Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Around Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 14.4 -9.5%
- Euro/Yen Carry Return Index 125.18 +.19%
- Emerging Markets Currency Volatility(VXY) 6.95 unch.
- S&P 500 Implied Correlation 43.7 -2.9%
- ISE Sentiment Index 77.0 +13
- Total Put/Call .98 -14.0%
- NYSE Arms .75 -39.5%
Credit Investor Angst:
- North American Investment Grade CDS Index 50.54 -2.54%
- America Energy Sector High-Yield CDS Index 623.0 -1.84%
- European Financial Sector CDS Index 56.01 -3.61%
- Italian/German 10Y Yld Spread 160.5 -3.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 65.1 +.25%
- Emerging Market CDS Index 204.93 -1.97%
- iBoxx Offshore RMB China Corporate High Yield Index 168.42 +.11%
- 2-Year Swap Spread 1.5 +.25 basis point
- TED Spread 34.5 unch.
- 3-Month EUR/USD Cross-Currency Basis Swap -12.25 +3.25 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 65.46 +.20%
- 3-Month T-Bill Yield 1.53% -3.0 basis points
- Yield Curve .20 +2.0 basis points
- China Iron Ore Spot 86.70 USD/Metric Tonne -.23%
- Citi US Economic Surprise Index -4.2 -10.0 basis points
- Citi Eurozone Economic Surprise Index .9 +3.2 points
- Citi Emerging Markets Economic Surprise Index -23.0 +4.0 basis points
- 10-Year TIPS Spread 1.69 +4.0 basis points
- 12.7% chance of Fed rate cut at Jan. 29th meeting, 25.6% chance of cut at March 18th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +250 open in Japan
- China A50 Futures: Indicating +64 open in China
- DAX Futures: Indicating +31 open in Germany
Portfolio:
- Higher: On gains in my industrial/retail/tech/biotech/medical sector longs
- Disclosed Trades: None
- Market Exposure: 100% Net Long
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