Wednesday, February 15, 2017

Stocks Rising into Afternoon on Economic Optimism, Tax Reform Hopes, Earnings Outlooks, Financial/Transport Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: About Even
  • Sector Performance: Most Sectors Rising
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 11.73 +9.22%
  • Euro/Yen Carry Return Index 126.23 +.03%
  • Emerging Markets Currency Volatility(VXY) 9.79 -.81%
  • S&P 500 Implied Correlation 43.13 -4.81%
  • ISE Sentiment Index 108.0 +17.4%
  • Total Put/Call .90 +30.4%
  • NYSE Arms .74 +23.9%
Credit Investor Angst:
  • North American Investment Grade CDS Index 62.87 -.22%
  • America Energy Sector High-Yield CDS Index 374.0 -.19%
  • European Financial Sector CDS Index 90.20 -2.33%
  • Western Europe Sovereign Debt CDS Index 23.55 -.51%
  • Asia Pacific Sovereign Debt CDS Index 27.0 -.79%
  • Emerging Market CDS Index 215.24 +1.90%
  • iBoxx Offshore RMB China Corporate High Yield Index 134.44 +.01%
  • 2-Year Swap Spread 33.25 +1.25 basis points
  • TED Spread 50.0 -.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -27.0 +.75 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 71.55 +.07%
  • 3-Month T-Bill Yield .53% -1.0 basis point
  • Yield Curve 125.0 +1.0 basis point
  • China Import Iron Ore Spot $91.05/Metric Tonne -.72%
  • Citi US Economic Surprise Index 44.60 +8.5 points
  • Citi Eurozone Economic Surprise Index 43.20 -.7 point
  • Citi Emerging Markets Economic Surprise Index 39.80 +.4 point
  • 10-Year TIPS Spread 2.05 +3.0 basis points
  • 61.4% chance of Fed rate hike at May 3 meeting, 78.0% chance at June 14 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -7 open in Japan 
  • China A50 Futures: Indicating +20 open in China
  • DAX Futures: Indicating -11 open in Germany
Portfolio: 
  • Higher: On gains in my in my biotech/medical/retail/tech sector longs 
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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