Monday, November 23, 2020

Stocks Modestly Higher into Afternoon on Vaccine Hopes, US Economic Data, Short-Covering, Energy/Retail Sector Strength

 Broad Equity Market Tone:

  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 23.6 -.6%
  • Bloomberg Global Risk On/Risk Off Index 1,037.0 +115.0 points
  • Euro/Yen Carry Return Index 127.87 +.32%
  • Emerging Markets Currency Volatility(VXY) 10.13 +1.18%
  • S&P 500 Implied Correlation n/a
  • ISE Sentiment Index 113.0 +13.0 points
  • Total Put/Call .60 -15.5%
  • NYSE Arms .74 -36.2%
Credit Investor Angst:
  • North American Investment Grade CDS Index 54.40 -2.6%
  • US Energy High-Yield OAS 706.06 -.8%
  • European Financial Sector CDS Index 62.60 -3.77%
  • Italian/German 10Y Yld Spread 121.0 -1.0 basis point
  • Asia Ex-Japan Investment Grade CDS Index 62.50 +.08%
  • Emerging Market CDS Index 170.22 +.35%
  • iBoxx Offshore RMB China Corporate High Yield Index 179.22 -.89%
  • 2-Year Swap Spread 9.0 -.25 basis point.
  • TED Spread 14.25 -.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -19.5 -1.25 basis points
  • MBS  5/10 Treasury Spread  75.0 +1.0 basis point
  • IHS Markit CMBX BBB- 6 70.5 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 60.83 -.65%
  • 3-Month T-Bill Yield .07% +1.0 basis point
  • Yield Curve 69.0 +2.25 basis points
  • China Iron Ore Spot 123.46 USD/Metric Tonne -3.21%
  • Citi US Economic Surprise Index 75.6 +7.9 points
  • Citi Eurozone Economic Surprise Index 102.8 -4.5 points
  • Citi Emerging Markets Economic Surprise Index 57.3 -.8 point
  • 10-Year TIPS Spread 1.71 +1.0 basis point
  • 100.0% chance of no change at Jan. 27th meeting, 100.0% chance of no change at March 17th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +398 open in Japan 
  • China A50 Futures: Indicating -50 open in China
  • DAX Futures: Indicating +17 open in Germany
Portfolio:
  • Slightly Higher: On  gains in my industrial/tech sector longs
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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