Tuesday Watch

Evening Headlines

Bloomberg:              

• The World’s Next Big Inflation Surprise Is Looming In China.  
• There Are Signs of a ‘Second Chapter’ in the Pandemic Price Surge.
• Australia Retail Sales Post First Fall of 2022; Yields Drop.  
• Biden Team Weighs Fully Cutting Off Huawei From US Suppliers.  
• Japan Output Inches Down as Global Slowdown Tempers Rebound.
• Samsung Profit Drops on Weakness in Memory, Mobile Phones.
• China Tells Dutch It Wants Open Supply Chains Amid US Chip Curbs.  
• Asia Stocks Extend Monthly Gain Before Fed, ECB: Markets Wrap.
• Oil Steadies After Drop as Chinese Demand, Fed Decision in Focus.
  
• OPEC+ Treads Wary Path Through China Rebound, Russia Sanctions.
  
• Fed’s Wall Street Clash Sets Stage for Powell’s Hawkish Message.  
• The People Who Helped Bankman-Fried Post Bail Can Be Identified, Judge Says.  
• US Offices Reach 50% Occupancy for First Time Since Pandemic Hit.  
• Carvana’s 2023 Rally Tops 100% as Options Fuel Meme-Style Frenzy.

Wall Street Journal:

• The U.S. Consumer Is Starting to Freak Out.
• Israel Drone Strike Hit Iranian Weapons Facility.
• Zelensky Urges Faster Weapons Deliveries Amid Russian Push.
• Adani Group Fails to Halt Short-Seller Driven Decline.
• Samsung Operating Profit Falls 69%.
• Sketchy Social Security Numbers Possibly Landed Billions in Covid Aid. 

Fox News:

• WATCH:McCarthy spars with CBS host on election denial hypocrisy.
• Christmas, Easter removed from university's academic calendar.

CNBC.com:

• Ford and GM enter a new phase of uncertainty on prices and demand
• Apple’s expected to post its first revenue decline since 2019 on Thursday
• Everyone’s watching Meta’s earnings report for a hint at how online ads are doing.
• Dan Niles says he wouldn’t touch Apple going into earnings.
• Stocks making the biggest moves after hours: Whirlpool, NXP Semiconductors, UnitedHealth and more.

MarketWatch:                  

• Opinion: The Fed expects a ‘soft landing’ and no recession for the economy. We could get stagflation instead.
• It’s a key week for the stock market. If you’re not nervous, you should be, this global strategist warns.  
• Morgan Stanley’s Mike Wilson warns the 2023 stock market rally could end this week.
  
• DoorDash CEO and other co-founders to sell millions of shares, stock falls.
  
• Apple execs violated labor law after remarks that interfered with organizing: report.

Zero Hedge:

• "One Lie After The Next": CNN Ratings Hit 9-Year Lows After Reputational Suicide.
• Biden Says "No" To US Providing F-16 Jets For Ukraine (..For Now). 
• Unvaccinated Kidney And Heart Patients Denied Transplants Get Day In Court With Michigan Hospital.
• Vail Resorts Record An Abundance Of Snow Despite Mild US Winter.
• DOJ Is 'Boxed In' In Handling Of Biden, Trump Document Probes: Experts.
• Texas Oil And Gas Industry Braces For Severe Winter Weather.
• Court Rejects Johnson & Johnson Bankruptcy Strategy For 1000s Of Baby-Powder Lawsuits.
• Ron Paul: The Real Disinformation Was The "Russia Disinformation" Hoax.
• Bolsonaro Seeking Tourist Visa To Extend US Stay As Criminal Cases Pile Up In Brazil.
• Treasury Publishes Cash Balance Estimates As It Prepares To Drain $650 Billion To Offset Debt Ceiling.
• US stocks declined after hot Spanish inflation spurred profit-taking ahead of key events - Newsquawk Asia-Pac Market Open.
• US Halts New Licenses For Export To Huawei.
• Experts Warn New IRS Tax Rules Are A 'Double Whammy' For Families.
• Hawkish Shift In Fed Expectations Sparks Selling In Bonds, Big-Tech, & Black Gold.

