Stocks Falling Substantially into Afternoon on Biden Presidency/Tax Hike Fears, Virus Shutdown Worries, Oil Decline, Energy/Transport Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Above Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 39.5 +18.4%
• Bloomberg Global Risk On/Risk Off Index -604.0 -426.0 points

• Euro/Yen Carry Return Index 126.94 -.48%

• Emerging Markets Currency Volatility(VXY) 11.64 +2.6%

• S&P 500 Implied Correlation 75.05 +19.1%

• ISE Sentiment Index 98.0 +5.0 points
  

• Total Put/Call 1.15 +47.4%

• NYSE Arms .59 -58.7%

Credit Investor Angst:

• North American Investment Grade CDS Index 63.71 +6.69%
  

• US Energy High-Yield OAS 831.23 +2.12%

• European Financial Sector CDS Index 83.75 +9.5%

• Italian/German 10Y Yld Spread 139.0 +7.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 67.61 +1.93%
  

• Emerging Market CDS Index 220.31 +5.73%
  

• iBoxx Offshore RMB China Corporate High Yield Index 179.67 +.02%

• 2-Year Swap Spread 8.5 -.25 basis point

• TED Spread 13.25 +.5 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -13.75 +1.25 basis points
  
• MBS  5/10 Treasury Spread  81.5 -1.25 basis points
  
• IHS Markit CMBX BBB- 6 68.0 -.25 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 58.87 -.72%
• 3-Month T-Bill Yield .09% unch.

• Yield Curve 62.5 -2.0 basis points
  

• China Iron Ore Spot 113.75 USD/Metric Tonne +.33%

• Citi US Economic Surprise Index 114.5 -2.3 points

• Citi Eurozone Economic Surprise Index 3.80 -6.4 points
  

• Citi Emerging Markets Economic Surprise Index 46.30 +.9 point

• 10-Year TIPS Spread 1.70 -2.0 basis points
• 100.0% chance of no change at Dec. 16th meeting, 100.0% chance of no change at Jan. 27th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -258 open in Japan 
• China A50 Futures: Indicating -64 open in China

• DAX Futures: Indicating -37 open in Germany

Portfolio:

• Slightly Lower: On losses in my biotech/consumer staple/tech/medical/industrial sector longs
  

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my emerging market shorts
  

• Market Exposure: Moved to 25% Net Long