Tuesday, December 12, 2017

Stocks Slightly Higher into Final Hour on Economic Optimism, Technical Buying, Short-Covering, Financial/Pharma Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Around Even
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 9.62 +3.0%
  • Euro/Yen Carry Return Index 138.96 -.24%
  • Emerging Markets Currency Volatility(VXY) 7.79 -.76%
  • S&P 500 Implied Correlation 35.39 -3.5%
  • ISE Sentiment Index 144.0 +118.2%
  • Total Put/Call .91 +13.75%
  • NYSE Arms .76 +5.0%
Credit Investor Angst:
  • North American Investment Grade CDS Index 50.28 -.07%
  • America Energy Sector High-Yield CDS Index 371.0 -.62%
  • European Financial Sector CDS Index 45.49 +.22%
  • Western Europe Sovereign Debt CDS Index 3.42 +.29%
  • Asia Pacific Sovereign Debt CDS Index 13.85 -1.35%
  • Emerging Market CDS Index 177.02 +.02%
  • iBoxx Offshore RMB China Corporate High Yield Index 145.81 -.13%
  • 2-Year Swap Spread 19.75 +.5 basis point
  • TED Spread 22.75 -4.5 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -64.5 -6.75 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.83 -.26%
  • 3-Month T-Bill Yield 1.32% +3.0 basis points
  • Yield Curve 57.5 +1.0 basis point
  • China Iron Ore Spot 493.0 CNY/100 Metric Tonnes -.6%
  • Citi US Economic Surprise Index 69.0 +5.9 points
  • Citi Eurozone Economic Surprise Index 53.90 -1.5 basis points
  • Citi Emerging Markets Economic Surprise Index 6.30 -3.2 points
  • 10-Year TIPS Spread 1.91 +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 +89 open in Japan 
  • China A50 Futures: Indicating +10 open in China
  • DAX Futures: Indicating -5 open in Germany
Portfolio: 
  • Slightly Lower: On losses in my retail/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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