Morning 5-26

Risk ON……. Spoos above 3000 +56 handles, +1.9%, Nasdaq +1.6% Dow +2.1%, Russell +3.1%…Crude +2.4%, Gold -.4% Copper +1.5%. plenty of chatter of short covering here in Spoos

 Optimism regarding vaccine news from Merck and further steps by states to lift lock down measure the cause for such euphoria. 200-day MA in SPX roughly 3000 something to watch on 8:30 open    treasury’s lower, big range in Bunds almost 100 handles currently down 70 …. Dollar index -.8%  testing the 99 handle in spot 98.64 is the area to watch   a break below this level  would be a big deal…Not all good news U.S.- China rhetoric still hot as  China Accuses U.S. of starting a new Cold war and not to cross Red line regarding Taiwan.. Germany plans to lift travel warnings for 31 European Countries and Japan ended her Nationwide state of emergency

 Economic calendar today filled with Second tier data today … 2-year auction at noon… Congress on break so politics and Stimulus bill chatter moved to back burner

WSJ: The worst may be over… “Truck loads are growing again. Air travel and hotel bookings are up slightly. Mortgage applications are rising. And more people are applying to open new businesses. These are among some early signs the U.S. economy is, ever so slowly, creeping back to life,” the Wall Street Journal writes. It also has an editorial titled (Pro Farmer)

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