Tuesday Watch

Evening Headlines

Bloomberg:

• Global Carbon Markets Face Upheaval as Nations Remake the Rules.
• China Edging Out Russia as Sanctions Redraw Trade for Kazakhstan.
• Asian Stocks Set for Mixed Open as US Rally Pauses: Markets Wrap.
• Oil Dips as Optimism Over Saudi-Led Production Cut Fades Fast.
• Inside the SEC’s Allegations Against Binance and CZ.
• Apple Headset Looks Sleek in Person But Battery Pack Stands Out.
• Intel to Raise About $1.5 Billion in Sale of Part of Mobileye.
• FBI Director to Face Contempt of Congress Hearing in Escalating Biden Probe.
• Return of Student Loan Payments Will Stretch Household Budgets.
• Biden Debt-Bill Signing Set to Unleash Tsunami of US Debt Sales.
• From Goldman to JPMorgan, Deals Have Dried Up. 
• Five Things You Need to Know to Start Your Day.
• A $1.5 Trillion Backstop for Homebuyers Props Up Banks Instead.

Zero Hedge:

• "We Are Not Alone": US Has Retrieved Craft Of 'Non-Human Origin' Says Whistleblower From Govt. Task Force On UFOs
• Here Are Goldman's Top Takeaways From Its Semiconductor Conference As Tech Execs Focused On AI
• When Your Own Government Confirms It Paid Censors To Silence You...
• El Niño Fears Surge Among CEOs As Economy In Crosshairs Of Extreme Weather.
• 800 Years Of History In One Paragraph.
• Park Hotels Makes "Difficult" Decision To Stop Paying San Fran CMBS Loan, Citing "Concerns Over Street Conditions".
• The US Desperately Needs A Political Brain Transplant.
• US stocks were mostly lower after disappointing data and Apple's WWDC - Newsquawk Asia-Pac Market Open.
• The Strange Pandemic Of 'White' Disparagement.
• US Refuses To Release Over 8,000 Hours Of Jan. 6 Security Footage: Court Filing.
• Why Is Corporate America Destroying Itself?
• Overbought tech needs a pause.
• AAPL and market reverses strength after VR headset announcement; Dollar and yields lower on surprise ISM fall - Newsquawk US Market Wrap.
• 15 Reasons Why Mass Media Employees Act Like Propagandists.
• Junk Firms Face Steepest Debt Costs In Decade As Economic Reckoning Arrives.
• GOP Donor's Family Killed In Private Jet Crash After Military Scrambled F16s.
• Stocks Sink As 'Appulus' Fails To Impress; Gold Up, Crypto Down, Oil Flat.

Wall Street Journal:

• ‘Organized Retail Crime Is Definitely a Thing’. Shop clerks should not have to develop elite crime-fighting skills. 
• Big Banks Could Face 20% Rise in Capital Requirements.
• Investor Bets on Fed Rate Cuts Fade.
• Former ByteDance Executive Claims Chinese Communist Party Accessed TikTok’s Hong Kong User Data.
• Customer Ratings Have Become Meaningless. ‘People Hand Out 5 Stars Like It’s Candy.’5 min read.
• Cancer Doctors Rethink Aggressive Treatments.
• Tech Downturn Hits West Coast Economies.

CNBC.com:

• Japan’s yen is weakening again, prompting talk of another intervention worth billions.
• Apple announces first major product since 2014: Vision Pro for $3,499.
• SEC sues Binance and CEO Changpeng Zhao for U.S. securities violations.
• Intel drops as Apple moves to its own silicon on all computers.

MarketWatch:

• The $3,499 Vision Pro headset, iOS 17, and everything else Apple just announced at WWDC
• Bitcoin drops after SEC files 13 charges against Binance, founder Changpeng Zhao
• The six wildest allegations the SEC is making against Binance
• Younger workers know being remote has drawbacks, but they don’t care. Here’s why.

Newsmax:

• DeSantis Campaign Ad Hits Trump for Not Firing Fauci.
• Neil Chatterjee: Biden Hindering Energy-Independence.

Fox News:

• Musk says Target can expect shareholder lawsuits soon as trouble mounts for retailer.
• College hit with complaint alleging program discriminated against White males.
• Comer to hold FBI Director in contempt of Congress after viewing Biden document.

