Tuesday, April 17, 2018

Stocks Surging into Final Hour on Diminishing Geopolitcal/Trade War Fears, Earnings Optimism, Technical Buying, Tech/Biotech Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Substantially Higher
  • Sector Performance: Almost Every Sector Rising
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 15.0 -9.2%
  • Euro/Yen Carry Return Index 137.74 -.25%
  • Emerging Markets Currency Volatility(VXY) 8.07 -1.1%
  • S&P 500 Implied Correlation 39.95 -4.69%
  • ISE Sentiment Index 104.0 -3.0%
  • Total Put/Call 1.01 +10.9%
  • NYSE Arms .78 -19.8%
Credit Investor Angst:
  • North American Investment Grade CDS Index 58.70 -1.6%
  • America Energy Sector High-Yield CDS Index 417.0 -1.64%
  • European Financial Sector CDS Index 55.49 -1.8%
  • Italian/German 10Y Yld Spread 125.25 -2.5 basis points
  • Asia Pacific Sovereign Debt CDS Index 12.11 -3.23%
  • Emerging Market CDS Index 137.81 -.95%
  • iBoxx Offshore RMB China Corporate High Yield Index 149.40 +.05%
  • 2-Year Swap Spread 29.0 -1.75 basis points
  • TED Spread 58.25 -1.25 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -4.75 +2.75 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 74.73 +.01%
  • 3-Month T-Bill Yield 1.78% +4.0 basis points
  • Yield Curve 42.5 -3.0 basis points
  • China Iron Ore Spot 65.15 USD/Metric Tonne +1.18%
  • Citi US Economic Surprise Index 29.40 +7.6 points
  • Citi Eurozone Economic Surprise Index -91.80 -4.0 points
  • Citi Emerging Markets Economic Surprise Index 5.9 -1.6 points
  • 10-Year TIPS Spread 2.14 +1.0 basis point
  • 90.0% chance of Fed rate hike at June 13 meeting, 90.7% chance at August 1 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +112 open in Japan 
  • China A50 Futures: Indicating +177 open in China
  • DAX Futures: Indicating +11 open in Germany
Portfolio: 
  • Higher: On gains in my industrial/tech/retail/medical/biotech sector longs
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 100% Net Long

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