Tuesday, December 24, 2019

Stocks Slightly Lower into Final Hour on Economic Data, Profit-Taking, Technical Selling, Defense/Industrial Sector Weakness

 Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Light
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 12.7 +.32%
  • Euro/Yen Carry Return Index 125.86 -.05%
  • Emerging Markets Currency Volatility(VXY) 6.39 -.47%
  • S&P 500 Implied Correlation 43.56 -.82%
  • ISE Sentiment Index 93.0 +19
  • Total Put/Call .81 +1.25%
  • NYSE Arms .98 -4.85%
Credit Investor Angst:
  • North American Investment Grade CDS Index 44.71 -.79%
  • America Energy Sector High-Yield CDS Index 548.0 +.07%
  • European Financial Sector CDS Index 53.29 -.01%
  • Italian/German 10Y Yld Spread 167.25 unch.
  • Asia Ex-Japan Investment Grade CDS Index 53.18 -.59%
  • Emerging Market CDS Index 182.22 -.04%
  • iBoxx Offshore RMB China Corporate High Yield Index 167.27 -.04%
  • 2-Year Swap Spread 7.75 +.5 basis point
  • TED Spread 36.25 -1.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -13.75 -1.0 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 66.32 +.18%
  • 3-Month T-Bill Yield 1.56% +1.0 basis point
  • Yield Curve .27 -1.0 basis point
  • China Iron Ore Spot 90.0 USD/Metric Tonne +.06%
  • Citi US Economic Surprise Index -10.4 -.1 point
  • Citi Eurozone Economic Surprise Index 25.50 +.9 point
  • Citi Emerging Markets Economic Surprise Index -16.1 -.7 basis point
  • 10-Year TIPS Spread 1.76 unch.
  • 6.0% chance of Fed rate cut at March 18th meeting, 14.8% chance of cut at April 29th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -35 open in Japan 
  • China A50 Futures: Indicating +2 open in China
  • DAX Futures: Indicating -1 open in Germany
Portfolio:
  • Higher: On gains in my tech/biotech/retail sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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