TheGatewayPundit.com:

• CAN’T MAKE THIS UP: The Ladies of The View Send in White Crew Member to Shut Down Tim Scott During their Discussion on Race (VIDEO).
• Comer: FBI Confirmed the Document Alleging Biden Engaged in $5 Million Bribery Scheme is From Highly Credible Informant.
• HUGE: Postal Service Releases Final Report – Contract Driver Jesse Morgan Vindicated – Report CONFIRMS He Hauled Trailer of Ballots from NY to PA in Late October 2020
• Robert Kiyosaki On “The Three Times Crash” and Why His Generation With 401Ks Could Be Wiped Out.
• Videos: Elementary School Turned into LGBTQI+ Pride Indoctrination Camp.
• University of Cincinnati Student Claims She Received a Zero on a Class Project for Using Term ‘Biological Women’.
• Globalist World Health Organization Will Take Up EU System behind Digital Vaccine Passports to “Facilitate Global Mobility” and “Better Protect Citizens”.
• REVEALED: Woke Target Funding Anti-White, Marxist Organization that Wants to Destroy America’s Military and Give Away Mount Rushmore and Other Public Lands to “Truly Dismantle White Supremacy”.
• Tempe Holds First Annual All Ages Drag Show – LGBTQ Rapper Sings About Gay/Anal Sex and Converting Straight Men Gay – Drew Hernandez Video.
• TRAGIC: Chinese Communist Regime Arrests Hong Kongers for Commemorating Tiananmen Square on Anniversary.
• Iconic Children’s Show Shoving ‘Pride Month’ Down Kids’ Throats: ‘Happy Pride! Elmo Loves You’.

The Epoch Times:

• White House Decries Chinese Military’s ‘Growing Aggressiveness’.
• US Releases Video Showing Close-Call in Taiwan Strait With Chinese Destroyer.
• ‘A Symbol of Defiance’: Memory of Tiananmen Square Massacre Kept Alive by Advocates.

Twitter: 

• @JamesMelville - New evidence published by three climate scientists from the University of Leeds states that in 11 years to 2019, the ice shelves around Antarctica grew in overall size, with overall shelf size increasing by 5,305 km2. Follow the science.
• @zerohedge - Here's a better one: since the covid crash, all new jobs - over 2 million - have gone to foreign-born workers. And in May, native-born workers tumbled again, by 369K, while foreign-born jumped 297K to an all time high. (graph)
• @unusual_whales - On some streets in San Francisco, almost every other retail store is vacant, from Reddit: (video)
• @RobertKennedyJr - Farmland buying spree by Wall Street's mammoth hedge funds and China are turning America’s and the globe's agricultural landscapes into corporate fiefdoms and farmers into serfs.
• @OwlAmuseYou - Disney. (video)
• @songpinganq - Police robots  with facial recognition cameras roaming in China's streets. Once they detect people with low social credit score, immediately an alarm sends to authority. People with low social credit score are barred from entering high-end hotels, night clubs, golf courses. (video)
• @GregCrennan - The Senate has passed the debt limit bill. I wonder if prices of everyday goods will be higher in the future I wonder…… (graph)

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 963,283 Reports(+1,415 from prior week) Through May 26th, 2023.

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.

Night Trading 

• Asian equity indices are -.5% to unch. on average.

• Asia Ex-Japan Investment Grade CDS Index 117.25 +.5 basis point. 

• China Sovereign CDS 62.0 +1.25 basis points
  
• China Iron Ore Spot 105.8 USD/Metric Tonne +.72%.

• Bloomberg Emerging Markets Currency Index 46.3 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 59.7 +.7%. 
• Bloomberg US Financial Conditions Index -.02 -14.0 basis points.
  
• Volatility Index(VIX) futures 18.4 +.22%.
• Euro Stoxx 50 futures -.16%.

• S&P 500 futures -.07%.

• NASDAQ 100 futures -.11%.  

Morning Preview Links

BOTTOM LINE: Asian indices are modestly lower, weighed down by tech 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 50% net long heading into the day.

