Tuesday, October 15, 2019

Stocks Surging into Final Hour on Earnings Optimism, Brexit Deal Hopes, Less European/Emerging Markets/US High-Yield Debt Angst, Financial/Healthcare Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Substantially Higher
  • Sector Performance: Almost Every Sector Rising
  • Volume: Around Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 13.6 -6.6%
  • Euro/Yen Carry Return Index 124.70 +.5%
  • Emerging Markets Currency Volatility(VXY) 7.89 -1.38%
  • S&P 500 Implied Correlation 32.7 -6.6%
  • ISE Sentiment Index 148.0 +64.4%
  • Total Put/Call 1.02 -14.3%
  • NYSE Arms .72 -39.5%
Credit Investor Angst:
  • North American Investment Grade CDS Index 56.07 -.96%
  • America Energy Sector High-Yield CDS Index 500.0 +.28%
  • European Financial Sector CDS Index 60.25 -4.32%
  • Italian/German 10Y Yld Spread 135.50 -1.5 basis points
  • Asia Ex-Japan Investment Grade CDS Index 73.90 -1.85%
  • Emerging Market CDS Index 201.57 -1.85%
  • iBoxx Offshore RMB China Corporate High Yield Index 166.54 +.04%
  • 2-Year Swap Spread 4.25 -1.75  basis points
  • TED Spread 35.5 +1.5 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -14.0 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 65.49 -.1%
  • 3-Month T-Bill Yield 1.66% unch.
  • Yield Curve .15+1.0 basis point
  • China Iron Ore Spot 87.15 USD/Metric Tonne +1.81%
  • Citi US Economic Surprise Index 15.90 +.7 point
  • Citi Eurozone Economic Surprise Index -71.6 +3.4 points
  • Citi Emerging Markets Economic Surprise Index -19.60 +.3 point
  • 10-Year TIPS Spread 1.57 +1.0 basis point
  • 81.5% chance of Fed rate cut at Dec. 11th meeting, 86.6% chance of cut at Jan. 29th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +378 open in Japan 
  • China A50 Futures: Indicating +46 open in China
  • DAX Futures: Indicating +17 open in Germany
Portfolio:
  • Higher: On gains in my tech/biotech/retail/medical/industrial sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

No comments: