Stocks Rising into Afternoon on Falling Biden Presidency Odds, Earnings Optimism, Short-Covering, Tech/Homebuilding Sector Strength

 Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 25.8 -2.4%
• Bloomberg Global Risk On/Risk Off Index 478.0 +88.0 points

• Euro/Yen Carry Return Index 130.84 -.13%

• Emerging Markets Currency Volatility(VXY) 11.24 +1.54%

• S&P 500 Implied Correlation 43.4 -2.4%

• ISE Sentiment Index 120.0 +18.0 points

• Total Put/Call .60 -23.1%

• NYSE Arms 1.15 -14.8%

Credit Investor Angst:

• North American Investment Grade CDS Index 63.45 -2.57%
  

• US Energy High-Yield OAS 760.45 +.19%

• European Financial Sector CDS Index 58.47 -4.86%

• Italian/German 10Y Yld Spread 148.5 +3.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index  60.31 -1.5%
  

• Emerging Market CDS Index 163.66 -4.65%
  

• iBoxx Offshore RMB China Corporate High Yield Index 177.56 -.14%

• 2-Year Swap Spread 9.0 +.25 basis point

• TED Spread 15.0 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.75 -1.5 basis points
  
• MBS  5/10 Treasury Spread  89.25 -2.75 basis points
  
• IHS Markit CMBX BBB- 6 68.25 unch.

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 60.98 +.52%
• 3-Month T-Bill Yield .09% -1.0 basis point

• Yield Curve 57.75 -2.25 basis points
  

• China Iron Ore Spot 120.10 USD/Metric Tonne +.43%

• Citi US Economic Surprise Index 206.80 -4.0 points

• Citi Eurozone Economic Surprise Index 107.20 -25.4 points

• Citi Emerging Markets Economic Surprise Index 11.2 +2.1 points

• 10-Year TIPS Spread 1.78 -1.0 basis point
• 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 +12 open in Japan 
• China A50 Futures: Indicating -74 open in China

• DAX Futures: Indicating -21 open in Germany

Portfolio:

• Slightly Higher: On gains in my tech/industrial sector longs
  

• Disclosed Trades:Covered some of my (IWM)/(QQQ) hedges and emerging market shorts
  

• Market Exposure: Moved to 75% Net Long