Newsmax:

• Rep. Good: GOP Bill Would Expose US Fund Ties to China.
• Ex-Twitter Execs to Testify on Block of Incendiary Hunter Biden Story.
• Facebook Users Lash Out at DirecTV for Newsmax Censorship.

TheGatewayPundit.com:

• Please Pray for The Gateway Pundit – We Are Releasing Documents in Coming Days that Reveal Numerous Criminal Acts by the President and His Son Hunter.
• YouTube Insider Leaks “Urgent Guidance” Doc Sent to Employees on How to Handle Project Veritas’ Bombshell Pfizer Video.
• Have You Been Thinking About Quitting The Fight To Save America After The Disappointing 2022 Election Results? I Almost Did, and So Did Many Others…Here’s Why We Decided To Stay And Fight.
• Joe Biden to End Covid-19 Emergency Declarations on May 11.
• Trump Sues Far-Left Author Bob Woodward For $49 Million For Releasing Interview Recordings.
• Trans Activist Accused of Rape After She Was Moved to Women’s Prison.
• Calls for Immediate Suspension of the COVID-19 Vaccines Now Hit South Africa – Court Action Launched by 3 Non-profit Companies (VIDEO).
• Actress Lisa Loring – Best Known For Role as Wednesday Addams in Iconic TV Show “The Addams Family” Dead at 64.
• JEROME CORSI: How the CIA Engineered the “Russian Collusion” Coup d’État to Remove Donald Trump from the Presidency.

The Epoch Times:

• ‘China Changed Capitalism’: Sens. Rubio and Warner Sound Alarm on CCP’s Economic Threat.
• CCP Policies Create ‘Artificial’ Energy Crisis as Chinese Citizens Lack Winter Heating.

Twitter: 

• @Mayhem4Markets - Retail is back in a big way. (graph)
• @EmeraldRobinson - So @NameRedacted247 found the names of 165 spooks working just at Google. That’s a lot of Obama/Hillary parasites in one search engine.
• @Project_Veritas - 27,000,000 views of Pfizer Director of Research. (video) 
• @CheddarFlow - Lowest premium for an S&P500 put since January 2022. (graph)

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 922,020 Reports(+3,512 from prior week) Through January 6th, 2022.

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 -.50% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 105.75 +3.25 basis points. 

• China Sovereign CDS 52.0 +3.25 basis points. 
• China Iron Ore Spot 127.7 USD/Metric Tonne -.34%.

• Bloomberg Emerging Markets Currency Index 48.5 -.01%.
• Bloomberg Global Risk-On/Risk Off Index  58.4 -.08%. 
• Bloomberg US Financial Conditions Index .27 -3.0 basis points.
  
• Volatility Index(VIX) futures 20.0 -.29%.
• Euro Stoxx 50 futures -.19%.

• S&P 500 futures +.24%.

• NASDAQ 100 futures +.28%.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CAT)/4.03
• (GLW)/.44
• (XOM)/3.28
• (GM)/1.68
• (IP)/.69
• (MAN)/2.12
• (MPC)/5.63
• (MCD)/2.46
• (MDC)/1.52
• (NVR)/98.88
• (PFE)/1.04
• (PSX)/4.45
• (PBI)/.08
• (PII)/3.26
• (PHM)/2.92
• (SYY)/.84
• (UPS)/3.59
  

After the Close:

• (AMD)/.67
• (AMGN)/4.08
• (DOX)/1.34
• (BXP)/1.84
• (CP)/1.09
• (CB)/4.25
• (EA)/3.04
• (IEX)/1.97
• (JNPR)/.65
• (MTCH)/.60
• (MDLZ)/.70
• (SNAP)/.12
• (SYK)/2.84
• (WDC)/-.13
  

Economic Releases

8:30 am EST

• The Employment Cost Index for 4Q is estimated to rise +1.1% versus a +1.2% gain in 4Q.

