Thursday, January 18, 2018

Stocks Reversing Slightly Higher into Final Hour on Economic Optimism, Positive Earnings Outlooks, Technical Buying, Tech/Retail Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 11.70 -1.76%
  • Euro/Yen Carry Return Index 141.64 +.24%
  • Emerging Markets Currency Volatility(VXY) 7.92 +.13%
  • S&P 500 Implied Correlation 33.23 -3.96%
  • ISE Sentiment Index 104.0 +10.64%
  • Total Put/Call .85 +7.89%
  • NYSE Arms .88 +1.92%
Credit Investor Angst:
  • North American Investment Grade CDS Index 47.54 -.74%
  • America Energy Sector High-Yield CDS Index 318.0 -.55%
  • European Financial Sector CDS Index 43.32 +.83%
  • Italian/German 10Y Yld Spread 141.75 -2.0 basis points
  • Asia Pacific Sovereign Debt CDS Index 10.47 +.82%
  • Emerging Market CDS Index 111.54 +1.32%
  • iBoxx Offshore RMB China Corporate High Yield Index 146.76 -.02%
  • 2-Year Swap Spread 20.75 +.75 basis point
  • TED Spread 29.75 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -24.25 +1.25 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 75.74 +.49%
  • 3-Month T-Bill Yield 1.43% -1.0 basis point
  • Yield Curve 56.75 +3.5 basis points
  • China Iron Ore Spot 522.0 CNY/100 Metric Tonnes +1.18%
  • Citi US Economic Surprise Index 64.70 -5.3 points
  • Citi Eurozone Economic Surprise Index 55.30 -.7 basis point
  • Citi Emerging Markets Economic Surprise Index 6.7 +1.4 basis points
  • 10-Year TIPS Spread 2.09 +3.0 basis points
  • 85.2% chance of Fed rate hike at March 21 meeting, 85.6% chance at May 2 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +121 open in Japan 
  • China A50 Futures: Indicating +23 open in China
  • DAX Futures: Indicating +8 open in Germany
Portfolio: 
  • Higher: On gains in my biotech/retail/tech/medical sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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