Thursday, October 24, 2019

Stocks Slightly Higher into Afternoon on Earnings Optimism, Oil Gain, Technical Buying, Tech/Alt Energy Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 13.9 -.6%
  • Euro/Yen Carry Return Index 125.17 -.34%
  • Emerging Markets Currency Volatility(VXY) 7.44 -1.3%
  • S&P 500 Implied Correlation 32.2 +3.6%
  • ISE Sentiment Index 74.0 -4.1%
  • Total Put/Call .79 -12.2%
  • NYSE Arms 1.62 +105.0%
Credit Investor Angst:
  • North American Investment Grade CDS Index 54.63 +.49%
  • America Energy Sector High-Yield CDS Index 497.0 +1.1%
  • European Financial Sector CDS Index 58.01 +1.41%
  • Italian/German 10Y Yld Spread 131.0 -2.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 69.07 -.53%
  • Emerging Market CDS Index 194.66 -1.60%
  • iBoxx Offshore RMB China Corporate High Yield Index 166.95 -.01%
  • 2-Year Swap Spread 3.5 -.25 basis point
  • TED Spread 28.75 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -22.75 -1.5 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 66.13 -.21%
  • 3-Month T-Bill Yield 1.66% +1.0 basis point
  • Yield Curve .18 unch.
  • China Iron Ore Spot 84.60 USD/Metric Tonne -.04%
  • Citi US Economic Surprise Index 5.6 -.4 point
  • Citi Eurozone Economic Surprise Index -57.3 unch.
  • Citi Emerging Markets Economic Surprise Index -20.90 -.1 basis point
  • 10-Year TIPS Spread 1.62 +1.0 basis point
  • 94.0% chance of Fed rate cut at Dec. 11th meeting, 96.1% chance of cut at Jan. 29th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +70 open in Japan 
  • China A50 Futures: Indicating +13 open in China
  • DAX Futures: Indicating -19 open in Germany
Portfolio:
  • Slightly Higher: On gains in my tech sector longs
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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