Friday, August 11, 2017

Stocks Higher into Afternoon on Declining Rate-Hike Odds, Oil Gain, Bargain-Hunting, Road&Rail/Tech Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Slightly Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 14.78 -7.92%
  • Euro/Yen Carry Return Index 134.58 +.34%
  • Emerging Markets Currency Volatility(VXY) 8.04 +1.26%
  • S&P 500 Implied Correlation 39.45 -4.4%
  • ISE Sentiment Index n/a
  • Total Put/Call .97 +3.19%
  • NYSE Arms 1.30 +29.79%
Credit Investor Angst:
  • North American Investment Grade CDS Index 61.44 +.02%
  • America Energy Sector High-Yield CDS Index 449.0 +1.16%
  • European Financial Sector CDS Index 55.30 -.74%
  • Western Europe Sovereign Debt CDS Index 5.61 +3.41%
  • Asia Pacific Sovereign Debt CDS Index 21.77 +3.72%
  • Emerging Market CDS Index 191.19 -.74%
  • iBoxx Offshore RMB China Corporate High Yield Index 140.87 +.04%
  • 2-Year Swap Spread 26.0 +.0 basis point
  • TED Spread 27.75 +1.25 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -27.75 -2.5 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 73.69 +.28%
  • 3-Month T-Bill Yield 1.03% unch.
  • Yield Curve 90.0 +2.0 basis points
  • China Import Iron Ore Spot $75.19/Metric Tonne -1.94%
  • Citi US Economic Surprise Index -36.60 -6.6 points
  • Citi Eurozone Economic Surprise Index 12.60 unch.
  • Citi Emerging Markets Economic Surprise Index 19.30 -5.2 basis points
  • 10-Year TIPS Spread 1.80 -2.0 basis points
  • 13.8% chance of Fed rate hike at Nov. 1 meeting, 37.9% chance at Dec. 13 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating n/a open in Japan 
  • China A50 Futures: Indicating -37 open in China
  • DAX Futures: Indicating -9 open in Germany
Portfolio: 
  • Higher: On gains in my retail/biotech/tech/medical sector longs 
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 75% Net Long

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