Wednesday, November 25, 2020

Stocks Slightly Lower into Final Hour on Virus Fears, Rising Jobless Claims, Technical Selling, Energy/Financial Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Most Sectors Declining
  • Volume: Above Average
  • Market Leading Stocks: Underperforming
Equity Investor Angst:
  • Volatility(VIX) 21.4 -1.3%
  • Bloomberg Global Risk On/Risk Off Index 1,283.0 -21.0 points
  • Euro/Yen Carry Return Index 128.86 +.17%
  • Emerging Markets Currency Volatility(VXY) 10.16 -.49%
  • S&P 500 Implied Correlation 49.3 +1.6%
  • ISE Sentiment Index 148.0 +35.0 points
  • Total Put/Call .64 unch.
  • NYSE Arms .94 +32.4%
Credit Investor Angst:
  • North American Investment Grade CDS Index 512.61 +1.0%
  • US Energy High-Yield OAS 680.32 -.51%
  • European Financial Sector CDS Index 60.06 +1.5%
  • Italian/German 10Y Yld Spread 118.0 unch.
  • Asia Ex-Japan Investment Grade CDS Index 59.72 -1.84%
  • Emerging Market CDS Index 168.06 +2.2%
  • iBoxx Offshore RMB China Corporate High Yield Index 179.84 +.3%
  • 2-Year Swap Spread 9.5 unch.
  • TED Spread 12.75 +.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -15.75 unch.
  • MBS  5/10 Treasury Spread  75.25 +1.75 basis points
  • IHS Markit CMBX BBB- 6 70.25 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 61.22 +.41%
  • 3-Month T-Bill Yield .08% unch.
  • Yield Curve 72.25 +1.75 basis points
  • China Iron Ore Spot 124.70 USD/Metric Tonne -2.1%
  • Citi US Economic Surprise Index 81.4 +4.4 points
  • Citi Eurozone Economic Surprise Index 109.6 -.6 point
  • Citi Emerging Markets Economic Surprise Index 56.5 +.9 point
  • 10-Year TIPS Spread 1.76 +3.0 basis points
  • 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 +68 open in Japan 
  • China A50 Futures: Indicating +18 open in China
  • DAX Futures: Indicating +1 open in Germany
Portfolio:
  • Slightly Lower: On losses in my industrial/medical sector longs
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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