Wednesday, November 29, 2017

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

Broad Equity Market Tone:
  • Advance/Decline Line: Around Even
  • Sector Performance: Mixed
  • Volume: Heavy
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 10.61 +5.78%
  • Euro/Yen Carry Return Index 138.27 +.50%
  • Emerging Markets Currency Volatility(VXY) 7.92 +1.15%
  • S&P 500 Implied Correlation 16.28 n/a
  • ISE Sentiment Index 79.0 -34.17%
  • Total Put/Call .68 +1.49%
  • NYSE Arms .54 -9.45%
Credit Investor Angst:
  • North American Investment Grade CDS Index 52.72 +.16%
  • America Energy Sector High-Yield CDS Index 384.0 +.44%
  • European Financial Sector CDS Index 46.43 -1.87%
  • Western Europe Sovereign Debt CDS Index 3.51 -4.1%
  • Asia Pacific Sovereign Debt CDS Index 13.95 +1.53%
  • Emerging Market CDS Index 182.05 +1.4%
  • iBoxx Offshore RMB China Corporate High Yield Index 145.59 +.03%
  • 2-Year Swap Spread 17.75 +.5 basis point
  • TED Spread 19.25 +.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -48.5 +2.0 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 73.31 -.05%
  • 3-Month T-Bill Yield 1.28% +1.0 basis point
  • Yield Curve 61.5 +3.5 basis points
  • China Import Iron Ore Spot $67.92/Metric Tonne +.24%
  • Citi US Economic Surprise Index 58.90 +.8 point
  • Citi Eurozone Economic Surprise Index 81.90 -4.4 basis points
  • Citi Emerging Markets Economic Surprise Index 9.60 -1.1 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 +48 open in Japan 
  • China A50 Futures: Indicating -47 open in China
  • DAX Futures: Indicating -2 open in Germany
Portfolio: 
  • Slightly Lower: On losses in my tech sector longs
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 75% Net Long

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