Friday, April 09, 2021

Stocks Rising into Final Hour on US Economic Optimism, Sector Rotation, Technical Buying, Consumer Discretionary/Healthcare Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 16.8 -.7%
  • Bloomberg Global Risk On/Risk Off Index 3,200.0 +49.0 points
  • Euro/Yen Carry Return Index 134.90 +.25%
  • Emerging Markets Currency Volatility(VXY) 10.5 -.38%
  • S&P 500 Implied Correlation 49.1 +.7%
  • ISE Sentiment Index 87.0 -31.0 points
  • Total Put/Call .71 unch.
  • NYSE Arms 1.45 -19.4%
Credit Investor Angst:
  • North American Investment Grade CDS Index 51.14 -.09%
  • US Energy High-Yield OAS 453.78 -.67%
  • European Financial Sector CDS Index 57.88 -.02%
  • Italian/German 10Y Yld Spread 103.0 +3.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 70.92 +2.9%
  • Emerging Market CDS Index 178.41 +.84%
  • iBoxx Offshore RMB China Corporate High Yield Index 189.27 +.02%
  • 2-Year Swap Spread 13.0 -.5 basis point
  • TED Spread 18.0 -1.0 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -2.5 -.75 basis point
  • MBS  5/10 Treasury Spread  67.0 -3.25 basis points
  • IHS Markit CMBX BBB- 6 73.25 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 60.49 -.44%
  • 3-Month T-Bill Yield .01% unch.
  • Yield Curve 148.0 -3.0 basis points
  • China Iron Ore Spot 165.50 USD/Metric Tonne -.35%
  • Citi US Economic Surprise Index 37.20 -.6 point
  • Citi Eurozone Economic Surprise Index 150.40 -19.0 points
  • Citi Emerging Markets Economic Surprise Index 25.20 +.3 point
  • 10-Year TIPS Spread 2.33 unch.
  • 94.4% chance of no change at June 16th meeting, 94.4% chance of no change at Sept. 22nd meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +103 open in Japan 
  • China A50 Futures: Indicating -20 open in China
  • DAX Futures: Indicating +23 open in Germany
Portfolio:
  • Higher: On gains in my tech/medical/industrial sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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