Tuesday, January 03, 2017

Stocks Modestly Higher into Afternoon on Economic Optimism, Seasonality, Technical Buying, Telecom/Metals & Mining Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Higher
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 13.48 -3.99%
  • Euro/Yen Carry Return Index 127.93 -.35%
  • Emerging Markets Currency Volatility(VXY) 11.15 -2.19%
  • S&P 500 Implied Correlation 49.33 -3.80%
  • ISE Sentiment Index 167.0 +173.77%
  • Total Put/Call .97 -7.62%
  • NYSE Arms .82 -51.5%
Credit Investor Angst:
  • North American Investment Grade CDS Index 66.44 -1.42%
  • America Energy Sector High-Yield CDS Index 449.0 -2.04%
  • European Financial Sector CDS Index 89.33 -4.40%
  • Western Europe Sovereign Debt CDS Index 20.08 -3.69%
  • Asia Pacific Sovereign Debt CDS Index 35.70 -1.0%
  • Emerging Market CDS Index 239.19 -1.18%
  • iBoxx Offshore RMB China Corporate High Yield Index 132.95 -.23%
  • 2-Year Swap Spread 25.0 -1.0 basis point
  • TED Spread 50.0 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -50.0 +6.0 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 69.49 -.16%
  • 3-Month T-Bill Yield .50% unch.
  • Yield Curve 123.0 -3.0 basis points
  • China Import Iron Ore Spot $77.91/Metric Tonne -1.22%
  • Citi US Economic Surprise Index 24.70 +1.4 points
  • Citi Eurozone Economic Surprise Index 50.40 -2.7 basis points
  • Citi Emerging Markets Economic Surprise Index 25.70 +7.6 points
  • 10-Year TIPS Spread 2.00% +3.0 basis points
  • 36.6% chance of Fed rate hike at March 15 meeting, 47.8% chance at May 3 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +116 open in Japan 
  • China A50 Futures: Indicating +29 open in China
  • DAX Futures: Indicating -31 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my tech/biotech sector longs
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my (EEM) short
  • Market Exposure: Moved to 25% Net Long

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