Broad Equity Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Around Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 19.25 -6.4%
- Euro/Yen Carry Return Index 121.83 -.1%
- Emerging Markets Currency Volatility(VXY) 8.14 +.12%
- S&P 500 Implied Correlation 46.96 -5.0%
- ISE Sentiment Index 82.0 +34.0%
- Total Put/Call 1.32 +3.94%
- NYSE Arms .65 -59.6%
Credit Investor Angst:
- North American Investment Grade CDS Index 63.05 +.64%
- America Energy Sector High-Yield CDS Index 491.0 -4.44%
- European Financial Sector CDS Index 69.15 +2.99%
- Italian/German 10Y Yld Spread 141.75 -3.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 78.73 +2.13%
- Emerging Market CDS Index 212.29 -.45%
- iBoxx Offshore RMB China Corporate High Yield Index 166.12 +.04%
- 2-Year Swap Spread 4.25 +.75 basis point
- TED Spread 38.75 +6.25 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -27.5 +1.75 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 65.50 +.51%
- 3-Month T-Bill Yield 1.70% -5.0 basis points
- Yield Curve .15 +4.0 basis points
- China Iron Ore Spot 88.30 USD/Metric Tonne -.32%
- Citi US Economic Surprise Index 24.50 -8.6 points
- Citi Eurozone Economic Surprise Index -77.20 -7.9 points
- Citi Emerging Markets Economic Surprise Index -8.80 +.2 point
- 10-Year TIPS Spread 1.48 -2.0 basis points
- 95.7% chance of Fed rate cut at Dec. 11th meeting, 99.5% chance of cut at Jan. 29th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +14 open in Japan
- China A50 Futures: Indicating -54 open in China
- DAX Futures: Indicating +29 open in Germany
Portfolio:
- Higher: On gains in my biotech/tech/medical/industrial sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 75% Net Long
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