Morning 12-11

 Overnight range in MARCH Spoos 47 handles, recall earlier this week we saw a 10 and a 15-handle overnight range

 Stocks in the Red   Lack of Stimulus deal, A European vaccine from Sanofi and Glaxo delayed trials as it failed to produce a response in older people (BBG), and I guess worries of A no Brexit deal grow as Boris Johnson says “Britain should prepare to leave EU without a trade Deal” BBG GBO down 3 big handles from Wednesday Highs. Dollars index a touch higher

Spoos and Nasdaq -.75%, Russell -1.25%, European stock hit a bit harder Stoxx -1.3%, Dax -1.7% All 20 Stoxx 600 sectors down on day EU banks -2.8% and telecommunications stocks -3% your leading sectors to downside. A bit of a risk off narrative Bunds +60 ticks Treasuries bid 10-year yields flirted 1% last week today .87. If it was a true Risk off move Gold would be higher but not the case gold and silver little changed to lower Platinum -1% Copper down -1.2%, but both LME and Comex touched ~7-year highs today, reflation trade in full swing there. Oil Little changed yesterday brent settled >$50 first time since march, And CL work g on a 6th consecutive higher weekly close The VIx dipped below 20 Failed to take out 19 todays highs 25.13 in the spot   So a bit of nervousness back into the market here at the end of the  week.  Below weekly Copper chart

 Cattle comments Pro Farmer “Beef price freefall continues… Choice and Select values dropped $3.67 and $3.18, respectively, on Thursday, extending the market’s dramatic retreat. Once again, soft prices led to strong movement, with 185 loads changing hands. Retreating beef prices have caused the cash market to weaken, too, with prices fading as the week progressed. Iowa saw some additional trade between $103 and $104 yesterday, with Nebraska seeing light action at $106. Earlier in the week, cash action ranged from $104 to $107 in those areas. The Southern Plains saw light trade earlier this week around $108.

 Lumber 10 out of 11 days higher close yesterdays Limit up move in January was dome with the second biggest volume in that particular contract months Life. Spot prices are once again off to the races, Warm weather forecast indicating no seasonal slowdown   thus demand increasing.  Comments from some of the nation’s biggest homebuilder continue to say demand is high and supply low for new homes.

News:

BofA said on Friday that its wealth management clients further increased allocation to equities in their portfolios last week, closing in on the record levels seen in March 2015, as they prepare for stronger returns in 2021 Reuters

Morgan Stanley said on Friday that it expects the FTSE 250 index to drop 6% to 10% if Britain fails to agree a trade deal with the European Union before the end of a transition period….. reuters

FDA Approved Pfizer vaccine for emergency … Distribution next week?

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