Thursday, January 24, 2019

Stocks Slightly Higher into Final Hour on Earnings Optimism, Less European/Emerging Markets Debt Angst, Oil Gain, Tech/Transport Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 19.17 -1.8%
  • Euro/Yen Carry Return Index 128.82 -.64%
  • Emerging Markets Currency Volatility(VXY) 9.04 -.22%
  • S&P 500 Implied Correlation 45.29 -3.9%
  • ISE Sentiment Index 97.0 +76.4%
  • Total Put/Call .91 -22.2%
  • NYSE Arms 1.25 +12.6%
Credit Investor Angst:
  • North American Investment Grade CDS Index 73.87 -1.0%
  • America Energy Sector High-Yield CDS Index 733.0 +1.15%
  • European Financial Sector CDS Index 92.53 -.4%
  • Italian/German 10Y Yld Spread 248.0 -4.75 basis points
  • Asia Ex-Japan Investment Grade CDS Index 85.48 -1.55%
  • Emerging Market CDS Index 178.67 -.40%
  • iBoxx Offshore RMB China Corporate High Yield Index 155.0 +.14%
  • 2-Year Swap Spread 15.0 -.25 basis point
  • TED Spread 38.0 +2.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -2.0 -.75 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 67.88 -.08%
  • 3-Month T-Bill Yield 2.36% -4.0 basis points
  • Yield Curve 15.25 -1.25 basis points
  • China Iron Ore Spot 74.50 USD/Metric Tonne +.03%
  • Citi US Economic Surprise Index 1.80 +7.9 points
  • Citi Eurozone Economic Surprise Index -83.0 -13.0 points
  • Citi Emerging Markets Economic Surprise Index -11.9 -.6 point
  • 10-Year TIPS Spread 1.78-1.0 basis point
  • 3.3% chance of Fed rate hike at March 20th meeting, 7.3% chance at May 1st meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +40 open in Japan 
  • China A50 Futures: Indicating +64 open in China
  • DAX Futures: Indicating +20 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my tech/retail/industrial/retail sector longs
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

No comments: