Morning 1-6

 Reflation!! 

   One of the Georgia Senate seats goes to Dem Warnock and the other too close to call. Results may not be known for a few days and if close a recount could be in order. Now even if Dems take both seats A liberal agenda is not assured too many moderates in Dem caucus to result in Socialist outlook, but spending will be higher Taxes higher and Tougher Regulation on tech, Possible.

  Nasdaq out to Woodshed. Down over 2 % at one time this morning, currently -1.3%. Russell higher, Dow higher as material Stocks, Small caps outperform a reflation trade an increase in Commodity prices may lead, may lead to   rate hikes sooner rather them later, More growth vs less growth thus higher Russell, spoos  vs Nasdaq.

 Dollar lower but not a collapse, Gold sideways to lower precious metals not participating in reflation today as Gold has rallied for 5 consecutive days  .

Grains:

Nearby corn futures poked a few cents above the $5.00 threshold overnight and the market is currently up 4 to 5 cents. The last time we saw front-month corn futures with a $5 handle was May 2014. Soybeans are at their highest prices since July 2014, with futures up 18 to 23 cents.

News:

Treasury has sent out two-thirds of the latest round of stimulus checks… The Treasury Department has sent out more than $112 billion in stimulus payments electronically, meaning that about two-thirds of the second round of payments approved by Congress Dec. 21 is already in households’ bank accounts, according to data released Tuesday. The payments 

  •   PBOC: Sets USDCNY ref at 6.4604 vs 6.4760 prev
  • -CHI Dec Caixin Services PMI: 56.3 vs 57.9 cons
  • -JPN Dec Services PMI: 47.7 vs 47.8 prior
  • -JPN Dec Consumer Conf: 31.8 vs 33.7 prior
  • -Japanese MoF Officials: FX stability is important; closely watching mkt movements; will continue close communication with the BoJ & the FSA ITC markets

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