Thursday, November 10, 2016

Stocks Higher into Final Hour on Deregulation Hopes, Earnings Outlook Optimism, Yen Weakness, Financial/Transport Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Heavy
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 14.87 +3.41%
  • Euro/Yen Carry Return Index 121.47 +.87%
  • Emerging Markets Currency Volatility(VXY) 10.43 +4.82%
  • S&P 500 Implied Correlation 37.19 -9.46%
  • ISE Sentiment Index 94.0 +38.2%
  • Total Put/Call .89 -17.59%
  • NYSE Arms .60 +29.25
Credit Investor Angst:
  • North American Investment Grade CDS Index 74.42 -.26%
  • America Energy Sector High-Yield CDS Index 640.0 -2.49%
  • European Financial Sector CDS Index 96.70 -.02%
  • Western Europe Sovereign Debt CDS Index 19.47 -1.39%
  • Asia Pacific Sovereign Debt CDS Index 38.97 +5.90%
  • Emerging Market CDS Index 269.54 +10.82%
  • iBoxx Offshore RMB China Corporate High Yield Index 132.75 +.03%
  • 2-Year Swap Spread 25.5 unch.
  • TED Spread 43.0 -5.0 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -40.75 +3.75 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 70.49 -1.67%
  • 3-Month T-Bill Yield .47% +4.0 basis points
  • Yield Curve 121.0 +4.0 basis points
  • China Import Iron Ore Spot $74.12/Metric Tonne +4.42%
  • Citi US Economic Surprise Index -7.90 +1.1 points
  • Citi Eurozone Economic Surprise Index 34.6 +1.2 points
  • Citi Emerging Markets Economic Surprise Index -4.60 +.3 point
  • 10-Year TIPS Spread 1.90% +4.0 basis points
  • 81.2% chance of Fed rate hike at Feb. 1 meeting, 83.8% chance at March 15 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +191 open in Japan 
  • China A50 Futures: Indicating -18 open in China
  • DAX Futures: Indicating +52 open in Germany
Portfolio: 
  • Higher: On gains in my medical/biotech/retail sector longs and emerging markets shorts
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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