Monday, November 13, 2017

Stocks Reversing Slightly Higher into Final Hour on Tax Reform Hopes, Economic Optimism, Technical Buying, Homebuilding/Bank Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: About Even
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 11.08 -1.86%
  • Euro/Yen Carry Return Index 138.18 +.09%
  • Emerging Markets Currency Volatility(VXY) 8.18 +.49%
  • S&P 500 Implied Correlation 17.49 -6.04%
  • ISE Sentiment Index 80.0 -3.61%
  • Total Put/Call .90 -22.41%
  • NYSE Arms 1.21 +37.65%
Credit Investor Angst:
  • North American Investment Grade CDS Index 56.24 +.42%
  • America Energy Sector High-Yield CDS Index 363.0 +.04%
  • European Financial Sector CDS Index 52.03 -.32%
  • Western Europe Sovereign Debt CDS Index 3.83 -5.43%
  • Asia Pacific Sovereign Debt CDS Index 16.33 +1.68%
  • Emerging Market CDS Index 192.95 +.24%
  • iBoxx Offshore RMB China Corporate High Yield Index 145.29 +.05%
  • 2-Year Swap Spread 19.5 -.75 basis point
  • TED Spread 19`.25 +.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -49.0 -1.25 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.34 -.08%
  • 3-Month T-Bill Yield 1.20% -2.0 basis points
  • Yield Curve 71.75 -2.75 basis points
  • China Import Iron Ore Spot $62.19/Metric Tonne -.65%
  • Citi US Economic Surprise Index 38.10 -.4 point
  • Citi Eurozone Economic Surprise Index 57.80 -1.1 basis points
  • Citi Emerging Markets Economic Surprise Index 13.10 -1.0 point
  • 10-Year TIPS Spread 1.91 unch.
  • 100.0% chance of Fed rate hike at Jan. 31 meeting, 100.0% chance at March 21 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +45 open in Japan 
  • China A50 Futures: Indicating +20 open in China
  • DAX Futures: Indicating +31 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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