Tuesday, April 06, 2021

Stocks Slightly Higher into Final Hour on US Economic Optimism, Lower Long-Term Rates, Oil Gain, Consumer Discretionary/Alt Energy Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Higher
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 18.0 +.5%
  • Bloomberg Global Risk On/Risk Off Index 3,150.0 -25.0 points
  • Euro/Yen Carry Return Index 134.76 +.14%
  • Emerging Markets Currency Volatility(VXY) 10.7 -1.0%
  • S&P 500 Implied Correlation 50.6 +3.2%
  • ISE Sentiment Index 122.0 +2.0 points
  • Total Put/Call .63 -8.7%
  • NYSE Arms .90 -23.7%
Credit Investor Angst:
  • North American Investment Grade CDS Index 51.45 +.44%
  • US Energy High-Yield OAS 460.97 +.24%
  • European Financial Sector CDS Index 58.17 +.10%
  • Italian/German 10Y Yld Spread 101.0 +5.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 64.58 +2.16%
  • Emerging Market CDS Index 174.0 -1.25%
  • iBoxx Offshore RMB China Corporate High Yield Index 189.0 +.02%
  • 2-Year Swap Spread 13.75 unch.
  • TED Spread 19.25 +.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -1.5 +1.25 basis points
  • MBS  5/10 Treasury Spread  70.0 +.25 basis point
  • IHS Markit CMBX BBB- 6 73.25 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 60.60 +.28%
  • 3-Month T-Bill Yield .01% -1.0 basis point
  • Yield Curve 152.0 -1.0 basis point
  • China Iron Ore Spot 163.20 USD/Metric Tonne +.96%
  • Citi US Economic Surprise Index 39.10 -1.5 points
  • Citi Eurozone Economic Surprise Index 166.70 -3.2 points
  • Citi Emerging Markets Economic Surprise Index 25.50 -.4 point
  • 10-Year TIPS Spread 2.33 -3.0 basis points
  • 100.0% chance of no change at June 16th meeting, 100.0% chance of no change at Sept. 22nd meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -6 open in Japan 
  • China A50 Futures: Indicating -53 open in China
  • DAX Futures: Indicating -4 open in Germany
Portfolio:
  • Slightly Higher: On gains in my /techmedical/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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