Monday, April 24, 2017

Stocks Surging into Final Hour on Less European/Emerging Markets/US High-Yield Debt Angst, Healthcare/Tax Reform Hopes, Earnings Optimism, Financial/Tech Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Substantially Higher
  • Sector Performance: Almost Every Sector Rising
  • Volume: Slightly Above Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 11.07 -24.3%
  • Euro/Yen Carry Return Index 124.50 +1.88%
  • Emerging Markets Currency Volatility(VXY) 8.50 -5.76%
  • S&P 500 Implied Correlation 42.21 -4.74%
  • ISE Sentiment Index 82.0 +9.3%
  • Total Put/Call 1.0 -2.91%
  • NYSE Arms .71 -59.83%
Credit Investor Angst:
  • North American Investment Grade CDS Index 64.50 -4.21%
  • America Energy Sector High-Yield CDS Index 373.0 +.28%
  • European Financial Sector CDS Index 77.98 -13.50%
  • Western Europe Sovereign Debt CDS Index 9.56 -18.64%
  • Asia Pacific Sovereign Debt CDS Index 23.05 -4.08%
  • Emerging Market CDS Index 200.41 -2.98%
  • iBoxx Offshore RMB China Corporate High Yield Index 137.0 -.02%
  • 2-Year Swap Spread 33.25 -1.5 basis points
  • TED Spread 37.0 -.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -27.0 +6.25 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.68 +.05%
  • 3-Month T-Bill Yield .78% unch.
  • Yield Curve 105.0 unch.
  • China Import Iron Ore Spot $66.53/Metric Tonne -2.48%
  • Citi US Economic Surprise Index .80 -2.0 points
  • Citi Eurozone Economic Surprise Index 51.40 +2.1 points
  • Citi Emerging Markets Economic Surprise Index 37.4 -2.4 points
  • 10-Year TIPS Spread 1.88 +2.0 basis points
  • 66.5% chance of Fed rate hike at June 14 meeting, 69.6% chance at July 26 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +60 open in Japan 
  • China A50 Futures: Indicating -12 open in China
  • DAX Futures: Indicating +42 open in Germany
Portfolio: 
  • Higher: On gains in my biotech/retail/tech/medical sector longs 
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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