Friday, August 14, 2020

Stocks Slightly Higher into Afternoon on US Economic Data, Technical Buying, Short-Covering, Transport/Financial Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Lower
  • Sector Performance: Mixed
  • Volume: Light
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 21.9 -1.3%
  • Euro/Yen Carry Return Index 130.75 -.13%
  • Emerging Markets Currency Volatility(VXY) 11.18 +.9%
  • S&P 500 Implied Correlation 45.81 +.07%
  • ISE Sentiment Index 88.0 -2.0 points
  • Total Put/Call .70 +2.94%
  • NYSE Arms .87 -28.1%
Credit Investor Angst:
  • North American Investment Grade CDS Index 67.74 +1.36%
  • US Energy High-Yield OAS 764.41 +1.09%
  • European Financial Sector CDS Index 64.51 +2.7%
  • Italian/German 10Y Yld Spread 141.5 +.25 basis point
  • Asia Ex-Japan Investment Grade CDS Index  65.61 +.87%
  • Emerging Market CDS Index 189.90 +.61%
  • iBoxx Offshore RMB China Corporate High Yield Index 176.98 +.06%
  • 2-Year Swap Spread 9.0 +1.0 basis point
  • TED Spread 18.75 +3.0 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -.25 -1.0 basis point
  • MBS  5/10 Treasury Spread  87.0 +4.0 basis points
  • IHS Markit CMBX BBB- 6 68.75 +.25 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 60.33 -.15%
  • 3-Month T-Bill Yield .09% unch.
  • Yield Curve 54.5 +4.0 basis points
  • China Iron Ore Spot 117.22 USD/Metric Tonne +1.17%
  • Citi US Economic Surprise Index 253.3 +3.0 points
  • Citi Eurozone Economic Surprise Index 203.40 -3.1 points
  • Citi Emerging Markets Economic Surprise Index 17.1 -3.8 points
  • 10-Year TIPS Spread 1.66 -3.0 basis points
  • 100.0% chance of no change at Nov. 5th meeting, 100.0% chance of no change at Dec. 16th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -139 open in Japan 
  • China A50 Futures: Indicating -99 open in China
  • DAX Futures: Indicating -13 open in Germany
Portfolio:
  • Slightly Lower: On losses in my biotech/medical sector longs
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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