Friday, September 21, 2018

Stocks Slightly Higher into Final Hour on Economic Optimism, Oil Gain, Technical Buying, Energy/Restaurant Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Lower
  • Sector Performance: Mixed
  • Volume: Heavy
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 11.46 -2.88%
  • Euro/Yen Carry Return Index 137.55 -.19%
  • Emerging Markets Currency Volatility(VXY) 11.58 -.52%
  • S&P 500 Implied Correlation 33.83 +1.32%
  • ISE Sentiment Index 85.0 -57.7%
  • Total Put/Call .92 +5.8%
  • NYSE Arms .89 +70.7%
Credit Investor Angst:
  • North American Investment Grade CDS Index 61.62 +.92%
  • America Energy Sector High-Yield CDS Index 403.0 +2.25%
  • European Financial Sector CDS Index 78.58 -.20%
  • Italian/German 10Y Yld Spread 236.75 -4.25 basis points
  • Asia Pacific Sovereign Debt CDS Index 9.31 -16.50%
  • Emerging Market CDS Index 199.10 -.12%
  • iBoxx Offshore RMB China Corporate High Yield Index 150.61 +.17%
  • 2-Year Swap Spread 17.25 -1.5 basis points
  • TED Spread 20.0 +2.75 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -13.75 -1.75 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 66.56 -.11%
  • 3-Month T-Bill Yield 2.16% unch.
  • Yield Curve 26.25 -.5 basis point
  • China Iron Ore Spot 68.86 USD/Metric Tonne unch.
  • Citi US Economic Surprise Index -2.8 +2.3 points
  • Citi Eurozone Economic Surprise Index -26.50 -5.8 points
  • Citi Emerging Markets Economic Surprise Index -9.8 -.3 point
  • 10-Year TIPS Spread 2.15 unch.
  • 100.0% chance of Fed rate hike at Nov. 8th meeting, 100.0% chance at Dec. 19th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -59 open in Japan 
  • China A50 Futures: Indicating +20 open in China
  • DAX Futures: Indicating -15 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my industrial/retail/medical sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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