Wednesday, February 06, 2019

Stocks Close Modestly Lower on Eurozone Debt Angst, Profit-Taking, Technical Selling, Metals&Mining/Homebuilding Sector Weakness

 Broad Equity Market Tone:
  • Advance/Decline Line: Slightly Lower
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 15.45 -.77%
  • Euro/Yen Carry Return Index 129.89 -.35%
  • Emerging Markets Currency Volatility(VXY) 8.85 +.8%
  • S&P 500 Implied Correlation 42.34 -.56%
  • ISE Sentiment Index 96.0 +7.9%
  • Total Put/Call .94 +8.05%
  • NYSE Arms 1.25 +3.31%
Credit Investor Angst:
  • North American Investment Grade CDS Index 65.37 +1.34%
  • America Energy Sector High-Yield CDS Index 658.0 -.69%
  • European Financial Sector CDS Index 86.94 +1.42%
  • Italian/German 10Y Yld Spread 269.25 +7.25 basis points
  • Asia Ex-Japan Investment Grade CDS Index 77.58 -.38%
  • Emerging Market CDS Index 169.31 +1.92%
  • iBoxx Offshore RMB China Corporate High Yield Index 156.23 +.02%
  • 2-Year Swap Spread 14.5 +.25 basis point
  • TED Spread 33.25 +.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 68.54 -.31%
  • 3-Month T-Bill Yield 2.41% +1.0 basis point
  • Yield Curve 17.25 -.5 basis point
  • China Iron Ore Spot 87.37 USD/Metric Tonne +.43%
  • Citi US Economic Surprise Index 19.0 +2.0 points
  • Citi Eurozone Economic Surprise Index -74.4 -2.9 points
  • Citi Emerging Markets Economic Surprise Index -10.6 -2.6 points
  • 10-Year TIPS Spread 1.86-1.0 basis point
  • 0.9% chance of Fed rate hike at May 1st meeting, 5.6% chance at June 19th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -4 open in Japan 
  • China A50 Futures: Indicating +94 open in China
  • DAX Futures: Indicating -16 open in Germany
Portfolio: 
  • Slightly Lower: On losses in my retail/biotech sector longs
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 75% Net Long

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