Monday, February 11, 2019

Stocks Slightly Higher into Final Hour on Less European Debt Angst, China Trade Deal Hopes, Short-Covering, Transport/Medical 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) 16.24 +3.31%
  • Euro/Yen Carry Return Index 129.39 +.18%
  • Emerging Markets Currency Volatility(VXY) 8.95 +.34%
  • S&P 500 Implied Correlation 41.88 +4.44%
  • ISE Sentiment Index 141.0 +29.4%
  • Total Put/Call .81 -19.8%
  • NYSE Arms 1.36 +33.33%
Credit Investor Angst:
  • North American Investment Grade CDS Index 67.83 +.39%
  • America Energy Sector High-Yield CDS Index 569.0 +3.45%
  • European Financial Sector CDS Index 91.79 -1.01%
  • Italian/German 10Y Yld Spread 278.0 -9.25 basis points
  • Asia Ex-Japan Investment Grade CDS Index 80.15 -.38%
  • Emerging Market CDS Index 179.42 +1.48%
  • iBoxx Offshore RMB China Corporate High Yield Index 156.44 +.07%
  • 2-Year Swap Spread 13.5 -1.0 basis point
  • TED Spread 29.75 -4.0 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -9.0 -1.25 basis points.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 68.0 -.52%
  • 3-Month T-Bill Yield 2.42% +1.0 basis point
  • Yield Curve 17.0-.25 basis point
  • China Iron Ore Spot 87.28 USD/Metric Tonne -1.02%
  • Citi US Economic Surprise Index 17.30 +.2 point
  • Citi Eurozone Economic Surprise Index -78.3 +1.8 points
  • Citi Emerging Markets Economic Surprise Index -8.4 +2.0 points
  • 10-Year TIPS Spread 1.82 -1.0 basis point
  • 0.0% chance of Fed rate hike at May 1st meeting, 1.1% chance at June 19th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +107 open in Japan 
  • China A50 Futures: Indicating +35 open in China
  • DAX Futures: Indicating -15 open in Germany
Portfolio:
  • Higher: On gains in my tech/biotech/medical/retail/industrial sector longs and emerging market shorts
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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