Tuesday, August 21, 2018

Stocks Rising into Final Hour on Less Emerging Markets/European Debt Angst, Diminishing Emerging Market Currency Fears, Oil Gain, Homebuilding/Energy Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Substantially Higher
  • Sector Performance: Almost Every Sector Rising
  • Volume: Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 12.36 -1.04%
  • Euro/Yen Carry Return Index 133.05 +1.17%
  • Emerging Markets Currency Volatility(VXY) 12.2 -1.5%
  • S&P 500 Implied Correlation 29.04 -2.16%
  • ISE Sentiment Index 103.0 -23.1%
  • Total Put/Call .77 -3.75%
  • NYSE Arms .95 -10.69%
Credit Investor Angst:
  • North American Investment Grade CDS Index 60.11 -2.04%
  • America Energy Sector High-Yield CDS Index 407.0 -2.36%
  • European Financial Sector CDS Index 82.10 -4.3%
  • Italian/German 10Y Yld Spread 265.75 -5.5 basis points
  • Asia Pacific Sovereign Debt CDS Index 10.82 -1.55%
  • Emerging Market CDS Index 202.68 -2.36%
  • iBoxx Offshore RMB China Corporate High Yield Index 151.0 +.04%
  • 2-Year Swap Spread 19.75 -.5 basis point
  • TED Spread 26.0 -2.0 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -8.5 +.75 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 66.88 +.46%
  • 3-Month T-Bill Yield 2.06% +3.0 basis points
  • Yield Curve 23.75 +.5 basis point
  • China Iron Ore Spot 66.90 USD/Metric Tonne +.03%
  • Citi US Economic Surprise Index -16.50 -.1 point
  • Citi Eurozone Economic Surprise Index -9.0 +.4 point
  • Citi Emerging Markets Economic Surprise Index -9.60 -.1 point
  • 10-Year TIPS Spread 2.08 unch.
  • 92.3% chance of Fed rate hike at Nov. 8th meeting, 97.5% chance at Dec. 19th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +121 open in Japan 
  • China A50 Futures: Indicating +80 open in China
  • DAX Futures: Indicating +7 open in Germany
Portfolio: 
  • Higher: On gains in my tech/medical/retail/industrial/biotech sector longs
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 75% Net Long

No comments: