Monday, August 06, 2018

Stocks Higher into Final Hour on US Economic Optmism, Stable Long-Term Rates, Oil Gain, Telecom/Construction Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 11.3 -3.1%
  • Euro/Yen Carry Return Index 133.93 +.01%
  • Emerging Markets Currency Volatility(VXY) 10.23 +.89%
  • S&P 500 Implied Correlation 29.03 -1.16%
  • ISE Sentiment Index 96.0 -28.9%
  • Total Put/Call .95 +5.56%
  • NYSE Arms 1.26 +73.9%
Credit Investor Angst:
  • North American Investment Grade CDS Index 58.78 -.34%
  • America Energy Sector High-Yield CDS Index 360.0 -.68%
  • European Financial Sector CDS Index 79.26 +.87%
  • Italian/German 10Y Yld Spread 251.50 -1.5 basis points
  • Asia Pacific Sovereign Debt CDS Index 10.75 -.37%
  • Emerging Market CDS Index 171.78 +1.5%
  • iBoxx Offshore RMB China Corporate High Yield Index 150.41 +.15%
  • 2-Year Swap Spread 21.5 -.75 basis point
  • TED Spread 33.75 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -5.75 +.5 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 69.09 -.54%
  • 3-Month T-Bill Yield 2.01% +1.0 basis point
  • Yield Curve 28.75 -2.25 basis points
  • China Iron Ore Spot 69.77 USD/Metric Tonne +.24%
  • Citi US Economic Surprise Index -13.90 +1.1 points
  • Citi Eurozone Economic Surprise Index -35.30 -3.8 points
  • Citi Emerging Markets Economic Surprise Index -2.50 +.6 point
  • 10-Year TIPS Spread 2.12 unch.
  • 90.3% chance of Fed rate hike at Nov. 8th meeting, 97.1% chance at Dec. 19th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +73 open in Japan 
  • China A50 Futures: Indicating +43 open in China
  • DAX Futures: Indicating +7 open in Germany
Portfolio: 
  • Higher: On gains in my tech/retail/medical/industrial sector longs and emerging market shorts
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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