Wednesday, October 11, 2017

Stocks Reversing Slightly Higher into Final Hour on Tax Reform Hopes, Less Eurozone Debt Angst, Oil Strength, Restaurant/Road & Rail Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: About Even
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 10.02 -.6%
  • Euro/Yen Carry Return Index 138.94 +.35%
  • Emerging Markets Currency Volatility(VXY) 8.23 -1.2%
  • S&P 500 Implied Correlation 17.16 -5.1%
  • ISE Sentiment Index 80.0 -29.82%
  • Total Put/Call .86 +17.81%
  • NYSE Arms 1.52 +35.5%
Credit Investor Angst:
  • North American Investment Grade CDS Index 54.64 +.72%
  • America Energy Sector High-Yield CDS Index 399.0 +.93%
  • European Financial Sector CDS Index 58.97 -1.04%
  • Western Europe Sovereign Debt CDS Index 4.93 -2.38%
  • Asia Pacific Sovereign Debt CDS Index 16.26 -2.22%
  • Emerging Market CDS Index 177.18 -1.43%
  • iBoxx Offshore RMB China Corporate High Yield Index 142.31 +.03%
  • 2-Year Swap Spread 27.75 unch.
  • TED Spread 27.0 -1.5 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -42.0 -1.5 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 73.65 +.44%
  • 3-Month T-Bill Yield 1.09% +2.0 basis points
  • Yield Curve 82.50 -2.25 basis points
  • China Import Iron Ore Spot $59.65/Metric Tonne -2.23%
  • Citi US Economic Surprise Index 6.40 +1.9 points
  • Citi Eurozone Economic Surprise Index 53.60 -.1 point
  • Citi Emerging Markets Economic Surprise Index 18.90 -1.5 basis points
  • 10-Year TIPS Spread 1.89 +1.0 basis point
  • 78.6% chance of Fed rate hike at Dec. 13 meeting, 79.9% chance at Jan. 31 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +120 open in Japan 
  • China A50 Futures: Indicating +30 open in China
  • DAX Futures: Indicating -3 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my tech/medical sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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