Thursday, October 12, 2017

Stocks Slightly Lower into Final Hour on Earnings Concerns, Oil Decline, Profit-Taking, Retail/Oil Service Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: About Even
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 9.96 +1.12%
  • Euro/Yen Carry Return Index 138.48 -.47%
  • Emerging Markets Currency Volatility(VXY) 8.16 -.73%
  • S&P 500 Implied Correlation 17.0 +1.74%
  • ISE Sentiment Index 76.0 -2.56%
  • Total Put/Call 1.02 +14.61%
  • NYSE Arms 1.84 +40.69%
Credit Investor Angst:
  • North American Investment Grade CDS Index 55.40 +1.39%
  • America Energy Sector High-Yield CDS Index 401.0 -.01%
  • European Financial Sector CDS Index 59.20 +.39%
  • Western Europe Sovereign Debt CDS Index 4.88 -.81%
  • Asia Pacific Sovereign Debt CDS Index 16.26 -.98%
  • Emerging Market CDS Index 177.18 -1.43%
  • iBoxx Offshore RMB China Corporate High Yield Index 142.24 -.05%
  • 2-Year Swap Spread 25.75 -2.0 basis points
  • TED Spread 28.75 +1.75 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -41.50 +.5 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 73.72 +.08%
  • 3-Month T-Bill Yield 1.07% -2.0 basis points
  • Yield Curve 81.0 -1.5 basis points
  • China Import Iron Ore Spot $60.09/Metric Tonne +.74%
  • Citi US Economic Surprise Index 7.20 +.8 point
  • Citi Eurozone Economic Surprise Index 55.80 +2.2 points
  • Citi Emerging Markets Economic Surprise Index 23.40 +4.5 basis points
  • 10-Year TIPS Spread 1.89 unch.
  • 78.6% chance of Fed rate hike at Dec. 13 meeting, 79.9% chance at Jan. 31 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +76 open in Japan 
  • China A50 Futures: Indicating +38 open in China
  • DAX Futures: Indicating -4 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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