Thursday, August 09, 2018

Stocks Slightly Higher into Final Hour on Earnings Outlooks, Lower Long-Term Rates, Short-Covering, Restaurant/Telecom Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Higher
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 10.9 +.37%
  • Euro/Yen Carry Return Index 133.35 -.51%
  • Emerging Markets Currency Volatility(VXY) 10.81 +4.04%
  • S&P 500 Implied Correlation 28.69 +7.6%
  • ISE Sentiment Index 96.0 +15.7%
  • Total Put/Call .82 -14.6%
  • NYSE Arms 1.32 +16.4%
Credit Investor Angst:
  • North American Investment Grade CDS Index 58.62 +.92%
  • America Energy Sector High-Yield CDS Index 364.0 +1.60%
  • European Financial Sector CDS Index 79.74 +1.55%
  • Italian/German 10Y Yld Spread 252.25 +.75 basis point
  • Asia Pacific Sovereign Debt CDS Index 10.20 +.25%
  • Emerging Market CDS Index 181.47 +3.34%
  • iBoxx Offshore RMB China Corporate High Yield Index 150.52 +.16%
  • 2-Year Swap Spread 19.5 unch.
  • TED Spread 30.0 +1.0 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -7.0 -.5 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 68.31 -.95%
  • 3-Month T-Bill Yield 2.04% -1.0 basis point
  • Yield Curve 28.25 -1.5 basis points
  • China Iron Ore Spot 69.60 USD/Metric Tonne -.01%
  • Citi US Economic Surprise Index -12.0 +1.1 points
  • Citi Eurozone Economic Surprise Index -34.30 -.8 point
  • Citi Emerging Markets Economic Surprise Index -2.0 -.2 point
  • 10-Year TIPS Spread 2.11 -2.0 basis points
  • 92.5% chance of Fed rate hike at Nov. 8th meeting, 97.4% chance at Dec. 19th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +2 open in Japan 
  • China A50 Futures: Indicating +83 open in China
  • DAX Futures: Indicating +1 open in Germany
Portfolio: 
  • Higher: On gains in my tech/biotech/medical/retail sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

No comments: