Thursday, April 27, 2017

Stocks Slightly Higher into Final Hour on Healthcare/Tax Reform Hopes, Earnings Optimism, Short-Covering, Tech/Road & Rail Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: About Even
  • Sector Performance: Most Sectors Rising
  • Volume: Above Average
  • Market Leading Stocks: Outpeforming
Equity Investor Angst:
  • Volatility(VIX) 10.52 -3.04%
  • Euro/Yen Carry Return Index 126.27 -.12%
  • Emerging Markets Currency Volatility(VXY) 8.73 -.68%
  • S&P 500 Implied Correlation 41.99 -.02%
  • ISE Sentiment Index 117.0 +27.17%
  • Total Put/Call .89 +14.1%
  • NYSE Arms 1.40 +16.42%
Credit Investor Angst:
  • North American Investment Grade CDS Index 63.62 +.43%
  • America Energy Sector High-Yield CDS Index 371.0 -.15%
  • European Financial Sector CDS Index 75.25 +1.69%
  • Western Europe Sovereign Debt CDS Index 9.45 -1.56%
  • Asia Pacific Sovereign Debt CDS Index 22.54 -.13%
  • Emerging Market CDS Index 198.22 -1.55%
  • iBoxx Offshore RMB China Corporate High Yield Index 137.16 +.02%
  • 2-Year Swap Spread 30.5 -.5 basis point
  • TED Spread 37.0 +1.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -31.5 -3.75 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.25 -.07%
  • 3-Month T-Bill Yield .80% -1.0 basis point
  • Yield Curve 104.0 unch.
  • China Import Iron Ore Spot $66.42/Metric Tonne -.30%
  • Citi US Economic Surprise Index 4.10 -3.0 points
  • Citi Eurozone Economic Surprise Index 61.20 +10.9 points
  • Citi Emerging Markets Economic Surprise Index 39.1 +.2 point
  • 10-Year TIPS Spread 1.93 +!.0 basis point
  • 69.7% chance of Fed rate hike at June 14 meeting, 72.0% chance at July 26 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -6 open in Japan 
  • China A50 Futures: Indicating -17 open in China
  • DAX Futures: Indicating +25 open in Germany
Portfolio: 
  • Higher: On gains in my biotech/tech/medical sector longs 
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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