Monday, February 13, 2017

Stocks Rising into Final Hour on Tax Reform Hopes, Economic Optimism, Yen Weakness, Financial/Metals & Mining Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 11.17 +2.95%
  • Euro/Yen Carry Return Index 125.82 -.02%
  • Emerging Markets Currency Volatility(VXY) 10.10 -.88%
  • S&P 500 Implied Correlation 45.57 -4.0%
  • ISE Sentiment Index 85.0 +49.12%
  • Total Put/Call .60 -38.78%
  • NYSE Arms .71 -36.51%
Credit Investor Angst:
  • North American Investment Grade CDS Index 63.42 -1.83%
  • America Energy Sector High-Yield CDS Index 374.0 -1.16%
  • European Financial Sector CDS Index 92.02 -2.04%
  • Western Europe Sovereign Debt CDS Index 23.10 -5.29%
  • Asia Pacific Sovereign Debt CDS Index 27.54 -4.74%
  • Emerging Market CDS Index 212.60 -3.24%
  • iBoxx Offshore RMB China Corporate High Yield Index 134.48 +.10%
  • 2-Year Swap Spread 31.25 unch.
  • TED Spread 50.25 +.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -27.75 -1.5 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 71.23 -.06%
  • 3-Month T-Bill Yield .53% unch.
  • Yield Curve 123.0 +1.0 basis point
  • China Import Iron Ore Spot $92.23/Metric Tonne +6.48%
  • Citi US Economic Surprise Index 37.0 -3.8 points
  • Citi Eurozone Economic Surprise Index 49.60 -2.2 points
  • Citi Emerging Markets Economic Surprise Index 39.20 +.6 point
  • 10-Year TIPS Spread 2.01 -1.0 basis point
  • 48.6% chance of Fed rate hike at May 3 meeting, 71.2% chance at June 14 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +65 open in Japan 
  • China A50 Futures: Indicating +46 open in China
  • DAX Futures: Indicating +12 open in Germany
Portfolio: 
  • Higher: On gains in my in my tech/biotech/medical sector longs 
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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