Thursday, November 02, 2017

Stocks Slightly Lower into Afternoon on Earnings Outlooks, Profit-Taking, Technical Selling, Homebuilding/Airline Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Slightly Higher
  • Sector Performance: Mixed
  • Volume: Heavy
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 10.19 -.1%
  • Euro/Yen Carry Return Index 138.62 +.23%
  • Emerging Markets Currency Volatility(VXY) 8.03 umch.
  • S&P 500 Implied Correlation 16.79 +3.5%
  • ISE Sentiment Index 88.0 -12.9%
  • Total Put/Call .79 -.15%
  • NYSE Arms 1.25 +54.45%
Credit Investor Angst:
  • North American Investment Grade CDS Index 52.98 +.29%
  • America Energy Sector High-Yield CDS Index 368.0 -.44%
  • European Financial Sector CDS Index 50.20 +.44%
  • Western Europe Sovereign Debt CDS Index 3.99 -3.74%
  • Asia Pacific Sovereign Debt CDS Index 15.08 -.33%
  • Emerging Market CDS Index 174.21 -.26%
  • iBoxx Offshore RMB China Corporate High Yield Index 144.95 +.02%
  • 2-Year Swap Spread 21.75 +.75 basis point
  • TED Spread 22.25 -.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -43.0 -.25 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.61 +.07%
  • 3-Month T-Bill Yield 1.16% unch.
  • Yield Curve 73.75 -1.25 basis points
  • China Import Iron Ore Spot $59.79/Metric Tonne +.74%
  • Citi US Economic Surprise Index 41.10 +.36 point
  • Citi Eurozone Economic Surprise Index 58.60 -.1 basis point
  • Citi Emerging Markets Economic Surprise Index 18.70 -.4 point
  • 10-Year TIPS Spread 1.88 unch.
  • 98.1% chance of Fed rate hike at Jan. 31 meeting, 99.0% chance at March 21 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +16 open in Japan 
  • China A50 Futures: Indicating +25 open in China
  • DAX Futures: Indicating +1 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my tech/retail/medical sector longs
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 100% Net Long

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