Morning 10-7

  President Trump continued his twitter storm overnight Accusing his own FDA of a Political hack job but more importantly hinting that possibility is still there for some type of stimuli measures a piece meal approach he favors. Two problems One it appears that McConnell  wants nothing to do with providing new stimulus supposedly he said he will sign nothing that Pelosi sends to Senate, now they are worried about  Deficit spending ?two Pelosi has said all along she does not want a piecemeal deal she wants and omnibus deal. So even though a new deal is not officially dead it is on life support.

  Spoos higher European stocks lower led by insurance companies and media sector a weird duo to be weighing on Bourses. German Industrial Production Missed expectations badly, In U.S. Weekly Mortgage applications jumped 4.6%, after last week’s drop of a similar amount a sea saw blade type graph for mortgage applications. Today’s Economic Calendar is empty but plenty of fed speak and FOMC minutes to look towards for Clues about fed policy.  Of Course, all eyes on twitter on what the president may say next.

 After a brief pop yesterday Bonds being sold, we had our chance yesterday to put on a bond trader. Bonds down a handle, Ultras down 2 ,10-year auction today 30 tomorrow. Big tech firmly in the eyes of the House of representatives so keep an eye on ebb flow of this story. Just after the market close, a House panel proposed curbing the power of technology giants, citing antitrust concerns Mizuho

 Dollar steady, Euro +.35 JPY down .25% Copper +1.5%,Crude -1.2%,Roller coaster called Nat gas +2% Soybean strength continues +.7% from Pro farmer “U.S. exported a record-setting amount of ag goods to China in August”

News:

  • V.P. Debate tonight at 8:00 CST
  • Hurricane Delta is over Cancun heading towards Louisiana   Currently Cat 3
  • From Fed Watch Blog “What I think is happening is that Trump did not willingly kill the stimulus talks. Instead, he is yielding to Senate Majority Leader Mitch McConnell . McConnell has been repeatedly resisting a large package.
  • -@realDonaldTrump: The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business. Both of these will be fully paid for with unused funds from the Cares Act. Have this money. I will sign now!
  • -@realDonaldTrump: If I am sent a Stand-Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now. Are you listening Nancy?  ITC markets
  • AP’s Martin Crutsinger: “The head of the International Monetary Fund says that the global economy has started on a long climb to stronger growth with prospects looking a little better than four months ago.
  •  Bloomberg continues to report large downside protection trades in Eurodollars

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