Tuesday, November 26, 2019

Stocks Slightly Higher into Final Hour on US Economic Activity, Buyout Speculation, Short-Covering, Retail/Homebuilding Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: About Even
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 11.82 -.42%
  • Euro/Yen Carry Return Index 124.76 +.19%
  • Emerging Markets Currency Volatility(VXY) 6.99 -.43%
  • S&P 500 Implied Correlation 41.39 -.79%
  • ISE Sentiment Index 79.0 -81
  • Total Put/Call 1.07 +13.8%
  • NYSE Arms 1.56 +62.5%
Credit Investor Angst:
  • North American Investment Grade CDS Index 49.47 -1.6%
  • America Energy Sector High-Yield CDS Index 618.0 +.60%
  • European Financial Sector CDS Index 57.94 -1.93%
  • Italian/German 10Y Yld Spread 154.0 +2.75 basis points
  • Asia Ex-Japan Investment Grade CDS Index 65.09 -.43%
  • Emerging Market CDS Index 203.04 -.16%
  • iBoxx Offshore RMB China Corporate High Yield Index 168.03 -.01%
  • 2-Year Swap Spread -.25 +1.0 basis point
  • TED Spread 34.25 +1.0 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -13.75 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 65.23 -.19%
  • 3-Month T-Bill Yield 1.58% unch.
  • Yield Curve .16+1.0 basis point
  • China Iron Ore Spot 84.08 USD/Metric Tonne -1.59%
  • Citi US Economic Surprise Index 2.1 +1.9 basis points
  • Citi Eurozone Economic Surprise Index -15.50 -.1 point
  • Citi Emerging Markets Economic Surprise Index -27.20 +.6 basis point
  • 10-Year TIPS Spread 1.64 unch.
  • 11.7% chance of Fed rate cut at Jan. 29th meeting, 25.4% chance of cut at March 18th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +46 open in Japan 
  • China A50 Futures: Indicating -33 open in China
  • DAX Futures: Indicating +10 open in Germany
Portfolio:
  • Higher: On gains in my industrial/retail/medical/tech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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