Thursday, February 06, 2020

Stocks Higher into Final Hour on Earnings Optimism, Oil Gain, Short-Covering, Tech/Homebuilding Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: About Even
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 14.9 1.6%
  • Euro/Yen Carry Return Index 125.23 -.07%
  • Emerging Markets Currency Volatility(VXY) 6.6 +1.2%
  • S&P 500 Implied Correlation 37.3 -4.8%
  • ISE Sentiment Index 97.0 -4
  • Total Put/Call .71 -26.0%
  • NYSE Arms .98 -3.9%
Credit Investor Angst:
  • North American Investment Grade CDS Index 45.14 -.39%
  • America Energy Sector High-Yield CDS Index 617.0 -4.69%
  • European Financial Sector CDS Index 48.10 -2.35%
  • Italian/German 10Y Yld Spread 133.5 +1.25 basis points
  • Asia Ex-Japan Investment Grade CDS Index 52.37 -.54%
  • Emerging Market CDS Index 185.76 +82%
  • iBoxx Offshore RMB China Corporate High Yield Index 170.10 +.04%
  • 2-Year Swap Spread 5.75 -.25 basis point
  • TED Spread 17.75 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -4.25 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 65.36 -.31%
  • 3-Month T-Bill Yield 1.56% +1.0 basis point
  • Yield Curve .21 +2.0 basis points
  • China Iron Ore Spot 79.65 USD/Metric Tonne -.31%
  • Citi US Economic Surprise Index 39.80 +2.6 points
  • Citi Eurozone Economic Surprise Index 7.6 -5.4 points
  • Citi Emerging Markets Economic Surprise Index 25.3 -1.1 points
  • 10-Year TIPS Spread 1.66 unch.
  • 21.3% chance of Fed April 29th meeting, 36.6% chance of cut at June 10th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +41 open in Japan 
  • China A50 Futures: Indicating -206 open in China
  • DAX Futures: Indicating -14 open in Germany
Portfolio:
  • Higher: On gains in my biotech/tech/industrial sector longs
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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