Stocks Reversing Lower into Final Hour on US Policy-Induced Stagflation Fears, Global Growth Worries, Global Bank Regulation Concerns, Regional Bank/Retail Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 14.9 +1.9%
• DJIA Intraday % Swing .55%
  
• Bloomberg Global Risk On/Risk Off Index 59.3 +2.9%

• Euro/Yen Carry Return Index 157.1 -.11%

• Emerging Markets Currency Volatility(VXY) 9.6 -.31%

• CBOE S&P 500 Implied Correlation Index 22.5 +3.7% 

• ISE Sentiment Index 119.0 -5.0 points
  

• Total Put/Call .77 +4.1%

• NYSE Arms .92 +18.0%

Credit Investor Angst:

• North American Investment Grade CDS Index 77.0 -.02%
  

• US Energy High-Yield OAS 393.65 +.98%
• Bloomberg TRACE # Distressed Bonds Traded 417.0 +41.0
  

• European Financial Sector CDS Index 88.5 +.87% 
• Deutsche Bank Subordinated 5Y Credit Default Swap 306.7 -.44%
  

• Italian/German 10Y Yld Spread 176.0 basis points -1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 117.1 -2.34%
  

• Emerging Market CDS Index 222.6 -2.6%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 25.97 +.21%

• 2-Year Swap Spread 16.75 basis points -2.25 basis points
  

• TED Spread 14.5 basis points -1.0 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -23.5 -2.75 basis points
  
• MBS  5/10 Treasury Spread 177.0 +3.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 723.0 +2.0 basis points
  
• Avg. Auto ABS OAS 90.0 -1.0 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 46.4 -.18%
• 3-Month T-Bill Yield 5.31% -4.0 basis points
  

• China Iron Ore Spot 162.3 USD/Metric Tonne +1.2%
• Dutch TTF Nat Gas(European benchmark) 28.5 euros/megawatt-hour  +20.2%

• Citi US Economic Surprise Index 28.2 -10.7 points

• Citi Eurozone Economic Surprise Index -82.2 -9.7 points

• Citi Emerging Markets Economic Surprise Index 21.2 +.8 points
• S&P 500 Current Quarter EPS Growth Rate YoY(495 of 500 reporting) -2.7% unch.
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 230.07 +.26:  Growth Rate +2.9% +.1 percentage point, P/E 18.6 +.2
  
• S&P 500 Current Year Estimated Profit Margin 12.24% -1.0 basis point
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(10 of 10 reporting) -2.7% unch.
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 201.90 -3.72: Growth Rate +32.7% -2.4 percentage points, P/E 36.9 +2.0
  
• Bloomberg US Financial Conditions Index .11 -8.0 basis points
• Bloomberg Euro-Zone Financial Conditions Index -4.51 +12.0 basis points
  
• US Yield Curve -80.0 basis points (2s/10s) -1.5 basis points
• US Atlanta Fed 2Q GDPNow Forecast +1.96% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +4.71% unch.: CPI YoY +4.13% unch.
  
• 10-Year TIPS Spread 2.21 +3.0 basis points
  
• Highest target rate probability for July 26th FOMC meeting: 52.5%(-1.0 percentage point) chance of 5.25%-5.5%. Highest target rate probability for Sept. 20th meeting: 47.7%(-1.1 percentage points) chance of 5.25%-5.5%.
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -20 open in Japan 
• China A50 Futures: Indicating -48 open in China

• DAX Futures: Indicating -17 open in Germany

Portfolio:

• Higher:  On gains in my medical/utility sector longs and index hedges
  

• Disclosed Trades:  Added to my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 50% Net Long
  

Bear Radar

Style Underperformer:

• Small-Cap Value -1.4%
  

Sector Underperformers:

• 1) Education +3.1% 2) Regional Banks -2.1% 3) Semis -1.6%

Stocks Falling on Unusual Volume: 

• URBN, DIOD, DELL, HPQ, CNHI, MMM, BX, GDDY, IRBT, EURN, HWC, WERN, S, CRDO, SIG, SNBR, NTCT, DG, MKTX, CHDN, CBRL, BPMC, SCVL, RCUS, CHRW, CPNG, FRO, ASO, BZ, ENVX, PETS, RIOT, MSTR, GLOB, VSCO, DAVA, ZUMZ, COIN, SDA and EPAM
  

Stocks With Unusual Put Option Activity:

