Tuesday, April 28, 2020

Stocks Reversing Slightly Lower into Final Hour on Global Recession Fears, Oil Decline, Profit-Taking, Tech/Healthcare Sector Weakness

 Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 33.1 -.48%
  • Euro/Yen Carry Return Index 120.13 -.28%
  • Emerging Markets Currency Volatility(VXY) 11.9 -1.5%
  • S&P 500 Implied Correlation 69.7 -.85%
  • ISE Sentiment Index 76.0 +4.0 points
  • Total Put/Call .92 -12.38%
  • NYSE Arms .69 +2.9%
Credit Investor Angst:
  • North American Investment Grade CDS Index 91.22 -2.25%
  • America Energy Sector High-Yield CDS Index 882.0 unch.
  • European Financial Sector CDS Index 100.73 -1.58%
  • Italian/German 10Y Yld Spread 219.75 -1.5 basis points
  • Asia Ex-Japan Investment Grade CDS Index 119.50 -1.78%
  • Emerging Market CDS Index 362.0 -1.17%
  • iBoxx Offshore RMB China Corporate High Yield Index 164.0 -.35%
  • 2-Year Swap Spread 14.5 -1.0 basis point
  • TED Spread 79.0 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap 18.0 -4.25 basis points
  • MBS  5/10 Treasury Spread  120.0 -3.0 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 58.0 +.48%
  • 3-Month T-Bill Yield .10% -1.0 basis point
  • Yield Curve 44.0 +3.25 basis points
  • China Iron Ore Spot 81.35 USD/Metric Tonne +.81%
  • Citi US Economic Surprise Index -105.30 -1.6 points
  • Citi Eurozone Economic Surprise Index -207.10 +6.8 points
  • Citi Emerging Markets Economic Surprise Index 5.1 +.7 point
  • 10-Year TIPS Spread 1.14 -3.0 basis points
  • n/a chance of no change at April 29th meeting, n/a chance of no change at June 10th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +294 open in Japan 
  • China A50 Futures: Indicating -70 open in China
  • DAX Futures: Indicating -31 open in Germany
Portfolio:
  • Lower: On losses in my biotech/tech/medical sector longs emerging market shorts
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 25% Net Long

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