Wednesday, February 20, 2019

Stocks Slightly Higher into Final Hour on More Dovish FOMC Commentary, Technical Buying, Oil Gain, Commodity/Construction Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 14.44 -2.96%
  • Euro/Yen Carry Return Index 130.70 +.28%
  • Emerging Markets Currency Volatility(VXY) 8.82 +.57%
  • S&P 500 Implied Correlation 40.58 -1.72%
  • ISE Sentiment Index 76.0 -18.28%
  • Total Put/Call .77 -8.83%
  • NYSE Arms 1.01 -11.4%
Credit Investor Angst:
  • North American Investment Grade CDS Index 61.14 -.57%
  • America Energy Sector High-Yield CDS Index 539.0 -.57%
  • European Financial Sector CDS Index 79.69 -2.5%
  • Italian/German 10Y Yld Spread 276.0 +7.75 basis points
  • Asia Ex-Japan Investment Grade CDS Index 72.93 -1.42%
  • Emerging Market CDS Index 173.02 +1.12%
  • iBoxx Offshore RMB China Corporate High Yield Index 157.70 -.05%
  • 2-Year Swap Spread 11.25 -.75 basis point
  • TED Spread 22.25 -4.25 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -8.50 -2.5 basis points.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 68.26 +.09%
  • 3-Month T-Bill Yield 2.44% +2.0 basis points
  • Yield Curve 15.25 +.5 basis point
  • China Iron Ore Spot 85.38 USD/Metric Tonne +.59%
  • Citi US Economic Surprise Index -18.0 +.3 point
  • Citi Eurozone Economic Surprise Index -72.70 +2.2 points
  • Citi Emerging Markets Economic Surprise Index -7.2 +1.0 point
  • 10-Year TIPS Spread 1.89 +1.0 basis point
  • 0.0% chance of Fed rate hike at May 1st meeting, 0.0% chance at June 19th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +10 open in Japan 
  • China A50 Futures: Indicating +72 open in China
  • DAX Futures: Indicating +33 open in Germany
Portfolio:
  • Slightly Higher: On gains in my medical/retail/industrial sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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