• 1) IOT 2) IAU 3) GTLB 4) SABR 5) ASO
  

Stocks With Most Negative News Mentions:

• 1) EPAM 2) MSTR 3) LPSN 4) TGT 5) EL
  

Charts:

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

Bull Radar

Style Outperformer:

• Large-Cap Growth +.3%
  

Sector Outperformers:

• Healthcare Providers +.8% 2) AI/Robotics +.7% 3) Software .5%

Stocks Rising on Unusual Volume:

• AMED, DBRG, NEWT, IOT, CGEM, SDGR, BOWL, DOCS, OPCH, PLTR, PATH, BASE, PANW, CC, APAM and PECO
  

Stocks With Unusual Call Option Activity:

• 1) DOCS 2) GTLB 3) IOT 4) OPCH 5) EWJ

Stocks With Most Positive News Mentions:

• 1) PANW 2) PLTR 3) CIR 4) BOWL 5) ETRN
  

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:

• (ABM)/.86
• (ASO)/1.65
• (CIEN)/.61
• (CBRL)/1.34
• (GIII)/-.10
• (SJM)/2.41
• (THO)/1.08
  

After the Close: 

• (CASY)/1.65
• (PLAY)/1.26
• (SFIX)/-.31
  

Economic Releases 

• None of note
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German Factory Orders report, weekly US retail sales report, Deutsche Bank Consumer Conference, TD Cowen Future Consumer Conference, RBC Energy/Power/Infra Conference, Baird Consumer Tech/Services Conference, (BWA) investor day, the William Blair Growth Stock Conference, UBS Industrials/Transport Conference, (FHN) Investor Day and the BofA Tech 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:

• NYSE Volume Running -6.4% Below 100-Day Average 
• Nasdaq/NYSE Volume Ratio 7.6 +.7
  
• 4 Sectors Declining, 7 Sectors Rising
• 34.3% of Issues Advancing, 62.8% Declining
• 36 New 52-Week Highs, 14 New Lows
• 453%(-2.9%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 53.0 +2.0
  
• Bloomberg Global Risk-On/Risk-Off Index 59.6 +3.4%
  
• Russell 1000: Growth/Value 17,445.5 +.63%
• 1-Day Vix 9.0 -24.5%
  
• Vix 14.9 +2.3% 
  
• Total Put/Call .80 +8.1%
• TRIN/Arms .80 +2.6%
  

Monday Watch

Night Trading

• Asian indices are +.25% to +1.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 116.75 -5.25 basis points
  
• China Sovereign CDS 60.75 -4.25 basis points.
• China Iron Ore Spot 104.6 USD/Metric Tonne +.6%
  
• Bloomberg Emerging Markets Currency Index 46.3 -.27%.
• Bloomberg Global Risk-On/Risk Off Index 58.6 +1.6%.
• Bloomberg US Financial Conditions Index .18 -1.0 basis point. 
  
• Volatility Index(VIX) futures 18.9 +.5%. 
• Euro Stoxx 50 futures -.02%.
• S&P 500 futures -.04%.
• NASDAQ 100 futures -.27%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and industrial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 75% net long heading into the week.

Mid-Day Market Internals

NYSE Composite Index:

• NYSE Volume Running +14.5% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 6.9 -1.4
  
• 1 Sector Declining, 10 Sectors Rising
• 83.3% of Issues Advancing, 14.6% Declining
• 62 New 52-Week Highs, 11 New Lows
• 44.4%(+9.7%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 53.0 +6.0
  
• Bloomberg Global Risk-On/Risk-Off Index 58.0 +5.3%
  
• Russell 1000: Growth/Value 17,351.5 -.52%
• 1-Day Vix 10.7 -23.5%
  
• Vix 14.8 -5.6% 
  
• Total Put/Call .70 -19.5%
• TRIN/Arms 1.10 +10.0%
  

Friday Watch

Evening Headlines

Bloomberg:

