Morning 11-21

Phase one Deal On, Deal off this is all that matter to markets .Deal is Buy Spoos Deal off sell spoos. Keep in mind the Piece of legislation that passed both Chambers of Congress and if headed to the president’s Desk to Sign or veto. This bill among other things back protestors in Honk Kong and will weigh on trade negotiations. From CNBC reporter   President Trump is expected to sign legislation passed by Congress intended to support protesters in #HongKong, a person familiar with the matter said Wed, @Reutersreports. The source, who spoke on condition of anonymity, declined to say when Trump would approve the legislation.

Spoos were a bit heavy and bonds were sideways and choppy overnight until a comment from the South China   Morning Post said that US May Delay tariffs until Phase one deal is Signed. Spoos rallied, Bonds sold following the above script perfectly. Remember this came from Chinese Source so all eye and ears will be on lookout for a U.S. response.

News:

  • Macys Cut Foreword guidance Stock -5% premarket
  • Jobless Claims highest since June
  • Philadelphia Fed business survey 10.4 vs f/c 6

Markets:

Oil maintaining her bid after yesterday’s solid rally on a Big Draw in Cushing Storage stocks Oil +.6% Brent +.5%. Bund yields a touch higher, Gold down a few Bucks .Quiet Econ Calendar but tonight in Europe PMI data released and will be closely watched

 

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