Thursday, December 19, 2019

Stocks Higher into Final Hour on Global Growth Optimism, Earnings, Oil Gain, Tech/Telecom Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Around Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 12.6 +.16%
  • Euro/Yen Carry Return Index 126.19 -.16%
  • Emerging Markets Currency Volatility(VXY) 6.53 +.93%
  • S&P 500 Implied Correlation 41.78 -2.93%
  • ISE Sentiment Index 121.0 -10
  • Total Put/Call .75 -25.7%
  • NYSE Arms .93 -7.9%
Credit Investor Angst:
  • North American Investment Grade CDS Index 45.71 -.17%
  • America Energy Sector High-Yield CDS Index 552.0 -1.78%
  • European Financial Sector CDS Index 52.81 +.02%
  • Italian/German 10Y Yld Spread 161.75 +3.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 54.98 -1.38%
  • Emerging Market CDS Index 183.09 +.97%
  • iBoxx Offshore RMB China Corporate High Yield Index 167.34 +.12%
  • 2-Year Swap Spread 7.25 +.5 basis point
  • TED Spread 35.25 +.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -9.75 +5.75 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 66.34 +.14%
  • 3-Month T-Bill Yield 1.56% +1.0 basis point
  • Yield Curve .29 +3.0 basis points
  • China Iron Ore Spot 91.40 USD/Metric Tonne +.8%
  • Citi US Economic Surprise Index -8.0 -4.3 basis points
  • Citi Eurozone Economic Surprise Index 10.70 +4.7 points
  • Citi Emerging Markets Economic Surprise Index -16.1 +.4 basis point
  • 10-Year TIPS Spread 1.78 -1.0 basis point
  • 7.1% chance of Fed rate cut at March 18th meeting, 16.9% chance of cut at April 29th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -44 open in Japan 
  • China A50 Futures: Indicating +25 open in China
  • DAX Futures: Indicating unch. open in Germany
Portfolio:
  • Higher: On gains in my tech/retail/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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