Friday, December 02, 2016

Stocks Slightly Lower into Final Hour on European Debt Angst, Yen Strength, Profit-Taking, Financial/Restaurant Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 14.09 +.14%
  • Euro/Yen Carry Return Index 126.60 -.36%
  • Emerging Markets Currency Volatility(VXY) 10.95 +.09%
  • S&P 500 Implied Correlation 52.71 -4.51%
  • ISE Sentiment Index 105.0 +25.0%
  • Total Put/Call .98 +4.26%
  • NYSE Arms .91 +36.38%
Credit Investor Angst:
  • North American Investment Grade CDS Index 72.82 -.81%
  • America Energy Sector High-Yield CDS Index 551.0 -3.23%
  • European Financial Sector CDS Index 104.75 -1.76%
  • Western Europe Sovereign Debt CDS Index 23.18 -.79%
  • Asia Pacific Sovereign Debt CDS Index 41.47 -.38%
  • Emerging Market CDS Index 272.82 -.17%
  • iBoxx Offshore RMB China Corporate High Yield Index 132.95 -.02%
  • 2-Year Swap Spread 20.5 +.75 basis point
  • TED Spread 47.5 +1.75 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -61.0 -4.0 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 69.34 +.21%
  • 3-Month T-Bill Yield .47% unch.
  • Yield Curve 129.0 unch.
  • China Import Iron Ore Spot $77.79/Metric Tonne -.73%
  • Citi US Economic Surprise Index 24.70 +6.5 points
  • Citi Eurozone Economic Surprise Index 61.40 +.1 point
  • Citi Emerging Markets Economic Surprise Index 1.5 +3.0 points
  • 10-Year TIPS Spread 1.95% -5.0 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 -51 open in Japan 
  • China A50 Futures: Indicating +12 open in China
  • DAX Futures: Indicating -8 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my medical/biotech/tech/retail sector longs
  • Disclosed Trades: None
  • Market Exposure: 25% Net Long

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