Friday, November 25, 2016

Stocks Finish Higher on Economic Optimism, Yen Weakness, Short-Covering, Utility/Telecom Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Light
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 12.34 -.72%
  • Euro/Yen Carry Return Index 125.16 +.17%
  • Emerging Markets Currency Volatility(VXY) 11.22 +.09%
  • S&P 500 Implied Correlation 53.53 +.51%
  • ISE Sentiment Index 115.0 +15.0%
  • Total Put/Call .79 -17.71%
  • NYSE Arms 1.03 +58.22
Credit Investor Angst:
  • North American Investment Grade CDS Index 73.25 -.69%
  • America Energy Sector High-Yield CDS Index 614.0 +.02%
  • European Financial Sector CDS Index 108.77 +.36%
  • Western Europe Sovereign Debt CDS Index 23.48 +1.54%
  • Asia Pacific Sovereign Debt CDS Index 44.30 +1.86%
  • Emerging Market CDS Index 270.98 +.18%
  • iBoxx Offshore RMB China Corporate High Yield Index 132.88 -.01%
  • 2-Year Swap Spread 19.75 +.25 basis point
  • TED Spread 44.5 +.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -55.25 -.5 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 69.08 +.1%
  • 3-Month T-Bill Yield .49% +1.0 basis point
  • Yield Curve 124.0 +2.0 basis points
  • China Import Iron Ore Spot $79.61/Metric Tonne +3.48%
  • Citi US Economic Surprise Index 9.30 +3.5 points
  • Citi Eurozone Economic Surprise Index 63.5 +17.3 points
  • Citi Emerging Markets Economic Surprise Index -5.6 -.5 point
  • 10-Year TIPS Spread 1.93% -2.0 basis points
  • 100.0% chance of Fed rate hike at Feb. 1 meeting, 100.0% chance at March 15 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +18 open in Japan 
  • China A50 Futures: Indicating +28 open in China
  • DAX Futures: Indicating -8 open in Germany
Portfolio: 
  • Higher: On gains in my tech/medical/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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