9:00 am EST

• The FHFA House Price Index MoM for Nov. is estimated to fall -.5% versus unch. in Oct..
• The S&P CoreLogic CS 20-City MoM SA for Nov. is estimated to fall -.7% versus a -.52% decline in Oct.
• The S&P CoreLogic CS 20-City YoY NSA for Nov. is estimated to rise +6.7% versus a +8.64% gain in Oct.
  

9:45 am EST

• The MNI Chicago PMI for Jan. is estimated to rise to 45.0 versus 44.9 in Dec.

10:00 am EST

• The Conference Board Consumer Confidence Index for Jan. is estimated to rise to 109.0 versus 108.3 in Dec.

10:30 am EST

• The Dallas Fed Services Activity Index for Jan.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German retail sales report and the weekly US 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 50% net long heading into the day.

Stocks Falling into Final Hour on US Policy-Induced Stagflation Fears, Fed "Higher for Longer" Worries, Earnings Outlook Concerns, Tech/Alt Energy Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume:  Below Average

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 19.9 +7.6%
• DJIA Intraday % Swing .76%
  
• Bloomberg Global Risk On/Risk Off Index 58.6 -1.0%

• Euro/Yen Carry Return Index 146.8 +.25%

• Emerging Markets Currency Volatility(VXY) 10.4 +.9%

• CBOE S&P 500 Implied Correlation Index 34.9 +3.6% 

• ISE Sentiment Index 118.0 -3.0 point
  

• Total Put/Call .87 +6.1%

• NYSE Arms 1.24 +18.1%

Credit Investor Angst:

• North American Investment Grade CDS Index 73.0 +2.1%
  

• US Energy High-Yield OAS 356.98 +1.0%
• Bloomberg TRACE # Distressed Bonds Traded 294.0 -11.0
  

• European Financial Sector CDS Index 89.19 +3.0% 
• Credit Suisse Subordinated 5Y Credit Default Swap 345.3 +4.0%
  

• Italian/German 10Y Yld Spread 188.0 basis points +2.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 104.76 +1.4%
  

• Emerging Market CDS Index 229.0 +3.5%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 27.87 -.06%

• 2-Year Swap Spread 28.25 basis points +.25 basis point
  

• TED Spread 16.0 basis points +1.75 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -14.5 -1.0 basis point
  
• MBS  5/10 Treasury Spread  132.0 +1.0 basis point
  
• Bloomberg US Agg CMBS Avg OAS 107.0 unch.
  
• Avg. Auto ABS OAS .70 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 48.5 -.21%
• 3-Month T-Bill Yield 4.65% unch.
  

• China Iron Ore Spot 126.6 USD/Metric Tonne -1.2%
• Dutch TTF Nat Gas(European benchmark) 55.1 euros/megawatt-hour -.49%

• Citi US Economic Surprise Index -5.4 -2.3 points

• Citi Eurozone Economic Surprise Index 91.0 +6.8 points
  

• Citi Emerging Markets Economic Surprise Index 5.2 +1.7 points
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 226.79 -.68:  Growth Rate +9.9% -.5 percentage point, P/E 17.8 -.1
  
• Bloomberg US Financial Conditions Index .31 -7.0 basis points
  
• Yield Curve -71.25 basis points (2s/10s) -2.5 basis points
• US Atlanta Fed 1Q GDPNow Forecast +.67% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +4.30% -15.0 basis points: CPI YoY +6.39% unch.
  
• 10-Year TIPS Spread 2.30 -3.0 basis points
  
• Highest target rate probability for March 22nd FOMC meeting: 84.3%(+.1 percentage point) chance of 4.75%-5.0%. Highest target rate probability for May 3rd meeting: 51.3%(-5.6 percentage points) chance of 4.75%-5.0%.
  

