Bull Radar

Style Outperformer:

• Mid-Cap Value +.2%

Sector Outperformers:

• 1) Road & Rail +1.6% 2) Utilities +.8% 3) Pharma +.8%

Stocks Rising on Unusual Volume:

• PLYM, SSYS, KYIV, WW, PINC, INTC, BRBR, NWE, VEON, LOB, XPEV, TGNA, LNW, ZK, TSEM, PANW, TCOM, NSP and IBTA

Stocks With Unusual Call Option Activity:

• 1) BANC 2) AS 3) BILL 4) OMER 5) VKTX

Stocks With Most Positive News Mentions:

• 1) PINC 2) PANW 3) PLYM 4) INTC 5) HD

Sector ETFs With Most Positive Money Flow:

• 1) SMH 2) XLV 3) IYW 4) IYZ 5) IDU

Charts:

• ETFs Rising on Unusual Volume
• Stocks Rising on Unusual Volume

Tomorrow's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• (ALC)/.72
• (ADI)/1.95
• (BIDU)/13.24
• (DY)/2.92
• (EL)/.09
• (KC)/-.96
• (LOW)/4.24
• (TGT)/2.04
• (TJX)/1.01 
• (GES)/.15
• (WSM)/1.78 

After the Close: 

• (COTY)/.01
• (NDSN)/2.64 

Economic Releases 

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -823,500 barrels versus a +3,036,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -83,250 barrels versus a -792,000 barrel decline the prior week. Distillate inventories are estimated to rise by +1,613,750 barrels versus a +714,000 barrel gain the prior week. 

2:00 pm EST

• FOMC Meeting Minutes from July 30th. 

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Bostic speaking, Fed's Waller speaking, Jackson Hole Symposium, 20Y T-Bond auction and the weekly MBA Mortgage Applications report could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running -14.6% Below 100-Day Average 
• Nasdaq/NYSE Volume Ratio 16.3 -2.0
• 4 Sectors Declining, 7 Sectors Rising
• 54.7% of Issues Advancing, 43.3% Declining 
• TRIN/Arms 1.39 +40.4% 
  
• Non-Block Money Flow -$30.4M
  
• 59 New 52-Week Highs, 12 New Lows
• 55.7% (+3.0%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 59.5 -.1

Other:

• Bloomberg Global Risk-On/Risk-Off Index 81.0 -.2%
• Bloomberg Cyclicals/Defensives Index 249.3 -1.0%
  
• Morgan Stanley Growth vs Value Index 161.2 -2.3%
• CNN Fear & Greed Index 61.0 (GREED) -5.0
• 1-Day Vix 9.2 +16.3%
  
• Vix 15.7 +4.9%
  
• Total Put/Call .90 +12.5%

Tuesday Watch

Around X:

• @Business

• Zelenskiy and Trump expressed hope their summit with European leaders could result in trilateral talks with Putin over ending his war on Ukraine: Here’s your Evening Briefing. 
• Japan’s auction of 20-year government bonds on Tuesday will be closely watched as the risk of a government spending surge weighs on investor appetite for super-long debt. 
• Australia’s consumer confidence surged in August after the Reserve Bank cut interest rates for the third time this year and signaled further easing is likely.
• Palo Alto jumped on a stronger-than-expected annual forecast, as the company seeks to provide customers with a bundle of AI-enabled cybersecurity products to fend off attacks. 
• Get up to speed on what's moving global markets.
• Here's what you need to know to start your day.

• @ZeroHedge 

• Explosion Rocks Cargo Ship Departing Baltimore Harbor.
• Restoring Law & Order In Crime-Ridden Cities May Be Key To Resolving Affordability Crisis.
• SOFTBANK GROUP TO INVEST $2B IN INTEL CORP.
• 'Socialism Defeated': Bolivia Boots Its Ruling Leftists After 20 Years In Power.
• Trump Says Putin, Zelensky To Soon Meet, 'Everyone Very Happy' About Chances For Peace.
• Are You Ready For A Humanoid Robot To Assist In Household Chores?  
• JPMorgan's Market Intel Desk Remains "Tactically Bullish": Here's Why. 
• Quant Carnage Continues, Rate-Cut Odds Leak Lower As J-Hole & Jensen Loom.

