Tuesday, October 09, 2018

Stocks Slightly Higher into Afternoon on Lower Long-Term Rates, Less Eurozone Debt Angst, Oil Gain, Energy/Restaurant Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Slightly Lower
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 16.0 +2.2%
  • Euro/Yen Carry Return Index 135.08 -.20%
  • Emerging Markets Currency Volatility(VXY) 10.55 +.29%
  • S&P 500 Implied Correlation 36.28 +.5%
  • ISE Sentiment Index 100.0 +.19%
  • Total Put/Call .96 -.18%
  • NYSE Arms 1.20 +157.27%
Credit Investor Angst:
  • North American Investment Grade CDS Index 61.77 +.27%
  • America Energy Sector High-Yield CDS Index 388.0 -.34%
  • European Financial Sector CDS Index 88.02 -1.67%
  • Italian/German 10Y Yld Spread 292.75 -11.25 basis points
  • Asia Pacific Sovereign Debt CDS Index 9.96 +1.17%
  • Emerging Market CDS Index 207.06 -2.41%
  • iBoxx Offshore RMB China Corporate High Yield Index 150.39 -.16%
  • 2-Year Swap Spread 18.0 +.25 basis point
  • TED Spread 19.50 -.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -40.75 -.75 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 66.27 +.23%
  • 3-Month T-Bill Yield 2.23% +2.0 basis points
  • Yield Curve 32.75 -2.0 basis points
  • China Iron Ore Spot 69.50 USD/Metric Tonne +.55%
  • Citi US Economic Surprise Index 6.6 -.3 point
  • Citi Eurozone Economic Surprise Index -29.5 -.3 point
  • Citi Emerging Markets Economic Surprise Index -10.8 +.4 point
  • 10-Year TIPS Spread 2.17 unch.
  • 80.7% chance of Fed rate hike at Dec. 19th meeting, 81.3% chance at Jan. 30th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +56 open in Japan 
  • China A50 Futures: Indicating -25 open in China
  • DAX Futures: Indicating -12 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my tech/biotech/medical/retail sector longs
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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