US Covid-19:

• 91 new infections/100K people(last 7 days total). 5.2%(-0.0 percentage points) of 1/14/22 peak(1,740) -0/100K people from prior report.
  
• New Covid-19 patient hospital admissions per 100K population -83.2%(-3.0 percentage points) from peak 7-day avg. of 1/9/22 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +26 open in Japan 
• China A50 Futures: Indicating +87 open in China

• DAX Futures: Indicating +17 open in Germany

Portfolio:

• Slightly Higher:  On gains in my index hedges and emerging market shorts
  

• Disclosed Trades:  Added to my (IWM)/(QQQ) hedges and to my emerging market shorts
  

• Market Exposure: Moved to 25% Net Long
  

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running -15.3% Below 100-Day Average 
• 8 Sectors Declining, 3 Sectors Rising
• 41.8% of Issues Advancing, 54.1% Declining
• 44 New 52-Week Highs, 2 New Lows
• 56.3%(-1.4%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 61.0 -2.0
  
• Bloomberg Global Risk-On/Risk-Off Index 58.8 -.7%
  
• Russell 1000: Growth/Value 14,528.9 -.66%
  
• Vix 19.8 +7.2%
• Total Put/Call .83 +1.2%
• TRIN/Arms 1.06 +.95%
  

Monday Watch

Today's Headlines

Bloomberg:                                

• Israel Vows Tough Action as Violence With Palestinians Escalates.  
• Britain’s Supermarkets and Suppliers Feuding Over Prices.
• Here’s What Can Go Wrong for Europe’s Powerful Equity Rally.
• Adani Risk Clouds Wall Street’s Star Emerging-Market Bet.  
• Ukraine Latest: Russian Missile Hit on Kharkiv Building Reported.
• Ackman Says Banks Face Too Much Liability Exposure on Adani Deal.  
• Investors Call for More Tools to Hedge China Market Risks.
• Stocks Buoyed by China Reopen; Rate Decisions Loom: Markets Wrap.  
• Oil Pushes Higher as China’s Return Poised to Spur Consumption.
• Powell’s Narrow Path Would Avoid Routes Taken by Burns, Volcker.
• Ilhan Omar Sees GOP Support for Keeping Her Foreign Affairs Seat.  
• FOMO-Fueled Tech Rally Steamrolls Over Pile of Earnings Warnings.  
• Wall Street Is Losing Out to Amateur Buyers in the Housing Slump.
• Bed Bath & Beyond Customers Confront Empty Shelves Ahead of Looming Bankruptcy. 
• Stocks Are Poised to Hit New Lows This Year, Survey of Investors Shows.  
• Historic Crash for Memory Chips Threatens to Wipe Out Earnings.
• Social Media Buzz: Djokovitz Win, Iran Drone Attack, NFL Games.  
• Your Sunday Briefing: Happy Birthday to SPY; It’s Groundhog Week.

Wall Street Journal:

• Medical Schools Bail on Academic Merit and Intellectual Rigor. Some refuse to be ranked by U.S. News, which weighs test scores and grades rather than diversity.
• Short Sellers Feel Pain in Stock Market’s Rally.
• China’s Top Nuclear-Weapons Lab Used U.S. Chips Decades After Ban.
• Toyota Rethinks EV Strategy With New CEO.
• Russia Tightens Grip Around Bakhmut as Ukraine Awaits Western Tanks.
• The Head and the Heart of Novak Djokovic.
• Israel Strikes Iran Amid International Push to Contain Tehran.
• New ‘Superbug’ Strain of Gonorrhea Is Outsmarting Most Antibiotics.
• ChatGPT Spotlights Microsoft’s Bid to Monetize AI.
• Migrant Arrests Fell by Roughly Half in January After New Enforcement Measures.
• Israel, Palestinians Caught in Escalating Cycle of Violence in Jerusalem and West Bank.
• House Speaker McCarthy and Biden Expected to Discuss Debt Ceiling.

Fox News:

• Actress known for her roles in 'Bosch,' '24,' and 'Runaways' dead at 45.
• Dr. Siegel warns of popular diabetes drug's bizarre side effect.
• Dems say they want to give government workers a pay raise for putting up with Trump’s cruelness.
• Former Twitter execs to testify before House Oversight Cmte on Hunter laptop.
• Ex-Walmart CEO issues ominous warning for Americans if Biden fails to act soon.

CNBC:

• Iran says drone attack targets defense facility in Isfahan.
• Earnings are showing signs of strain and are likely to get worse as economy slows.

Zero Hedge:     

• FDA Quietly Changes End Date For Study Of Heart Inflammation After Pfizer COVID Vaccination. 
• "It's The Perfect Storm": More Americans Can't Afford Their Car Payments Than During The Peak Of Financial Crisis.
• How Two Conflicting COVID Stories Shattered Society.
• If WW3 Breaks Out, Tanks Or Fighter Jets Won't Matter: Kremlin. 
• Raise The Social Security Age To (At Least) 75.
• Iranian Explosions: Implications And Impact On Oil.
• Weekend News Round Up - Newsquawk Asia-Pac Market Open. 
• Millions To See Food Stamp Payment Decrease After February, Federal Agency Says.
• Massive Fire Destroys Commercial Egg Farm Belonging To Top US Supplier.
• "We Will Root Out The Deep State" - Trump Begins 2024 Campaign In New Hampshire, South Carolina.
• Rand Paul Slams Alarmist Default Rhetoric, Outlines Fiscal Reform Plan.
• Taibbi: Hamilton 68 Stealth Edits Website After Bombshell Report.
• WHO Suddenly Updates Medicines List For Nuclear Emergencies.
• Turkey Issues 'Terror Alert' To Its Citizens Traveling In West After Quran-Burnings.
• The Cost Of Living Has Become Extremely Oppressive And 57% Of Americans Cannot Afford A $1,000 Emergency Expense.
• Suspected Israeli Drone Attack Rocks Iranian Military Site.
• GOP House Promises Strict Oversight Of Ukraine Aid.
• Obama Border Chief Says Immigration Crisis 'Much Bigger' Now As 77 Democratic Lawmakers Slam Biden.
• NIH Failed To Monitor EcoHealth Alliance: Federal Watchdog.
• Macgregor: This Time It's Different.
• 'Curiouser And Curiouser' - Is Joe Biden Serving Two Masters?
• Map Reveals US Cities With Most Homeless Gen-Zers.
• Are You Really Against Fossil Fuels? Read This Before You Answer.
• What Is Going On Between Kevin McCarthy And Marjorie Taylor Greene?

MarketWatch.com:          

• ‘The Nasdaq is our favorite short.’ This market strategist sees recession and a credit crunch slamming stocks in 2023.  
• Recession watch: U.S. economy is on shaky ground.   
• Could Big Tech layoffs keep growing? Apple, Amazon, Facebook and Google may give hints in biggest week of earnings.   
• Meta’s ‘darkest days’ are ahead, but some analysts say ad sales are still on track.  
• McDonald’s earnings haven’t been hit by higher prices, as ‘it just seems like Americans are more upset by the change in price at grocery stores’.

NewsMax:

• Rep. Tim Burchett: DirecTV's 'Liberal, Woke Move'.
• Rep. Keith Self: AT&T DirecTV Govt's Propaganda Arm?
• Sen. Mike Lee Calls for Immediate Debt Action to Control Interest.

