Thursday, December 07, 2017

Stocks Rising into Final Hour on Economic Optimism, Oil Gain, Yen Weakness, Biotech/Tech Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 10.43 -5.4%
  • Euro/Yen Carry Return Index 138.84 +.56%
  • Emerging Markets Currency Volatility(VXY) 8.09 +.25%
  • S&P 500 Implied Correlation 37.26 -.37%
  • ISE Sentiment Index 189.0 +152.0%
  • Total Put/Call .80 unch.
  • NYSE Arms .93 -33.7%
Credit Investor Angst:
  • North American Investment Grade CDS Index 51.68 -.76%
  • America Energy Sector High-Yield CDS Index 372.0 +.50%
  • European Financial Sector CDS Index 46.58 -.16%
  • Western Europe Sovereign Debt CDS Index 3.60 -.55%
  • Asia Pacific Sovereign Debt CDS Index 14.24 +1.06%
  • Emerging Market CDS Index 178.87 +.87%
  • iBoxx Offshore RMB China Corporate High Yield Index 145.74 +.01%
  • 2-Year Swap Spread 19.0 +1.25 basis points
  • TED Spread 23.75 +4.0 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -63.0 -4.5 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.92 -.32%
  • 3-Month T-Bill Yield 1.28% -1.0 basis point
  • Yield Curve 56.25 +3.75 basis points
  • China Import Iron Ore Spot $72.68/Metric Tonne unch.
  • Citi US Economic Surprise Index 63.20 +.3 point
  • Citi Eurozone Economic Surprise Index 59.40 -7.6 basis points
  • Citi Emerging Markets Economic Surprise Index 2.30 -.1 point
  • 10-Year TIPS Spread 1.89 +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 +167 open in Japan 
  • China A50 Futures: Indicating +6 open in China
  • DAX Futures: Indicating +42 open in Germany
Portfolio: 
  • Higher: On gains in my tech/biotech/retail sector longs
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 100% Net Long

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