Tuesday, November 08, 2016

Stocks Reversing Higher into Afternoon on Perception of Dimished Election Uncertainty, Oil Bounce, Short-Covering, Metals & Mining/Healthcare Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Slightly Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 17.88 -4.44%
  • Euro/Yen Carry Return Index 120.95 +.35%
  • Emerging Markets Currency Volatility(VXY) 9.98 -1.67%
  • S&P 500 Implied Correlation 58.41 -3.79%
  • ISE Sentiment Index 101.0 +27.9%
  • Total Put/Call 1.71 +42.5%
  • NYSE Arms .94 +117.15
Credit Investor Angst:
  • North American Investment Grade CDS Index 75.88 -1.68%
  • America Energy Sector High-Yield CDS Index 657.0 -1.29%
  • European Financial Sector CDS Index 95.95 -1.14%
  • Western Europe Sovereign Debt CDS Index 19.19 -.83%
  • Asia Pacific Sovereign Debt CDS Index 35.52 +.69%
  • Emerging Market CDS Index 233.0 -.63%
  • iBoxx Offshore RMB China Corporate High Yield Index 132.73 +.06%
  • 2-Year Swap Spread 23.75 +1.5 basis points
  • TED Spread 47.75 -1.25 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -46.5 -1.25 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.53 +.44%
  • 3-Month T-Bill Yield .42% +2.0 basis points
  • Yield Curve 100.0 unch.
  • China Import Iron Ore Spot $68.30/Metric Tonne +1.29%
  • Citi US Economic Surprise Index -9.80 +2.1 points
  • Citi Eurozone Economic Surprise Index 33.3 -3.7 points
  • Citi Emerging Markets Economic Surprise Index -6.60 -5.1 points
  • 10-Year TIPS Spread 1.74% +1.0 basis point
  • 86.6% chance of Fed rate hike at Feb. 1 meeting, 88.2% chance at March 15 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +179 open in Japan 
  • China A50 Futures: Indicating +38 open in China
  • DAX Futures: Indicating +47 open in Germany
Portfolio: 
  • Higher: On gains in my medical/biotech/tech sector longs
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back
  • Market Exposure: 50% Net Long

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