Thursday, November 19, 2020

Stocks Reversing Higher into Afternoon on Stimulus Hopes, US Housing Data, Short-Covering, Energy/Retail Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Around Even
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 23.2 -2.6%
  • Bloomberg Global Risk On/Risk Off Index 1,021.0 -18.0 points
  • Euro/Yen Carry Return Index 127.44 +.02%
  • Emerging Markets Currency Volatility(VXY) 10.4 -.5%
  • S&P 500 Implied Correlation 41.4 -3.3%
  • ISE Sentiment Index 98.0 -36.0 points
  • Total Put/Call .70 -6.7%
  • NYSE Arms .75 -41.9%
Credit Investor Angst:
  • North American Investment Grade CDS Index 53.20 -1.33%
  • US Energy High-Yield OAS 709.02 -.04%
  • European Financial Sector CDS Index 64.10 +1.9%
  • Italian/German 10Y Yld Spread 121.0 unch.
  • Asia Ex-Japan Investment Grade CDS Index 60.72 +.69%
  • Emerging Market CDS Index 169.93 -.66%
  • iBoxx Offshore RMB China Corporate High Yield Index 180.74 -.29%
  • 2-Year Swap Spread 8.25 unch.
  • TED Spread 16.5 +2.5 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -16.75 -2.75 basis points
  • MBS  5/10 Treasury Spread  74.0 +.25 basis point
  • IHS Markit CMBX BBB- 6 70.25 -.75 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 61.40 +.31%
  • 3-Month T-Bill Yield .06% -2.0 basis points
  • Yield Curve 68.0 unch.
  • China Iron Ore Spot 123.58 USD/Metric Tonne +.06%
  • Citi US Economic Surprise Index 69.2 +2.8 points
  • Citi Eurozone Economic Surprise Index 108.3 -.9 point
  • Citi Emerging Markets Economic Surprise Index 58.2 -.3 point
  • 10-Year TIPS Spread 1.70 -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 -71 open in Japan 
  • China A50 Futures: Indicating -3 open in China
  • DAX Futures: Indicating +8 open in Germany
Portfolio:
  • Slightly Higher: On gains in my biotech/medical/tech sector longs
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 50% Net Long

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