TheGatewayPundit.com:  

• TGP Exclusive: Service Member Karolina Stancik Speaks Out About Her Horrific Injuries, Heart Attacks, Stroke from COVID Vaccine – PLEASE DONATE BELOW.
• China Is Now Covering Project Veritas’ Investigation Into Pfizer.
• Oregon Man Wanted for Attempted Murder and Kidnapping May Be Using Dating Apps to Find More Victims, Police Warn.
• “Downhill, Disaster, Hard Times” – Under Joe Biden, 71% of Americans Say Country is on the Wrong Track: NBC Poll.
• SICK: Bearded Drag Queen Toasts To “Those Who L*ck Us Where We Pee” In Front Of Young Children At Texas Drag Show (VIDEO).
• CNN’s Dana Bash Calls Schiff Out For Being a Liar… So He Triples Down on Russia Collusion Hoax (VIDEO).
• WIN: Utah Bans Puberty Blockers, Hormones and Surgical Sex Change Procedures for Minors.
• EPIC! Novak Djokovic Breaks Down and Cries After Winning 10th Australian Open – A Year After Being Banned from Australia for Refusing Big Pharma’s Vax (VIDEO).
• President Trump Says We Need a Leader to Stand Up to the RINOs – Lindsey Graham Laughs in the Background (VIDEO).
• “Peace, Peace, Peace…the Only Republican Out There Saying He Can Get a Peace Deal Between Ukraine and Russia” – Michael Savage on President Trump’s “Electrifying” Speech in South Carolina (VIDEO).
• Shadowy UK Army Unit Spied on Country’s COVID Lockdown Critics – Members of the Secretive ‘Information Warfare’ Brigade Were Part of the Operation.
• BOOM! First Lawsuit Filed Against FDA for Withholding Dreadful Vaccine Safety Data.
• Stunning Performance by 59-Year-Old Trans Figure Skater at Opening Ceremony of the European Figure Skating Championships Goes Viral (Video).
• Football Player Collapses Suddenly After Suffering from Cardiac Arrest During Beitostølen Cup in Norway.
• Joe Biden Says He’s Added More to US Debt than Any Other President (VIDEO).
• Sane, Responsible Policymakers Should be Looking for Off-Ramp in Ukraine – But They’re Not.

The Epoch Times: 

• EXCLUSIVE: China’s Theft of Western Technology: What Can Be Done?
• Orlando Gutierrez-Boronat: Cuba’s Pawns, Informants, and Financiers, from China to America. 
• Top Lawmaker Responds to General’s Memo on 2025 War With China: ‘I Think He’s Right’.

Twitter:

• @WallStreetSilv - This is how you stealthily boost the profit on your ‘family size’ product by 25% #shrinkflation = stealth inflation. (video)
• @eliant_captial - Retail & CTAs max long & funds chasing breakouts due to being underinvested, oh boy. (graph)
  

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 926,541 Reports(+4,521 from prior week) Through January 13th, 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.

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). 
• COVID Money Tracker. Tracking the Covid response.
  

Night Trading

• Asian indices are -.5% to +.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 102.5 0 -.25 basis point.
• China Sovereign CDS 48.75 -.75 basis point.
• China Iron Ore Spot 128.7 USD/Metric Tonne +1.8%
  
• Bloomberg Emerging Markets Currency Index 48.6 +.04%.
• Bloomberg Global Risk-On/Risk Off Index 59.5 +.5%.
• Bloomberg US Financial Conditions Index .35 -3.0 basis points. 
  
• Volatility Index(VIX) futures 19.6 +1.2%. 
• Euro Stoxx 50 futures -.12%.
• S&P 500 futures -.20%.
• NASDAQ 100 futures -.27%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (BEN)/.54
• (HTLD)/.30
• (SOFI)/-.08
  

After the Close:

• (GGG)/.69
• (HP)/.81
• (NXPI)/3.63
• (SANM)/1.38
• (WHR)/3.29
  

Economic Releases

10:30 am EST

• The Dallas Fed Manufacturing Activity Index for Jan. is estimated to rise to -15.5 versus -18.8 in Dec.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone Consumer Confidence report could also impact trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

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