Morning 11-24

 The buying program continues as markets cheer Vaccine news and Yellen to treasury as hopes of everlasting Stimulus grow. Gold not responding to Market theme as I would imagine, Lower dollar, Likely more fiscal stimulus. Hmmm maybe smart money moving into Bitcoin +4.75% today almost breaching $19,500 all time highs in Sight.  Also, more “returns “in Bonds Stocks?  ETF flows continue to decease for all Gold Funds, technical are bearish as short-term MA’s are crossing longer term. Gold -1.75% Silver -2.2% The buy precious metals trade being Unwound

 Russell continues to outperform  Small caps vs Big caps, value vs  Growth cyclicals vs momentum  whatever  Lockdown Stock vs non lockdown stocks  Nasdaq Sideways Month to date Russell double digit growth. So far today  Spoos +.8% Dow +1.1%,Stoxx 50+.9%,Cac +1.3% Dax a bit of a laggards +.6% proxy For Cyclical stocks in Europe Energy Sector +3.9%. NKY closed +2.5%

 Oil and Copper optimistic about a reflation /vaccine/ Stimulus trade both higher today Dollar index lower , but yesterday’s lows still in play, Euro almost broke above 1.119 andJPY sideways after yesterday’s aggressive sell off. US yield curve a bit steeper Long end yields up short end steady all else equal this shows optimism about economy. Bunds sideways.

News:

  • The GSA has released funds for the transition of power to Biden Staff, indicating that he is the Winner of the election
  • German Q3 GDP revised higher
  • Virus Cases in Europe continue to Ease (trading economics)
  • Not a surprise Record airline Losses will continue next year -BBG
  • Elon Mush is Now the second richest man in the World
  • Best buy earnings beat but gave no forecast for holiday season
  • Heavy roll activity in treasury Complex continues
  • JPMORGAN ODDS OF A BREXIT DEAL RAISED TO 80% FROM TWO THIRDS PREVIOUSLY
  • Singapore has reached 14 days without local cases of coronavirus; Vietnam is approaching 3 months
  • Germany’s DAX Index Announces Biggest Overhaul Since Inception, Expanding From 30 To 40 Companies
  • President trump Retweeting the crazy brother in law from vacation movies regarding election Fraud
  • Home prices see biggest spike in 6 years in September, according to S&P Case Shiller

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