Tuesday, November 22, 2016

Stocks Higher into Final Hour on Less European/Emerging Markets/US High-Yield Debt Angst, Yen Weakness, Short-Covering, Metals & Mining/Retail Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Higher
  • Sector Performance: Mixed
  • Volume: Slightly Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 12.42 unch.
  • Euro/Yen Carry Return Index 123.36 +.26%
  • Emerging Markets Currency Volatility(VXY) 10.88 -1.36%
  • S&P 500 Implied Correlation 53.99 +3.49%
  • ISE Sentiment Index 72.0 -30.10%
  • Total Put/Call 1.02 +22.89%
  • NYSE Arms 1.47 +80.43
Credit Investor Angst:
  • North American Investment Grade CDS Index 74.12 -2.30%
  • America Energy Sector High-Yield CDS Index 621.0 -2.83%
  • European Financial Sector CDS Index 106.92 -1.69%
  • Western Europe Sovereign Debt CDS Index 22.57 +1.94%
  • Asia Pacific Sovereign Debt CDS Index 43.35 -1.91%
  • Emerging Market CDS Index 264.03 -3.45%
  • iBoxx Offshore RMB China Corporate High Yield Index 132.89 unch.
  • 2-Year Swap Spread 19.5 -2.25 basis points
  • TED Spread 43.75 -4.25 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -54.75 -1.25 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 69.55 unch.
  • 3-Month T-Bill Yield .48% +5.0 basis points
  • Yield Curve 122.0 -3.0 basis points
  • China Import Iron Ore Spot $74.90/Metric Tonne +6.48%
  • Citi US Economic Surprise Index 5.80 +.2 point
  • Citi Eurozone Economic Surprise Index 45.5 +2.3 points
  • Citi Emerging Markets Economic Surprise Index -5.1 +.9 point
  • 10-Year TIPS Spread 1.95% unch.
  • 100.0% chance of Fed rate hike at Feb. 1 meeting, 100.0% chance at March 15 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +54 open in Japan 
  • China A50 Futures: Indicating +50 open in China
  • DAX Futures: Indicating +17 open in Germany
Portfolio: 
  • Higher: On gains in my tech/retail sector longs
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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