• @CNBC

• Analysts downplay AI bubble worries as Altman says some investors will be left 'very burnt'.
• Tuesday’s big stock stories: What’s likely to move the market in the next trading session.

• @TheTranscript 

• Palo Alto Networks double beat. CEO: "We exited FY 25 with an acceleration in RPO, and surpassed the $10B revenue run-rate milestone, positioning ourselves well for sustained growth ahead." $PANW: +6.3% AH.

• @MarioNawful

• YOUR ONLINE FLIRT MIGHT BE A TRAFFICKED SLAVE IN A CHINESE SCAM CAMP. Thought the person who sent you a funny message on WhatsApp is an evil crook munching popcorn while lying about their gender? Try a trafficking victim locked in a prison-style compound in Cambodia, Laos, or Myanmar, forced by Chinese crime syndicates to run romance scams or get beaten, starved, or electrocuted. (video)

• @rawsalerts

• #BREAKING: Donald Trump is now more likely than Kamala Harris to win in 2028, despite being constitutionally ineligible — Polymarket.

• @TruthFairy131

• The UN & WEF are really coming after the companion animals hard atm. These are only some of the articles I’ve seen over the past 48 hours. I would defend my fur family with my life as would many Aussies. Australia needs to leave the UN & WEF & our current Government have to go.

• @BillAckman

• The NYC mayoral election is a slow-moving, soon-to-be-accelerating train wreck. With
  @andrewcuomo and @ericadamsfornyc both still in the race and apparently planning to stay in the race until the end, @ZohranKMamdani is a near certain winner. Mayor Adams or Cuomo can win the election, but not if it is a three- or four-way race. The only path to victory is for one of them to step aside and it needs to happen soon. If Adams and Cuomo truly care about our great city, they should sit down and work it out, and they need to do it now. Socialism will be the death knell for NYC. That will be both Andrew’s and Eric’s legacy if they put their self interest and egos above what is best for the city.

• @HistoryNutOTD

• Today in 1945, George Orwell published a devastating critique of Communism. Animal Farm reveals why every communist revolution follows the same tragic pattern: liberation to corruption to oppression. Here are 10 truths from Animal Farm Orwell warned us never to forget. (thread)

• @DrTrozzi

• Why on Earth would anyone spray a potent toxic herbicide over huge swaths of forest? It toxic to plants by design, and is also a dessicant that would help forest fires burn.

• @MAGAVoice

• Peter Doocy dropped the absolute best question right out the gate catching Zelenskyy off guard: “Zelenskyy are you prepared to continue to keep sending Ukrainian troops to their de*th for another couple years or will you agree to redraw the maps” MIC DROP. (video)

• @HustleBitch_

• HOLY SH*T! NOVA SCOTIA BANS PEOPLE FROM THE FORESTS WHILE SPRAYING THEM WITH GLYPHOSATE. They're literally saturating the forests with “Roundup.” The trees will die, the land will dry, and the fires will come. This is ENGINEERED COLLAPSE and now we know exactly what they’ve been up to.

Night Trading 

• Asian equity indices are -.25% to +.25% on average. 
• Asia Ex-Japan Investment Grade CDS Index 66.0 -1.0 basis point.
• China Sovereign CDS 43.25 +.25 basis point.
• China Iron Ore Spot 101.3 USD/Metric Tonne -.1%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.89 -.04%.
• Bloomberg Emerging Markets Currency Index 36.6 -.03%.
• Bloomberg Global Risk-On/Risk Off Index 81.2 +.1%.
• US 10-Year Yield 4.33% unch.
• Volatility Index(VIX) futures 17.9 -.6%.
• Euro Stoxx 50 futures +.33%. 
• S&P 500 futures -.04%. 
• NASDAQ 100 futures -.06%.

Morning Preview Links

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

Stocks Slightly Lower into Final Hour on Higher Long-Term Rates, Profit-Taking, Technical Selling, Energy/Utility Sector Weakness

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 36.6 -.14%
• US 10-Year T-Note Yield 4.34% +1.0 basis point
• 3-Month T-Bill Yield 4.22% +1.0 basis point

• China Iron Ore Spot 101.5 USD/Metric Tonne +.1%
• Dutch TTF Nat Gas(European benchmark) 31.3 euros/megawatt-hour +.8%

• Citi US Economic Surprise Index 4.1 -2.8 points

• Citi Eurozone Economic Surprise Index 22.5 +.3 point

• Citi Emerging Markets Economic Surprise Index -.3 -1.8 points
• S&P 500 Current Quarter EPS Growth Rate YoY(459 of 500 reporting) +11.3% unch.
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 287.81 +.23:  Growth Rate +12.7% +.1 percentage point, P/E 22.4 unch.
• S&P 500 Current Year Estimated Profit Margin 13.44% +1.0 basis point
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(7 of 10 reporting) +23.6% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 470.24 +.72: Growth Rate +24.6% +.1 percentage point, P/E 32.7 -.2
• Bloomberg US Financial Conditions Index .66 -1.0 basis point
• Bloomberg Euro-Zone Financial Conditions Index 1.50 +6.0 basis points
• Bloomberg Global Trade Policy Uncertainty Index 4.9 -.4
• US Yield Curve 56.75 basis points (2s/10s) -.5 basis point
• US Atlanta Fed GDPNow Q2 Forecast +2.5% unch.
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 42.8% -.1 percentage point

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.89% unch.: CPI YoY +2.84% unch.
• 1-Year TIPS Spread 2.64 -1.0 basis point
• 10-Year TIPS Spread 2.38 unch.
• Highest target rate probability for Oct. 29th FOMC meeting: 49.1% (+3.1 percentage points) chance of 4.0%-4.25%. Highest target rate probability for Dec. 10th meeting: 47.7%(+1.3 percentage points) chance of 3.75%-4.0%. (current target rate is 4.25-4.5%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +120 open in Japan 
• China A50 Futures: Indicating +50 open in China

• DAX Futures: Indicating +75 open in Germany

Portfolio:

• Slightly Higher: On gains in my consumer discretionary/industrial/tech/financial sector longs
• Disclosed Trades: None
• Market Exposure: 100% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Growth -.1%
  

Sector Underperformers:

• 1) Nuclear -.7% 2) Utilities -.5% 3) Gold & Silver -.4%

Stocks Falling on Unusual Volume: 

• METC, ARLP, OS, ARCT, AR, QFIN, USAR, NNE and TNXP

Stocks With Unusual Put Option Activity:

• 1) MDT 2) IBB 3) IQ 4) WULF 5) FSLR

Stocks With Most Negative News Mentions:

• 1) NNE 2) EMPD 3) LZGI 4) RSKD 5) REPL

Sector ETFs With Most Negative Money Flow:

• 1) ARKK 2) XLF 3) XLC 4) XLI 5) LABU

Charts:

• ETFs Falling on Unusual Volume
• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Mid-Cap Growth +.7%

Sector Outperformers:

• 1) Education +4.6% 2) Electrification +3.5% 3) Oil Service +1.6%

Stocks Rising on Unusual Volume:

• DAY, ZEPP, AAOI, KYIV, APLD, DUOL, NMAX, IBTA, CCOI, NXT, FSLR, RIOT, BTDR, RUN, CYD, SERV, DNA, OSCR, TTD, NEGG, CHA, SBET, HSAI, IREN, AMN, SYNA, SONO, CELH, ENPH, SEDG, RCL, WIX, ZK, LQDA, JBS, NVO, LULU, VEON, VKTX, NOVT, TBPH, TEM, SUPV, RIGL, UNH, MUX, UNH, PENG and PGY

Stocks With Unusual Call Option Activity:

• 1) FIVE 2) SWK 3) JBS 4) OS 5) PRMW

Stocks With Most Positive News Mentions:

• 1) DAY 2) PPCB 3) VTAK 4) FSLR 5) RUN

Sector ETFs With Most Positive Money Flow:

• 1) SILJ 2) XBI 3) VGT 4) XOP 5) SOXX

Charts:

• ETFs Rising on Unusual Volume
• Stocks Rising on Unusual Volume

Tomorrow's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• (AS)/.02
• (HD)/4.72
• (MDT)/1.23 
• (VIK)/.99 

After the Close: 

• (JKHY)/1.58
• (KEYS)/1.67
• (LZB)/.53
• (SQM)/.51
• (TOL)/3.60
• (ZTO)/2.86 

Economic Releases 

8:30 am EST

• Housing Starts for July is estimated to fall to 1296K versus 1321K in June.
• Building Permits for July is estimated to fall to 1385K versus 1393K in June. 

