We continue to urge caution. Alibaba taken down by stern message on Ant Group.

Today's slide deck:   https://bit.ly/2WN5Vfx  -  Today we issue a strong warning on the state of the market and the risks to traders from the current speculative froth as a new calendar year approaches. That said, the US equity market is pushing at an all time highs again as US President Trump has finally caved on his position on bigger stimulus checks and has signed the stimulus bill. Elsewhere, we look at the spooky silence in sterling after a "thin" Brexit deal has been agreed, look at the positive setup for commodities in 2021 and discuss the broader implications of the Chinese authorities' take down of Ant Group (and thus Alibaba.) Today's call with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.