Friday, November 24, 2017

Stocks Close Modestly Higher on Economic Optimism, Oil Gain, Seasonality, Tech/Homebuilding Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Around Even
  • Sector Performance: Most Sectors Rising
  • Volume: Light
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 9.78 -1.0%
  • Euro/Yen Carry Return Index 138.76 +.99%
  • Emerging Markets Currency Volatility(VXY) 7.80 unch.
  • S&P 500 Implied Correlation 16.28 unch.
  • ISE Sentiment Index 118.0 +18.0%
  • Total Put/Call .82 -10.9%
  • NYSE Arms .85 -10.6%
Credit Investor Angst:
  • North American Investment Grade CDS Index 52.44 -.32%
  • America Energy Sector High-Yield CDS Index 370.0 -.41%
  • European Financial Sector CDS Index 47.48 -1.36%
  • Western Europe Sovereign Debt CDS Index 3.71 -1.85%
  • Asia Pacific Sovereign Debt CDS Index 14.95 -3.11%
  • Emerging Market CDS Index 180.64 -1.12%
  • iBoxx Offshore RMB China Corporate High Yield Index 145.66 +.08%
  • 2-Year Swap Spread 17.5 unch.
  • TED Spread 19.75 +3.0 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -45.25 +1.0 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 73.39 +.10%
  • 3-Month T-Bill Yield 1.26% -3.0 basis points
  • Yield Curve 59.5 unch.
  • China Import Iron Ore Spot $67.94/Metric Tonne +.37%
  • Citi US Economic Surprise Index 50.60 -5.1 points
  • Citi Eurozone Economic Surprise Index 92.90 +2.0 basis points
  • Citi Emerging Markets Economic Surprise Index 12.80 -1.4 points
  • 10-Year TIPS Spread 1.87 -1.0 basis point
  • 100.0% chance of Fed rate hike at Jan. 31 meeting, 100.0% chance at March 21 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +120 open in Japan 
  • China A50 Futures: Indicating +13 open in China
  • DAX Futures: Indicating +7 open in Germany
Portfolio: 
  • Higher: On gains in my tech/medical sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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