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Bowman speaking, Atlanta Fed GDPNow Q3 update, weekly US retail sales reports, weekly crude oil stock report, America Taiwan Tech Forum, (MCHP) annual meeting and the Needham Virtual Semi/Semi-Cap Conference could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running -21.5% Below 100-Day Average 
• Nasdaq/NYSE Volume Ratio 18.3 +2.0
• 5 Sectors Declining, 6 Sectors Rising
• 55.2% of Issues Advancing, 42.4% Declining 
• TRIN/Arms .86 +6.2% 
  
• Non-Block Money Flow -$40.8M
  
• 45 New 52-Week Highs, 16 New Lows
• 54.0% (+1.1%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 59.6 +1.1

Other:

• Bloomberg Global Risk-On/Risk-Off Index 80.4% -.7%
• Bloomberg Cyclicals/Defensives Index 250.9 +.24%
  
• Morgan Stanley Growth vs Value Index 164.2 +.4%
• CNN Fear & Greed Index 66.0 (GREED) +2.0
• 1-Day Vix 7.2 -39.3%
  
• Vix 15.2 +.5%
  
• Total Put/Call .81 +9.5

Monday Watch

Around X:

• @Business 

• Zelenskiy and his European allies arrive in Washington on Monday anxious to find out what Trump committed to at his summit with Putin.
• The $17 billion options trader Optiver is expanding its NYC presence in a bid to take on Jane Street and Citadel Securities.
• More and more companies are reaping measurable benefits from AI. For private companies on the road to an IPO, the technology is proving to be a particularly powerful tool. Read more in the latest CFO Briefing. 
• Bond traders’ big bet that the Fed is poised to lower interest rates faces a key moment this week as Chair Jerome Powell gets a chance to weigh in on the economy. 
• Get up to speed on what's moving global markets.
• Here's what you need to know to start your day.

• @Zerohedge  

• New GPS Data Reveals Exactly Who Showed Up At White House Protests.
• Flesh-Eating Bacteria Cases On the Rise: Here Are The Symptoms.
• Witkoff Says White House Pushing To Extract 'Article 5-Like' Protections For Ukraine.
• Billionaires For Socialism: The $2 Billion "Grassroots" Operation Behind Zohran Mamdani.
• We Got Some Data, But It Didn't Change Peoples' Minds.
• Sam Altman Quietly Taps Top Democrat Operatives To Help ChatGPT Plot For-Profit.
• "The Anti-MAGA": Blood-Soaked Bush Family Plots Revival Of Political Dynasty.
• 54% now expect expect YCC or QE... was 0 a few months ago. We now go from "conspiracy theory" to conventional wisdom in a record short time. (graph)    
• Texas Is Preparing To Cut Off Power To Data Centers During Grid Emergencies.

• @CNBC

• Asia-Pacific markets set to mostly open higher as investors await details of U.S.-Ukraine talks.
• Earnings playbook: Retail takes center stage with Walmart and Target set to report.

• @TheTranscript

• Bloom Energy CEO had a humorous but revealing take on why some customers still choose legacy solutions like gas turbines instead of Bloom’s fuel cells: "I completely agree with you, but nobody gets fired for buying IBM." $BE.

• @GatewayPundit

• Comey Trashes President Trump in 5-Minute Rant, Says Taylor Swift Helps Him Cope with Trump (VIDEO).
• Man Named Mohamed Mohamed Rapes Unconscious Woman in Front of Nashville Church Before She Dies.
• President Trump’s Executive Order on Unleashing American Energy: US Department of Energy Crucial in National Defense.

• @FoxNews  

• 68 DC suspects arrested in single night as White House touts Trump's push to 'clean up' capital city.
• French President Macron, British PM Keir Starmer, Italian PM Giorgia Meloni and other leaders will join President @ZelenskyyUa in D.C. on Monday, presenting a united front following President Trump's summit with President Putin. 

