Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Most Sectors Declining
- Volume: Below Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 26.1 +3.9%
- Bloomberg Global Risk On/Risk Off Index 433.0 -24.0 points
- Euro/Yen Carry Return Index 128.31 -.45%
- Emerging Markets Currency Volatility(VXY) 11.4 -1.2%
- S&P 500 Implied Correlation 40.16 -.05%
- ISE Sentiment Index 125.0 -30.0 points
- Total Put/Call .66 +1.54%
- NYSE Arms 1.27 +21.3%
Credit Investor Angst:
- North American Investment Grade CDS Index 534.13 +1.48%
- US Energy High-Yield OAS 810.47 +1.28%
- European Financial Sector CDS Index 68.67 +3.14%
- Italian/German 10Y Yld Spread 121.0 -1.0 basis point
- Asia Ex-Japan Investment Grade CDS Index 63.63 -1.09%
- Emerging Market CDS Index 203.35 +2.13%
- iBoxx Offshore RMB China Corporate High Yield Index 178.83 +.02%
- 2-Year Swap Spread 9.0 +.25 basis points
- TED Spread 12.75 -.25 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -11.0 -1.5 basis points
- MBS 5/10 Treasury Spread 85.75 +.75 basis point
- IHS Markit CMBX BBB- 6 68.0 unch.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 59.43 -.41%
- 3-Month T-Bill Yield .09% unch.
- Yield Curve 61.25 -1.25 basis points
- China Iron Ore Spot 116.61 USD/Metric Tonne -1.27%
- Citi US Economic Surprise Index 137.4 -.5 point
- Citi Eurozone Economic Surprise Index 37.90 -8.3 points
- Citi Emerging Markets Economic Surprise Index 43.1 +1.4 points
- 10-Year TIPS Spread 1.70 -4.0 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 -61 open in Japan
- China A50 Futures: Indicating +3 open in China
- DAX Futures: Indicating -39 open in Germany
Portfolio:
- Higher: On gains in my medical/industrial/consumer staple/tech/biotech sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 50% Net Long
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