The "memorable" 11 Republican senators that say they'll "vote on January 6 to reject the electors" from certain states. Ted Cruz Ron Johnson James Lankford Steve Daines John Kennedy Marsha Blackburn Mike Braun Cynthia Lummis Roger Marshall Bill Hagerty Tommy Tuberville

 Quick Overview is up  to date

 40 Years of the S&P

 Soybeans performing as advertised!

Notes Today:  

• Just before New Year’s McConnell's managed to block the $2000 relieve bill. Kentucky, the state that elects this guy, is in the bottom 5 states in every economic quality-of-life measure. Yet he wins. It boggles the mind. 

• Just before New Year’s Louie Gohmert sues Pence in (GOP clown show) bid to overturn election results on Jan. 6 

• Just before Christmas, Johnson managed to bring about the only trade deal in history that puts up barriers to commerce rather than removing them, and in the process Britons lost the right to live and work in 27 countries.  

• CNN: Stanley Johnson, the father of British Prime Minister Boris Johnson, has said that he intends to obtain French citizenship -- his comments coming just hours before the UK's final transition out of the European Union. 

• The NYSE is starting the process of delisting securities of three Chinese telecom companies, after Trump last month barred U.S. investments in Chinese firms he says are owned or controlled by the military. They are  China Telecom Corporation Limited , China Mobile Limited  and China Unicom (Hong Kong) Limited  

•  African countries began officially trading under a new continent-wide free trade area. 

• Small drones will be allowed to fly over people and at night in the United States, the Federal Aviation Administration (FAA) said. A significant step toward their use for widespread commercial deliveries. Now that will make everyone feel very safe. Especially since none will be hacked – I’m sure.  

• 12/23/2020 New home sales fell 11% in November to 841k, but still +21% y/y Decline in all regions: - Midwest -43% - West -17% - Northeast -2.5% - South -1.9%
• Inventory: 4.1 months
• Median home price: $335,300, +2.2% y/y
• Some moderation in sales in 2021, but still strong activity expected

 

 Happy Holidays  Be well, see you next year.

Quick Overview is up to date

Notes Today: 

•  Boris Johnson summoned ministers for an emergency meeting on Friday to discuss how to tackle mounting concerns about the new strain of coronavirus identified in parts of south-east England. The variant is thought to be more infectious. 

•  The U.S. current-account deficit, rose 10.6% in Q3

• Senator Ron Johnson blocks $1,200 checks for Americans cites the deficit. No deficit problem when he voted for tax cuts for the top 1%

• Fed allows banks to resume share buybacks

• Do you think the money Rupert Murdoch paid to get first in line in getting a vaccine came from his Fox profits for the ratings they got telling their viewers COVID is a hoax and that the vaccine is bad? @kurteichenwald asks.

• The defense bill Trump is threatening to veto contains cyber security to protect against Russian hacks.

• Germany's  VW falling a bit behind Tesla. Well, perhaps more than a bit.
  

Nuclear weapons agency breached amid massive cyber onslaught. 

Hackers accessed systems at the National Nuclear Security Administration, which maintains the U.S. nuclear weapons stockpile.   Trump, along with all the Russia attacked America deniers, are mum.. no-one is in charge.

 

Notes Today:  

• 
  Republican Bid to End Virus Lending Slows Relief Deal The holdup comes as some 11 million people are unemployed, and applications for U.S. state jobless benefits unexpectedly jumped to the highest level in three months.
• With a new democratic administration - as predicted, vast deficit Republicans are now “once more” becoming extremely concerned about government spending and the deficit. Rinse and repeat – rinse and repeat.  

• ATT, after month of procrastination, finally got around to be included in the Roku platform.

• Boris Johnson has stated that EU talks are in a serious situation. No kidding, who could have thought. BP rally continues..

 

‘We want them infected’: Trump appointee demanded ‘herd immunity’ strategy, emails reveal. 

successful toxic policy- most regrettably

Notes Today:  

• The Dow rallied 337 points today as Nasdaq closes at a record high ahead of one more stimulus meeting. 

The Port of Los Angeles processed 980,729 Twenty-Foot Equivalent Units (TEUs) in October, an increase of 27.3% compared to October 2019. Propelled by replenishment of inventories and retailers preparing for upcoming holidays, October marked the busiest month in the Port’s 114-year history.

• YoY, overall cargo volumes lag by 5.3% compared to 2019. 

• Japan Exports (YoY) at -4.2%,

Notes Today: 

Forget 100-year bonds. The U.S. should sell 1,000-year bonds to finance infrastructure a Goldman bond expert. 

Can you imagine the volatility on that 1,000-year bond when rates go up? Wow, that really would be something to behold.

• Barr is out , clearly not subservient enough.

Notes Today:  

• Brexit talks extended - beyond..........   The British pound gained a bit against the  dollar and  the euro -  relieved that talks continue. Whiplash - to be continued…

• I suppose, if you want to trade in a marker, you’ll probably have to abide by the rules set by the members of that market. - as Britain "used" to be.

• 

•  EXCLUSIVE-U.S. Treasury breached by hackers backed by foreign government – sources.
• Russian government spies are behind a broad hacking campaign that has breached U.S. agencies and a top cyber firm. 
• Trump fires smart people like Krebs etc. what's to be expected?

 Quick Overview is up to date

62% of Smarkets bettors do not expect a Brexit deal this weekend. My guess: whiplash - to be continued…

China Containerized Freight Index (CCFI) 

• Reuters: But due to China’s lopsided trade balance - exporting three containers for every one imported recently - and delays in containers returning to China due to the pandemic overseas, a severe shortage is now starting to pinch export flows. Roughly 60% of global goods move by container, and according to United Nations trade data there are close to 180 million containers worldwide.

• Nearly 2,000 containers aboard a ship managed by NYK Shipmanagement of Japan were lost or damaged when it hit by stormy weather in the Pacific Ocean,

Couple of closing charts for the week:

•  British Pound closing for the week with Brexit on course for a no-deal - or so forth ..
  

• Lumber

• Disney, a very happy mouse.

Notes Today: 

• In a very real sense, it feels like a third political party has been born. America now has the Republicans, the Democrats and the Seditionists. Glenn Kirschner @glennkirschner

• (WP) White House “orders” FDA chief to authorize Pfizer-BioNTech vaccine Friday or submit his resignation. "ORDERS - will undoubtedly  build lots of confidence.

• Another 20 House Republicans sign onto to the Texas lawsuit that seeks to overturn the election. The total is now 126  or  64% of the House GOP    Un-Freakin'-Believable  - Now rejected by U.S. Supreme Court. ✅

        And if Mitt Romney had some cajones he’d form a new  party.

• In the view of the analysts at JP Morgan, the S&P 500 index is set to rally 25% in 2021, as the US banking giant lifts its price target to 4,600.

• Bloomberg:  Apple Inc. has started building its own cellular modem for future devices, a move that would replace components from Qualcomm Inc., Apple’s top chip executive told staff on Thursday.
• Qcom is down 7.6% so far on the day.

• US Baker Hughes US Oil Rig Count climbed from previous 246 to 258  

• US Michigan Consumer Sentiment Index above forecasts at 81.4 versus forecast of 76.5

• And Mitch McConnell keeps blowing up relief bill ..😠

 TIME's 2020 Person of the Year.