• @MarioNawful

• IVY LEAGUE = ONE-PARTY STATE. Harvard isn’t a campus anymore. It’s a monoculture in tweed. 99% Democrat. Princeton? 98. Yale, Berkeley? 97. Even “balanced” UCLA is 89. That’s not a lean. That’s ideological foreclosure. Republicans aren’t underrepresented - they’re an endangered species. The actual diversity crisis isn’t race or gender. It’s thought. These schools are incubators of America’s ruling class: presidents, justices, CEOs, the people writing tomorrow’s laws and algorithms. If every seminar room is an echo chamber, what happens when the echo becomes law? Academic freedom thrives on friction. Without it, the Ivy League stops being a university system and starts being a ministry of truth. The real question: who dares break the spell?
• ISRAELI CYBER OFFICIAL BUSTED IN U.S. PEDOPHILIA STING. Las Vegas police arrested 8 men in a major operation targeting online child predators, including Israeli cyber directorate employee Tom Artiom Alexandrovich. He worked on Israel’s national cyber defense and even helped design the “Cyber Dome,” but now he’s on forced leave after returning home. Cops say the suspects tried luring minors online for sex. FBI and Vegas PD warn parents to keep a close eye on kids’ online activity. 
• 4,000+ U.S. TROOPS DEPLOYED TO LATIN AMERICA IN MASSIVE ANTI-CARTEL MISSION. The U.S. military is flooding the waters around Latin America and the Caribbean with over 4,000 Marines and sailors as part of Trump’s counter-cartel push. a deployment so large it includes warships, a nuclear-powered sub, spy planes, and an entire Marine Expeditionary Unit. (video)

• @WallStreetApes

• ARE YOU KIDDING ME?? Democrats and the media repeatedly said no illegals were on social security, now Donald Trump says THEY HAVE REMOVED A QUARTER OF A MILLION ILLEGALS FROM SOCIAL SECURITY SO FAR???? 250,000 illegals DRAWING OUR SOCIAL SECURITY. (video)
• THIS IS MASSIVE!! Starting December 1, 2025 the Donald Trump Administration is cracking down on all cash buyers and LLCs purchasing American homes. “The federal government is cracking down on home cash purchases targeting properties purchased to all cash by LLCs, Corporation, Trust and more. For years this type of purchases were flying under the radar and they were keeping the homeowners names anonymous. And that's all about to change right Now.  

• @CharlieKirk11

• Abolish the Senate. End the Electoral College. Pack the Court. Why the left can't win without a new Constitution. -NYT. They hate you. They hate the Constitution. And they hate America. (pic)

• @paulsperry_

• BREAKING: Newly declassified FBI documents reveal the FBI's Los Angeles Field Office was investigating at least nineteen (19) Clinton Foundation bank accounts for possible "campaign finance fraud" in 2016-2017 before the Justice Department shut the "sensitive" investigation down. (video)

• @Nichulscher

• Criminal Referral Requests Filed in SEVEN States Against Drs. Fauci, Hotez, Birx, Walensky, Daszak, Baric, & Other Top COVID Officials. Accused of murder, terrorism, racketeering, fraud, abuse & other serious charges — NOT just perjury. Two active criminal investigations are underway. The referrals were filed by Vires Law Group and are backed by detailed evidence—including testimony from over 80 victims and families. They said that lethal hospital protocols, the denial of life-saving treatments, and systemic medical coercion led to widespread injury and death. (video)

• @EricLDaugh

• BREAKING: President Trump just revealed that Vladimir Putin told him our mail-in voting is causing our elections to become RIGGED - and Trump is pushing to ban it nationwide. "We have to do it." "[Putin] said 'your election was rigged because you have mail-in voting.' He said 'mail-in voting, every election, no country has mail-in voting. It is impossible to have mail-in voting and have honest elections.'" "He said, 'You lost [2020] because of mail-in voting. It was a rigged election.'" (video)
• JUST REVEALED: California voters oppose Governor Gavin Newsom's plan to gerrymander the state for Democrats by a stunning 28 points, 64%-36%. Voters want the independent commission to draw the districts, not Newsom and Democrat lawmakers. He's failing.

