Wednesday, January 18, 2017

Stocks Slightly Higher into Final Hour on Economic Optimism, Yen Weakness, Technical Buying, Biotech/Financial Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: About Average
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 12.50 +5.31%
  • Euro/Yen Carry Return Index 126.78 +.60%
  • Emerging Markets Currency Volatility(VXY) 10.83 -.91%
  • S&P 500 Implied Correlation 47.70 +.76%
  • ISE Sentiment Index 35.0 -52.7%
  • Total Put/Call 1.11 +15.63%
  • NYSE Arms 1.09 +6.44%
Credit Investor Angst:
  • North American Investment Grade CDS Index 66.36 +.05%
  • America Energy Sector High-Yield CDS Index 469.0 +9.9%
  • European Financial Sector CDS Index 86.08 -1.13%
  • Western Europe Sovereign Debt CDS Index 21.09 +1.84%
  • Asia Pacific Sovereign Debt CDS Index 33.96 -1.32%
  • Emerging Market CDS Index 236.88 +1.12%
  • iBoxx Offshore RMB China Corporate High Yield Index 132.96 +.2%
  • 2-Year Swap Spread 29.5 unch.
  • TED Spread 50.0 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -42.50 -.5 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 70.00 -.48%
  • 3-Month T-Bill Yield .52% unch.
  • Yield Curve 120.0 +3.0 basis points
  • China Import Iron Ore Spot $82.05/Metric Tonne +.61%
  • Citi US Economic Surprise Index 39.50 -1.2 points
  • Citi Eurozone Economic Surprise Index 68.0 -1.5 basis points
  • Citi Emerging Markets Economic Surprise Index 38.40 +.1 point
  • 10-Year TIPS Spread 2.02 +2.0 basis points
  • 33.1% chance of Fed rate hike at March 15 meeting, 46.4% chance at May 3 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +96 open in Japan 
  • China A50 Futures: Indicating +23 open in China
  • DAX Futures: Indicating -1 open in Germany
Portfolio: 
  • Higher: On gains in my in my tech/biotech sector longs and emerging markets shorts
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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