Tuesday, May 02, 2017

Stocks Slightly Lower into Final Hour on Less Economic Optimism, Oil Decline, Technical Selling, Energy/Homebuilding Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Lower
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 10.29 +1.78%
  • Euro/Yen Carry Return Index 127.76 +.41%
  • Emerging Markets Currency Volatility(VXY) 8.55 -1.72%
  • S&P 500 Implied Correlation 42.34 +1.24%
  • ISE Sentiment Index 103.0 +9.57%
  • Total Put/Call .69 -17.86%
  • NYSE Arms .96 -25.6%
Credit Investor Angst:
  • North American Investment Grade CDS Index 63.27 -.45%
  • America Energy Sector High-Yield CDS Index 371.0 +.14%
  • European Financial Sector CDS Index 72.24 -2.47%
  • Western Europe Sovereign Debt CDS Index 9.71 +4.19%
  • Asia Pacific Sovereign Debt CDS Index 22.02 -1.81%
  • Emerging Market CDS Index 190.83 -2.32%
  • iBoxx Offshore RMB China Corporate High Yield Index 137.07 -.06%
  • 2-Year Swap Spread 30.50 unch.
  • TED Spread 33.5 -4.0 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -32.5 +1.0 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.47 +.23%
  • 3-Month T-Bill Yield .84% +4.0 basis points
  • Yield Curve 103.0 -1.0 basis point
  • China Import Iron Ore Spot $68.80/Metric Tonne-.12
  • Citi US Economic Surprise Index -21.50 -.9 point
  • Citi Eurozone Economic Surprise Index 65.50 +3.0 points
  • Citi Emerging Markets Economic Surprise Index 34.7 -4.6 points
  • 10-Year TIPS Spread 1.89 -4.0 basis points
  • 67.1% chance of Fed rate hike at June 14 meeting, 70.0% chance at July 26 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +37 open in Japan 
  • China A50 Futures: Indicating -7 open in China
  • DAX Futures: Indicating +19 open in Germany
Portfolio: 
  • Higher: On gains in my retail/tech/medical sector longs 
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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