Monday, November 27, 2017

Stocks Slightly Lower into Final Hour on Profit-Taking, Oil Decline, Yen Strength, Energy/Tech Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 9.82 +1.55%
  • Euro/Yen Carry Return Index 137.69 -.7%
  • Emerging Markets Currency Volatility(VXY) 7.82 unch.
  • S&P 500 Implied Correlation 16.28 unch.
  • ISE Sentiment Index 74.0 -40.8%
  • Total Put/Call .75 -11.8%
  • NYSE Arms 1.14 +6.41%
Credit Investor Angst:
  • North American Investment Grade CDS Index 53.35 +1.6%
  • America Energy Sector High-Yield CDS Index 370.0 +.1%
  • European Financial Sector CDS Index 49.61 +.6%
  • Western Europe Sovereign Debt CDS Index 3.81 +3.81%
  • Asia Pacific Sovereign Debt CDS Index 14.27 -4.55%
  • Emerging Market CDS Index 180.07 -.79%
  • iBoxx Offshore RMB China Corporate High Yield Index 145.64 -.02%
  • 2-Year Swap Spread 17.75 +.25 basis point
  • TED Spread 21.0 +1.25 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -46.25 -1.0 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 73.41 +.17%
  • 3-Month T-Bill Yield 1.25% -1.0 basis point
  • Yield Curve 58.5-1.0 basis point
  • China Import Iron Ore Spot $67.27/Metric Tonne -1.0%
  • Citi US Economic Surprise Index 57.40 +6.8 points
  • Citi Eurozone Economic Surprise Index 86.50 -6.4 basis points
  • Citi Emerging Markets Economic Surprise Index 11.10 -1.7 points
  • 10-Year TIPS Spread 1.86 -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 -10 open in Japan 
  • China A50 Futures: Indicating -29 open in China
  • DAX Futures: Indicating +20 open in Germany
Portfolio: 
  • Slightly Lower: On gains in my tech/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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