• Investors Zero In on China Local Debt Blowup as Top Risk in Asia.
• Korea Inflation Slows in May, Giving Central Bank Scope to Pause.
• Asia Stocks to Track US Rally Ahead of Jobs Data: Markets Wrap.
• Oil Heads for Weekly Decline Ahead of OPEC+ Meeting on Supply.
• Kevin McCarthy’s Debt-Limit Win Risks His Job as Speaker.
• Senators Strike Deal for Swift Passage of Bill to Avert US Default.
• Senate to Vote on Stripping Mountain Valley Pipe From Debt Bill.
• Apple Plans Major Store Overhaul From the US to China.
• Investors Are Dumping Value Funds to Shovel Money Into AI Bets.
• NASA, Boeing Delay Crewed Starliner Flight Over Safety Concerns.
• Biden Plans to Tap Mandy Cohen for CDC Director, Replacing Walensky.
• Fed’s Harker Says FOMC Should ‘at Least Skip’ June Rate Hike.
• Hedge Funds at War for Top Traders Dangle $120 Million Payouts.
• Job Cuts From AI Are Just Beginning, the Latest Challenger Report Suggests.
• These Are the Most and Least Expensive Places to Raise Kids.

Zero Hedge:

• Is The Sleeping Conservative Dragon Finally Waking Up?
• Investor Home Purchases Collapse Most On Record.
• Biden Speech Hailing NATO Strength Overshadowed By Serious Fall On Stage.
• US Lacks 'Effective Tool' To Stop China’s Tech Theft: Treasury Official.
• 'What Is A (Fired) Woman?' - Twitter Head Of Trust & Safety Gone After "Mistake" Banning Documentary.
• A Debt Jubilee Of Biblical Proportions Is Coming Soon... What You Need To Know.
• Pentagon Chiefs Cancel "Family Friendly" Drag Show At Air Force Base After Rep. Gaetz Pressure.
• Where are we in this bubble?
• Zelensky Miffed Over NATO Inaction, Demands Membership & Security Guarantees 'Now'.
• The Suffering Is Off The Charts.
• Shellenberger: Why The Media Is Attacking Free Speech.
• San Francisco Mayor Makes U-Turn To Fund Police After Company Exodus Pressures City Finances.
• Doug Casey On The Bankruptcy Of The US Government.
• US stocks gained on debt ceiling optimism and a downward revision to Labor Costs - Newsquawk Asia-Pac Market Open.
• Seattle Amazon Employees Protest Returning To The Office Due To "Climate Change".
• Republicans Say DOJ Has Gone 'Totally Rogue' After Lawsuit Against 2024 Senate Contender.
• Bank Bailout Facility Usage Hits New Record High As Money-Market Fund Inflows Soared Again Last Week.
• Stocks higher on debt ceiling optimism and falling Labor Costs ahead of jobs report - Newsquawk US Market Wrap.
• Bonds & Bullion Bid As Fed 'Pause' Narrative Builds; Stocks Soar On Massive Squeeze.

Wall Street Journal:

• Why Your Burger Is Getting Pricier.
• Auto-Safety Regulators Failed to Complete Defect Probes in Timely Manner, Government Audit Finds.
• The Nepo Babies Are Coming to the Office.
• Apple Savings Account Customers Say It’s Hard to Get Their Money Out.
• Banks Raise Roadblocks to Small-Business Loans.
• The Hottest New Home Amenity? ‘It’s Brutal’.
• Business Is Slowing. So Companies Are Juicing Profits.

CNBC.com:

• CrowdStrike CEO calls generative AI an ‘arms race,’ but is ready to fight.
• Why Apple’s VR headset could succeed where every similar product has failed.
• Lululemon shares surge after reporting 24% sales growth, raising full-year guidance
• Here’s what to watch out for in Friday’s jobs report for May.
• MongoDB shares jump more than 20% after database company beats expectations and raises guidance.
• Meta says it will block news on Facebook in California if recently advanced bill becomes law.

MarketWatch:

• WeQuit: WeWork bonds sink after top executives resign from cash-burning company.
• Too much debt coming due and not much cash on hand: These 10 companies face a rough year ahead.
• Broadcom stock shows volatility as analysts question AI’s more than 25% boost to chip revenue.
• Opinion: Bank stocks have dodged a bullet. They may not be so lucky next time.

 Newsmax:

• Rep. Mace: Debt Bill 'Fleeced' Republicans, Americans.
• Rep. Ogles:: 'A Bad Deal for America'.
• Sen. Blackburn: China Eyes 'Global Domination' by 2050.
• Trump: GOP Should’ve Gotten More From Debt Deal.
• Tech CEO: Fears of Advanced AI Warranted.

