Morning 11-9

Russell Limit bid   Nasdaq unchanged rotation trade back on.  The reason

  • PFIZER VACCINE PREVENTS 90% OF COVID INFECTIONS IN LARGE STUDY
  • PFIZER CEO SAYS MOST SIGNIFICANT MEDICAL ADVANCE IN LAST 100 YR
  • PFIZER VACCINE PREVENTS 90% OF COVID INFECTIONS IN LARGE STUDY


Risk On, more like an   open the economy trade Airlines, Cruise industry  all up double digits Crude +9.4% Brent  +8.6% Ultras almost -5  handles   Gold -3% Silver -4% Platinum -2.2% hope for  a return to normalcy is being priced in  Dow +5.4%,Spoos +4.1%, Nasdaq +.6%  Stoxx +6% Cac +6.7% Spain +7.6%. Add this to the expectations of a Split Government everything Aces fro Stocks and risk so far today.    JPY -1,6% ugly day

 Who needs more stimulus when vaccine will heal economy Bonds trading lower now due to Inflation Worries   I am curious to see how fed funds and Eurodollars are pricing future rate hikes  has the timeline changed?

News:

  • But for now, markets take solace in the idea that a Republican Senate will force Biden into moderate nominees (aka no Elizabeth Warren at Treasury) and policies. The left wants Biden to use the Vacancies Act to populate the administration with strong progressives. That’s just not likely to happen. Biden is an institutionalist bent on cutting deals with Republicans. Slamming in nominees on a temporary basis would undercut everything he wants to do and be totally out of character for the incoming president. Morning Money
  • Biden plans to convene his Covid-19 taskforce on Monday as the transition process begins in earnest
  • Bankers, who had been bracing for the prospect of Democrats taking full control of Washington, are looking forward to a divided federal government.”  Morning Money
  • China Oct Trade Bal: $58.44b vs $46b cons
  • Japan Fin Min Aso: Watching FX with a sense of urgency itc markets
  • USA (7 Nov): +130138 new cases, new record daily high & 4th straight day of consec daily highs itc markets

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