• @IAnonPatriot

• Not a single African American protesting a safe Washington DC.. Interesting. (video)

• @RodDMartin 

• Top British Army officer warns: “Civil war is coming to the UK.” Yes, actual warfare. Like Syria. Which fits, since Britain is full of Syrians these days. Why? Because weak politicians refuse to act, on matters people find intolerable. (thread)
• BOMBSHELL: Newly released emails PROVE our own intelligence community sabotaged the 2018 Trump-Putin summit. They pushed a fake “Russia hacked the DNC” story they KNEW was false, weaponizing it to blow up the summit. There are no lengths to which they didn't go. (thread)
• BREAKING: Trump pauses new tariffs on China after his Alaska summit with Putin — but warns Beijing could be hit with crushing penalties in weeks if Russia doesn’t move toward peace. Here’s why this is a massive geopolitical play. (thread) 

• @FBIDirectorKash

• FBI agents uncovered evidence of pay-to-play at the Clinton Foundation in 2016. DOJ leadership & McCabe ordered them to ‘Shut it down.’ We’ve now declassified the memo. This is proof of political interference at the highest levels.

• @Nicksortor

• BREAKING: Vladimir Putin’s Russian delegation are now describing the meeting with Trump as “excellent,” saying it went “VERY WELL” We might just be witnessing a landmark peace deal coming together! (video)
• NOW: US Marshals are patrolling the streets of DC, following orders from President Trump and the DOJ. Friday and Saturday nights are regularly CHAOS in DC, thanks to massive groups of “youths” terrorizing civilians. So far, it’s a quiet night! Amazing. (video) 

• @dom_lucre

• BREAKING: Black Americans have started uploading videos requesting President Trump to ‘Clean up Chicago.’ Chicagoan“Hey Trump! Trump, you need to bring the National Guard to Chicago, man. You got kids kiIIing kids, man. Thats not good.” (video)

• @RepLuna

• Looks like Zelenskyy had a bail out plan using American Dollars: He is transferring over $50 million to the UAE every month. Turkish newspaper Aydinlik published on Monday the bank accounts of companies based in the UAE involved in the corruption scheme of Volodymyr Zelensky’s cronies, about $50 million is transferred to the Middle Eastern country every month.

• @bennyjohnson

• The Smithsonian has an exhibit portraying George Floyd as Jesus Christ!? Yes, you read that correctly. Jillian Michaels exposes how the exhibit paints all cops as villains, implies Black Americans should live in fear, and features a video directly comparing George Floyd to our Lord and Savior Jesus Christ: (video)

• @FightWithMemes

• I didn't realize how bad it was.
  

• @EYakoby

• If you’re running for mayor of NYC, maybe don’t hang out with the guy who said 9/11 was good. (pic)
• BREAKING: Thousands march through Manhattan, calling for a “global intifada.” Not a single American flag is present. (video)

• @gc22gc

• NOTHING TO SEE HERE: Klaus Schwab Cleared of Any Crimes as Larry Fink Takes Control of the Party of Davos World Economic Forum … (pic)

• @RogerJStoneJr

• First Hillary. Now Brennan. They seem to think flattery will spare them from the criminal indictment for seditious conspiracy to commit TREASON, which is coming their way. (video)

• @C_3C_3

• Here is a video of Fox News Jacqui Heinrich bashing President Trump trying to create world peace. Jacqui is engaged to Rep Brian Fitzpatrick. Rep Brian Fitzpatrick voted no on BBB because he wanted more taxpayer money going to Ukraine. Make sense now? (video)

• @ImMeme0

• Democrats: “How dare Trump smile, shake hands, and have a casual conversation with Putin.” (pics)

Night Trading

• Asian indices are -.25% to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 66.25 -.75 basis point.
  
• China Sovereign CDS 42.75 -.25 basis point.
• China Iron Ore Spot 102.6 USD/Metric Tonne +.7%.
• Swiss Franc/Offshore Chinese Renminbi Cross 8.91 -.13% 
  
• Bloomberg Emerging Markets Currency Index 36.62 -.06%.
• Bloomberg Global Risk-On/Risk Off Index 80.9 -.2%.
• US 10-Year Yield 4.31% -1.0 basis point.
  
• Volatility Index(VIX) futures 18.4 -.6%. 
• Euro Stoxx 50 futures +.16%.
• S&P 500 futures +.17%.
• NASDAQ 100 futures +.29%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by consumer discretionary and industrial 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 week.