Thursday, December 03, 2020

Stocks Modestly Higher into Final Hour on US Economic Data, Oil Gain, Short-Covering, Homebuilding/Airline Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Above Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 21.2 +.2%
  • Bloomberg Global Risk On/Risk Off Index 1,470.0 -2.0 points
  • Euro/Yen Carry Return Index 130.66 -.24%
  • Emerging Markets Currency Volatility(VXY) 10.3 +1.9
  • S&P 500 Implied Correlation 47.7 -.04%
  • ISE Sentiment Index 140.0 +25.0 points
  • Total Put/Call .64 -5.9%
  • NYSE Arms .96 +43.3%
Credit Investor Angst:
  • North American Investment Grade CDS Index 49.70 -.89%
  • US Energy High-Yield OAS 649.81 -1.16%
  • European Financial Sector CDS Index 57.05 -2.64%
  • Italian/German 10Y Yld Spread 116.0 +1.0 basis point
  • Asia Ex-Japan Investment Grade CDS Index 57.62 -.76%
  • Emerging Market CDS Index 160.80 -.68%
  • iBoxx Offshore RMB China Corporate High Yield Index 181.41 -.01%
  • 2-Year Swap Spread 7.75 +.5 basis point
  • TED Spread 15.5 +.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -17.75 +1.25 basis points
  • MBS  5/10 Treasury Spread  71.0 +1.0 basis point
  • IHS Markit CMBX BBB- 6 71.0 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 62.13 +.7%
  • 3-Month T-Bill Yield .08% unch.
  • Yield Curve 78.0 +2.5 basis points
  • China Iron Ore Spot 132.30 USD/Metric Tonne +.18%
  • Citi US Economic Surprise Index 75.20 +1.9 points
  • Citi Eurozone Economic Surprise Index 135.0 +5.9 points
  • Citi Emerging Markets Economic Surprise Index 62.1 -2.6 points
  • 10-Year TIPS Spread 1.87 +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 +3 open in Japan 
  • China A50 Futures: Indicating +38 open in China
  • DAX Futures: Indicating -13 open in Germany
Portfolio:
  • Slightly Higher: On gains in my tech/industrial/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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