Fox News:

• DeSantis addresses Biden's fitness for another term after president's hard fall.
• Beloved Disneyland ride finally shuttered ahead of ‘inclusive’ overhaul.
• Irate Dem Sen. Joe Manchin calls 'bulls---' on Republicans over key debt ceiling provision.
• Pitcher booed in first game since sharing video endorsing Target, Bud Light boycotts.

TheGatewayPundit.com:

• Dr. Peter McCullough: Understand Spike Shedding Before It’s Too Late.
• BREAKING: Joe Biden Takes MASSIVE Fall at Air Force Academy Graduation Ceremony (VIDEO).
• Report: Jamie Foxx Allegedly Paralyzed and Blinded Due to ‘Blood Clot in His Brain’ Following COVID-19 Shot, Veteran Hollywood Journalist Claims (VIDEO).
• NEW: Democrat Katie Hobbs Hangs LGBTQ Flags Above American Flag at Arizona Capitol.
• BREAKING: Maricopa County Supervisor Bill Gates Says He Will NOT Run For Re-Election in 2024 – Will Oversee 2024 Election.
• Hohmann: Globalists Rev Up Plans to Engineer Global Famine: 13 Nations Agree to Convert Over to Less-Productive ‘Green’ Farming Methods.
• Glamour Magazine Features Pregnant Transgender ‘Man’ On Cover For Pride Month.
• JP Morgan Downgrades Target as Retailer Suffers Longest Losing Streak in 23 Years After Trans-Satanist Children’s Clothing Line Fails to Impress.
• BREAKING: Senate Votes to Overturn Biden’s Student Loan Forgiveness Program – Here Are the Democrats Who Voted with Republicans.
• It Begins: US Embassies Around The World Fly Pride Flag.
• “I’m Ready to Turf You Out!” – More… Steve Bannon Fires Warning Shot at 149 Republicans Who Voted for Uniparty Bill (VIDEO).
• Whistleblower Who Was Set to Reveal “Explosive” Information on the Biden Crime Family Before Disappearing Speaks Out In Interview – Is Hiding Out as Fugitive in Undisclosed Foreign Location.
• Steve Bannon: Jim Jordan and MTG “Should Both Face Primary Challenges from Real MAGA” For Voting with Democrats on Uniparty Spending Bill.
• CNN Writes Glowing Article on Women Marrying Themselves as ‘Symbolic Expression of Self-Love’.

The Epoch Times:

• Pentagon Funding ‘Extremely Concerning’ Hypersonic Weapons Program at China-Linked University: Gallagher
• Chinese Activists Condemn China’s Secret Agents in US.

Twitter: 

• @UltraDane - Croatia's MEP: “Today it would be safer to sign contracts with the Colombian drug cartels than with the World Health Organization.” (video)
• @RealJamesWoods - "Honoring the Sisters of Perpetual Indulgence, a group whose sole mission is to sexualize nuns and mock Jesus, reveals the true depth of hatred California’s elected officials have for the millions of Catholics residing in the state.”
• @nickgerli1 - Wall Street Investors have officially abandoned the Housing Market. With Redfin reporting a colossal 49% crash in investor purchases in Q1 2023. This is the biggest annual decline on record. Even bigger than the drop that occurred in 2005 right before the last crash. (graph)
  

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 961,868 Reports(+516 from prior week) Through May 19th, 2023.

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.

Night Trading 

• Asian equity indices are -.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 122.0 +2.0 basis points. 

• China Sovereign CDS 65.0 +.5 basis point
  
• China Iron Ore Spot 102.4 USD/Metric Tonne +.31%.

• Bloomberg Emerging Markets Currency Index 46.4 -.09%.
• Bloomberg Global Risk-On/Risk Off Index 56.1 +1.8%. 
• Bloomberg US Financial Conditions Index -.02 -1.0 basis point.
  
• Volatility Index(VIX) futures 19.5 +.3%.
• Euro Stoxx 50 futures +.19%.

• S&P 500 futures +.04%.

• NASDAQ 100 futures +.03%.  

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by tech and commodity shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 75% net long heading into the day.