Wednesday, December 21, 2016

Stocks Slightly Lower into Final Hour on Yen Strength, Oil Decline, Profit-Taking, Biotech/REIT Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Light
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 11.32 -1.14%
  • Euro/Yen Carry Return Index 128.07 +.17%
  • Emerging Markets Currency Volatility(VXY) 11.20 -.97%
  • S&P 500 Implied Correlation 49.57 -8.05%
  • ISE Sentiment Index 81.0 -29.0%
  • Total Put/Call .86 -7.5%
  • NYSE Arms 1.49 +88.4%
Credit Investor Angst:
  • North American Investment Grade CDS Index 66.59 -.67%
  • America Energy Sector High-Yield CDS Index 491.0 +8.58%
  • European Financial Sector CDS Index 93.85 +.39%
  • Western Europe Sovereign Debt CDS Index 20.37 +.64%
  • Asia Pacific Sovereign Debt CDS Index 37.34 -.77%
  • Emerging Market CDS Index 241.57 -.38%
  • iBoxx Offshore RMB China Corporate High Yield Index 133.11 +.06%
  • 2-Year Swap Spread 28.5 +1.5 basis points
  • TED Spread 47.75 -.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -57.0 +1.75 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 69.54 +.21%
  • 3-Month T-Bill Yield .51% unch.
  • Yield Curve 134.0 +1.0 basis point
  • China Import Iron Ore Spot $79.19/Metric Tonne -.54%
  • Citi US Economic Surprise Index 22.8 +.5 point
  • Citi Eurozone Economic Surprise Index 56.70 -2.1 basis points
  • Citi Emerging Markets Economic Surprise Index 7.70 +.8 point
  • 10-Year TIPS Spread 1.93% unch.
  • 33.1% chance of Fed rate hike at March 15 meeting, 42.0% chance at May 3 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +28 open in Japan 
  • China A50 Futures: Indicating -21 open in China
  • DAX Futures: Indicating -1 open in Germany
Portfolio: 
  • Slightly Lower: On losses in my retail/biotech sector longs 
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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