Friday, February 01, 2019

Stocks Slightly Lower into Afternoon on Profit-Taking, European Debt Angst, Technical Selling, Alt Energy/REIT Sector Weakness

 Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 16.42 -.91%
  • Euro/Yen Carry Return Index 130.45 +.72%
  • Emerging Markets Currency Volatility(VXY) 8.87 +.23%
  • S&P 500 Implied Correlation 43.64 +.61%
  • ISE Sentiment Index 70.0 -48.91%
  • Total Put/Call .94 +10.59%
  • NYSE Arms 1.01 -24.6%
Credit Investor Angst:
  • North American Investment Grade CDS Index 66.92 +.36%
  • America Energy Sector High-Yield CDS Index 654.0 -3.4%
  • European Financial Sector CDS Index 86.42 +2.49%
  • Italian/German 10Y Yld Spread 258.25 +14.25 basis points
  • Asia Ex-Japan Investment Grade CDS Index 78.80 -1.74%
  • Emerging Market CDS Index 171.35 -.47%
  • iBoxx Offshore RMB China Corporate High Yield Index 156.10 +.11%
  • 2-Year Swap Spread 14.0 -.5 basis point
  • TED Spread 35.50 +.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -6.25-.5 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 68.82 -.19%
  • 3-Month T-Bill Yield 2.39% unch.
  • Yield Curve 17.25 +.5 basis point
  • China Iron Ore Spot 84.0 USD/Metric Tonne +1.27%
  • Citi US Economic Surprise Index 27.30 +22.8 points
  • Citi Eurozone Economic Surprise Index -77.3 +5.3 points
  • Citi Emerging Markets Economic Surprise Index -12.1 +.3 point
  • 10-Year TIPS Spread 1.88 +3.0 basis points
  • .9% chance of Fed rate hike at May 1st meeting, 3.3% chance at June 19th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -18 open in Japan 
  • China A50 Futures: Indicating +23 open in China
  • DAX Futures: Indicating -7 open in Germany
Portfolio: 
  • Higher: On gains in my tech/biotech sector longs and emerging markets shorts
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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