Mid-Day Market Internals

NYSE Composite Index:

• Volume Running +59.1% Above 100-Day Average
• 11 Sectors Rising, 0 Sectors Declining
• 78.9% of Issues Advancing, 19.5% Declining
• 267 New 52-Week Highs, 2 New Lows
• 82.0% of Issues Above 200-day Moving Average
• Average 14-Day RSI 57.5% 
• Bloomberg Global Risk-On/Risk-Off Index 1,281.0 +178.0 points
• Vix 22.0 -2.8%
• Total Put/Call .59 -11.9%
• TRIN/Arms .96 +41.2%

Tuesday Watch

Evening Headlines

Bloomberg:                                  

• World Economy Risks Buckling Into 2021 Despite Vaccine Nearing.  
• China Debt Defaults Set to Top 100 Billion Yuan for a Third Year.  
• These AAA-Rated Bonds Are Tumbling as China Default Fears Spread.  
• China’s Credit Stress Shines a Spotlight on Private Stock Deals.  
• SEC Pressures China Firms’ Listings, Warning of Accounting Risks.  
• Japan’s Large Investors May Be Cashing in on Global Stock Rally.
• Australia’s Sunshine State Is Opening Up in Time for Peak Season.  
• Vaccine May Halt Severe Cases; New Japan Measures: Virus Update.  
• Stocks Gain on Start of Formal Biden Power Shift: Markets Wrap.
• U.S.’s Oil-Crash Report Offers Few Answers for Wild Trading Day.
• Biden Picks John Kerry, Paris Accord Author, as Climate Czar.  
• Elon Musk Overtakes Bill Gates to Grab World’s Second-Richest Ranking.  
• Feinstein to Step Down as Top Democrat on Senate Judiciary.  
• JPMorgan Sees Possible $300 Billion Rebalancing Flow From Stocks.

Wall Street Journal:

• A Day in the Life of an Amazon Warehouse Worker.
• Biden’s Liberal Internationalists.
• A Heap of Thanksgiving Hypocrisy.
• Damaged Sense of Smell in Covid-19 Patients Holds Clues to How Recovery Might Work.
• BlackRock to Buy Equity-Index Provider Aperio for $1 Billion.
• York Capital Management to Largely Wind Down Hedge-Fund Operations.

Fox News: 

• Trump officially authorizes presidential transition, but there’s a catch.
• 3.1% of COVID cases traced to restaurants, bars: LA county data.
• Trump's ex-defense secretary wants Biden to reverse his policy.
  

CNBC.com:

• Almost no Trump voters consider Biden the 2020 election winner, poll says. 
• Doctors say CDC should warn people the side effects from Covid vaccine won’t be ‘a walk in the park’ .

MarketWatch.com:           

• Micron stock surges to highest prices since the dot-com boom as analysts see cloud demand improving.

Zero Hedge:

• Trump Tells GSA To Allow Biden Transition To Proceed "In The Best Interest Of Our Country".
• US Attorney Gives Antifa Pass On Rand Paul Attack After Refusing To Investigate.
• Pennsylvania Governor Bans Alcohol Sales On The Day Before Thanksgiving.
• Propaganda, Election Fraud, & The Death Of Journalism.
• Michigan Certifies Biden Victory As Republican Canvasser Folds.
• Central Banks To Add Liquidity Worth 0.66% Of Global GDP On Average Every Month In 2021.
• 7 Things That Used To Be "Crazy Conspiracy Theories" Until 2020 Happened.
• "Just Let Me Go" - Shanghai Airport Plunged Into Chaos After Workers Sealed In For COVID Testing.
• AstraZeneca Credits "Dosing Error" For Boosting COVID Vaccine Trial Outcome.
• In Reversal, General Motors Backs Biden, Withdraws Support For Trump Emissions Rollbacks.
• America's Economy Cannot Survive Another Lockdown, And The Cult Of The Reset Knows It.
• 'Anonymous' Anti-Trump NYTimes Writer Identified As Witness In Gen. Flynn Probe: Senators.
• New York Reopens Overflow Ward On Staten Island As COVID Hospitalizations Surge; LA County Sees Another Record: Live Updates.
• Dollar Jumps, Gold Dumps, As Massive Short-Squeeze Sends 'Greed' Near 2020 Highs.

Newsmax:

• Perdue, Loeffler Join Trump Call for New Georgia Recount.
• Seven Letter Poll: 79 Percent of Trump Voters Say Election 'Stolen'.

The Epoch Times:

• CCP Media Outlet Continues Paying US Counterparts Millions to Publish Its Propaganda.

ProtectTheVote.com: 

• Serious allegations of misconduct in the 2020 elections have resulted in unprecedented legal action to ensure our elections are -- and remain -- free and fair. Find out where we’re exposing fraud and how you can help.

HereIsTheEvidence.com:

• This is for aggregating publicly available items of voter fraud evidence in the US election that would be admissible in court.
  

Digital Blackboard:

• Daily New Cases by Region.

Worldometer:

• New Cases/Deaths by state.

Rt Covid-19:

• How fast virus is growing by state.

KFF:

• State Data(Tests/Hospitalizations).

Night Trading 

• Asian equity indices are +.5% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 61.5 -1.5 basis points.

• China Sovereign CDS 32.25 -1.0 basis point.

• Bloomberg Emerging Markets Currency Index 60.90 +.08%.
• Bloomberg Global Risk-On/Risk Off Index 1,171.0 +64.0 points.
• Volatility Index(VIX) futures 23.75 -1.45%
• FTSE 100 futures +.59%.

• S&P 500 futures +.58%.

• NASDAQ 100 futures +.44%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ANF)/-.04
• (AMWD)/1.85
• (ADI)/1.33
• (PLAN)/-.10
• (BBY)/1.72
• (BURL)/.16
• (CHS)/-.15
• (DKS)/1.05
• (DLTR)/1.16
• (EV)/.87
• (GES)/.05
• (HRL)/.45
• (SJM)/2.23
• (MDT)/.80
• (TIF)/.66
• (TITN)/.35
  

After the Close:

• (AEO)/.35
• (ADSK)/.96
• (DELL)/1.41
• (GPS)/.33
• (HPQ)/.52
• (JWN)/-.10
• (VMW)/1.44
  

Economic Releases 

9:00 am EST

• The FHFA House Price Index MoM for Sept. is estimated to rise +.8% versus a +1.5% gain in Aug.
• The S&P CoreLogic CS 20-City MoM for Sept. is estimated to rise +.7% versus a +.47% gain in Aug.
  

10:00 am EST

• The Conference Board Consumer Confidence Index for Nov. is estimated to fall to 97.6 versus 100.9 in Oct. 
• The Richmond Fed Manufacturing Index for Nov. is estimated to fall to 20.0 versus 29.0 in Oct.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Clarida speaking, German IFO Index, German GDP report, 7Y T-Note auction, weekly US retail sales reports, BofA Data Center Conference and the Credit Suisse Chemicals Conference could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are higher, boosted by commodity 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 50% net long heading into the day.

Stocks Modestly Higher into Afternoon on Vaccine Hopes, US Economic Data, Short-Covering, Energy/Retail Sector Strength

 Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Above Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 23.6 -.6%
• Bloomberg Global Risk On/Risk Off Index 1,037.0 +115.0 points

• Euro/Yen Carry Return Index 127.87 +.32%

• Emerging Markets Currency Volatility(VXY) 10.13 +1.18%

• S&P 500 Implied Correlation n/a

• ISE Sentiment Index 113.0 +13.0 points
  

• Total Put/Call .60 -15.5%

• NYSE Arms .74 -36.2%

Credit Investor Angst:

• North American Investment Grade CDS Index 54.40 -2.6%
  

• US Energy High-Yield OAS 706.06 -.8%

• European Financial Sector CDS Index 62.60 -3.77%

• Italian/German 10Y Yld Spread 121.0 -1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 62.50 +.08%
  

• Emerging Market CDS Index 170.22 +.35%
  

• iBoxx Offshore RMB China Corporate High Yield Index 179.22 -.89%

• 2-Year Swap Spread 9.0 -.25 basis point.

• TED Spread 14.25 -.75 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -19.5 -1.25 basis points
  
• MBS  5/10 Treasury Spread  75.0 +1.0 basis point
  
• IHS Markit CMBX BBB- 6 70.5 unch.

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 60.83 -.65%
• 3-Month T-Bill Yield .07% +1.0 basis point

• Yield Curve 69.0 +2.25 basis points
  

• China Iron Ore Spot 123.46 USD/Metric Tonne -3.21%

• Citi US Economic Surprise Index 75.6 +7.9 points

• Citi Eurozone Economic Surprise Index 102.8 -4.5 points
  

• Citi Emerging Markets Economic Surprise Index 57.3 -.8 point

• 10-Year TIPS Spread 1.71 +1.0 basis point
• 100.0% chance of no change at Jan. 27th meeting, 100.0% chance of no change at March 17th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +398 open in Japan 
• China A50 Futures: Indicating -50 open in China

• DAX Futures: Indicating +17 open in Germany

Portfolio:

• Slightly Higher: On  gains in my industrial/tech sector longs
  

• Disclosed Trades: None
  

• Market Exposure: 50% Net Long

Bear Radar

Style Underperformer:

• Large-Cap Growth -.5%

Sector Underperformers:

• 1) Gold & Silver -3.1% 2) Pharma -1.2% 3) Software -.7%

Stocks Falling on Unusual Volume: 

• FROG, TWST, WERN, KNX, SLP, SGEN, TTCF, QDEL, VERI, WMG, CAL, CALY, VIVO, NLS, KOD, ONEM, ROOT, AMWL, CODX, BHVN and PSNL
  

Stocks With Unusual Put Option Activity:

• 1) MAC 2) BLNK 3) DKS 4) XRT 5) BBY
  

Stocks With Most Negative News Mentions:

• 1) CACC 2) PM 3) K 4) PACW 5) MTN
  

Charts:

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

Bull Radar

Style Outperformer:

• Small-Cap Value +2.1%

Sector Outperformers:

• 1) Oil Service +6.9% 2) Alt Energy +6.0% 3) Energy +4.6%

Stocks Rising on Unusual Volume:

• CIIC, BLNK, RESI, SBE, M, BE, WLL, SDGR, FUBO, IMUX, UBA, MGNI, RIDE, RVP, SDC, ATUS, FLGT, SI, MAC, IHRT, PSXP, RAPT, GMHI, LGVW, CLDX, APPN, APLS, RMG, CREE, COMM and OMP
  

Stocks With Unusual Call Option Activity:

• 1) ACWI 2) CLNE 3) EHC 4) FIT 5) MDLZ

Stocks With Most Positive News Mentions:

• 1) IDEX 2) GPS 3) ROKU 4) ATUS 5) CF
  

Charts:

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

Morning Market Internals

NYSE Composite Index:

• Volume Running +16.2% Above 100-Day Average
• 5 Sectors Rising, 6 Sectors Declining
• 75.1% of Issues Advancing, 22.8% Declining
• 164 New 52-Week Highs, 2 New Lows
• 79.9% of Issues Above 200-day Moving Average
• Average 14-Day RSI 54.4% 
• Bloomberg Global Risk-On/Risk-Off Index 1,010.0 +89.0 points
• Vix 23.9 +.6%
• Total Put/Call .59 -16.9%
• TRIN/Arms .97 -16.4%