Broad Equity Market Tone:
- Advance/Decline Line: Modestly Lower
- Sector Performance: Mixed
- Volume: Light
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 14.9 -4.7%
- Euro/Yen Carry Return Index 124.08 -.11%
- Emerging Markets Currency Volatility(VXY) 7.98 -2.21%
- S&P 500 Implied Correlation 35.81 -4.9%
- ISE Sentiment Index 90.0 -8.16%
- Total Put/Call 1.28 +29.3%
- NYSE Arms 1.23 +98.4%
Credit Investor Angst:
- North American Investment Grade CDS Index 56.62 -1.66%
- America Energy Sector High-Yield CDS Index 498.0 -3.82%
- European Financial Sector CDS Index 62.97 +3.18%
- Italian/German 10Y Yld Spread 137.0 -1.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 75.0 -.44%
- Emerging Market CDS Index 205.37 +.54%
- iBoxx Offshore RMB China Corporate High Yield Index 166.47 +.05%
- 2-Year Swap Spread 6.0 +.5 basis point
- TED Spread 34.0 +1.0 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -14.0 +4.0 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 65.56 -.14%
- 3-Month T-Bill Yield 1.66% unch.
- Yield Curve .14 n/a
- China Iron Ore Spot 85.85 USD/Metric Tonne -2.76%
- Citi US Economic Surprise Index 15.20 -.1 point
- Citi Eurozone Economic Surprise Index -75.0 +3.1 points
- Citi Emerging Markets Economic Surprise Index -19.90 -2.0 points
- 10-Year TIPS Spread 1.56 -1.0 basis point
- 82.8% chance of Fed rate cut at Dec. 11th meeting, 88.5% chance of cut at Jan. 29th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +237 open in Japan
- China A50 Futures: Indicating -9 open in China
- DAX Futures: Indicating -8 open in Germany
Portfolio:
- Slightly Higher: On gains in my tech/biotech sector longs
- Disclosed Trades: None
- Market Exposure: 100% Net Long
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