Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Mixed
- Volume: Below Average
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 32.3 -.62%
- Bloomberg Global Risk On/Risk Off Index -100.0 -26.0 points
- Euro/Yen Carry Return Index 127.90 -.25%
- Emerging Markets Currency Volatility(VXY) 11.07 unch.
- S&P 500 Implied Correlation 60.5 +.23%
- ISE Sentiment Index 93.0 -41.0 points
- Total Put/Call .78 -29.1%
- NYSE Arms 1.25 -12.0%
Credit Investor Angst:
- North American Investment Grade CDS Index 59.81 +2.31%
- US Energy High-Yield OAS 810.74 +.68%
- European Financial Sector CDS Index 76.33 +.57%
- Italian/German 10Y Yld Spread 132.0 unch.
- Asia Ex-Japan Investment Grade CDS Index 66.32 +.96%
- Emerging Market CDS Index 207.49 -.48%
- iBoxx Offshore RMB China Corporate High Yield Index 179.64 -.01%
- 2-Year Swap Spread 8.75 +.25 basis point
- TED Spread 12.75 -.25 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -15.0 -.5 basis point
- MBS 5/10 Treasury Spread 82.75 +1.25 basis points
- IHS Markit CMBX BBB- 6 68.25 unch.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 59.41 -.16%
- 3-Month T-Bill Yield .09% unch.
- Yield Curve 64.5 -2.0 basis points
- China Iron Ore Spot 113.20 USD/Metric Tonne +.63%
- Citi US Economic Surprise Index 116.8 +3.6 points
- Citi Eurozone Economic Surprise Index 10.20 +.3 point
- Citi Emerging Markets Economic Surprise Index 45.40 +6.2 points
- 10-Year TIPS Spread 1.72 unch.
- 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 -80 open in Japan
- China A50 Futures: Indicating +25 open in China
- DAX Futures: Indicating -51 open in Germany
Portfolio:
- Slightly Higher: On gains in my biotech/consumer staple/tech/medical sector longs
- Disclosed Trades: None
- Market Exposure: 50% Net Long
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