Monday, November 02, 2020

Stocks Higher into Final Hour on Technical Buying, Oil Gain, Short-Covering, Commodity/Financial Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 38.2 +.5%
  • Bloomberg Global Risk On/Risk Off Index -490.0 +29.0 points
  • Euro/Yen Carry Return Index 126.24 +.02%
  • Emerging Markets Currency Volatility(VXY) 11.8 +1.6%
  • S&P 500 Implied Correlation 73.9 -1.0%
  • ISE Sentiment Index 84.0 -14.0 points
  • Total Put/Call .95 -10.4%
  • NYSE Arms .72 +2.9%
Credit Investor Angst:
  • North American Investment Grade CDS Index 63.91 -2.47%
  • US Energy High-Yield OAS 847.30 +.13%
  • European Financial Sector CDS Index 81.11 -4.06%
  • Italian/German 10Y Yld Spread 139.0 unch.
  • Asia Ex-Japan Investment Grade CDS Index 70.22 -.87%
  • Emerging Market CDS Index 219.64 +.7%
  • iBoxx Offshore RMB China Corporate High Yield Index 180.02 +.05%
  • 2-Year Swap Spread 8.0 -.5 basis point
  • TED Spread 13.0 -.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -15.25 -1.25 basis points
  • MBS  5/10 Treasury Spread  79.25 -1.75 basis points
  • IHS Markit CMBX BBB- 6 66.75 -1.25 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 58.51 -.28%
  • 3-Month T-Bill Yield .09% unch.
  • Yield Curve 70.75 -1.0 basis point
  • China Iron Ore Spot 113.22 USD/Metric Tonne -.53%
  • Citi US Economic Surprise Index 131.10 +2.2 points
  • Citi Eurozone Economic Surprise Index 101.6 -1.6 points
  • Citi Emerging Markets Economic Surprise Index 61.20 -1.9 points
  • 10-Year TIPS Spread 1.71 +1.0 basis point
  • 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 +125 open in Japan 
  • China A50 Futures: Indicating +27 open in China
  • DAX Futures: Indicating -35 open in Germany
Portfolio:
  • Slightly Higher: On gains in my medical/consumer staple//industrial sector longs
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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