Moderna out with More positive Vaccine News, markets have already priced this, so very little reaction occurred. The law of Diminishing returns regarding vaccine news in play with that in mind a problem or a setback with the vaccine would likely have an impact on the trade.

 Month end and for some Big Funds year end. Some impressive run this in Month in Global stock Indices MSCI world index +13% best month ever, CAC and MIB best month ever +20% Dax best Month since 2003, FTSE second best month Ever. Some other stats   Greek Bourse +29%, Spain +27% now Compare to SPX and NDX +11% But Russell best month ever +20% as of this morning. NKY best month since 1994, South Korea best since 2001One last bit Copper best month since 2016. On the flip side For the Month Spot Gold -5.75% worst month 4 years and Silver -6%, But platinum +15%. The no stimulus trade has taken the wind out of Both Gold and Silver.

 Dollar lower, Euro attempting to break above 1.200 if so, with momentum watch for some verbal intervention from the ECB. OPEC meeting today and tomorrow   to decide if they will delay production boost, watch for tape bombs you know the drill.


  • A reminder that credit leads equity. CCC-rated bonds are on a tear. Bonds issued by low-rated companies in the US have rallied 7 per cent this month, one index of triple C bonds shows — the biggest jump in more than four years. In Europe, junk bond yields have fallen from over 8 per cent in March to almost 3 per cent as prices have risen, with November providing the bonds’ best performance since April. (FT) ◘ New highs keep piling up. There were more new highs in November on both the New York Stock Exchange and the Nasdaq than we have seen since early 2018.
    The NYSE Stocks-Only Advance/Decline line just went out at an all-time weekly closing high. All-time highs last week in Semiconductors (SMH), Software (IGV), Cloud Computing (SKYY), and Internet (FCN). The S&P 500 closed on Friday at an all-time weekly closing high and the Nasdaq notched its 45th record close of the year. =Mizuho
  • China PMI data once again strong Services 8 1/2-year highs Manufacturing 3-year highs
  • More Biden cabinet announcements

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