Thursday, December 26, 2019

Stocks Higher into Final Hour on Economic Optimism, Oil Gain, Technical Buying, Tech/Financial Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Slightly Higher
  • Sector Performance: Mixed
  • Volume: Light
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 12.6 -.24%
  • Euro/Yen Carry Return Index 126.38 +.37%
  • Emerging Markets Currency Volatility(VXY) 66.46 +.11%
  • S&P 500 Implied Correlation 41.94 -.31%
  • ISE Sentiment Index 69.0 -24
  • Total Put/Call .80 -1.23%
  • NYSE Arms .82 -24.1%
Credit Investor Angst:
  • North American Investment Grade CDS Index 44.31 -.68%
  • America Energy Sector High-Yield CDS Index 548.0 +.15%
  • European Financial Sector CDS Index 53.15 -.18%
  • Italian/German 10Y Yld Spread 167.25 unch.
  • Asia Ex-Japan Investment Grade CDS Index 52.90 -.16%
  • Emerging Market CDS Index 179.73 -1.46%
  • iBoxx Offshore RMB China Corporate High Yield Index 167.07 -.14%
  • 2-Year Swap Spread 8.25 +.5 basis point
  • TED Spread 38.75 +2.5 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -13.0 +.75 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 66.45 +.09%
  • 3-Month T-Bill Yield 1.57% +1.0 basis point
  • Yield Curve .28 +1.0 basis point
  • China Iron Ore Spot 89.30 USD/Metric Tonne -.29%
  • Citi US Economic Surprise Index -9.3 +1.1 points
  • Citi Eurozone Economic Surprise Index 27.50 +2.0 points
  • Citi Emerging Markets Economic Surprise Index -16.7 -.6 basis point
  • 10-Year TIPS Spread 1.76 unch.
  • 6.1% chance of Fed rate cut at March 18th meeting, 13.2% chance of cut at April 29th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +21 open in Japan 
  • China A50 Futures: Indicating +28 open in China
  • DAX Futures: Indicating -1 open in Germany
Portfolio:
  • Slightly Higher: On gains in my tech/retail sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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