Stocks Higher into Final Hour on Earnings Optimism, Dollar Weakness, Oil Gain, Commodity/Homebuilding Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Around Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 17.4 -4.8%
• Bloomberg Global Risk On/Risk Off Index 2,800.0 +159.0 points

• Euro/Yen Carry Return Index 134.44 +.02%

• Emerging Markets Currency Volatility(VXY) 8.6 -1.3%

• S&P 500 Implied Correlation 50.8 -.9%

• ISE Sentiment Index 115.0  -14.0 points
  

• Total Put/Call .63 -19.2%

• NYSE Arms 1.02 +37.8%

Credit Investor Angst:

• North American Investment Grade CDS Index 48.45 -1.3%
  

• US Energy High-Yield OAS 422.44 -.98%

• European Financial Sector CDS Index 53.86 -.64%

• Italian/German 10Y Yld Spread 108.0 +1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 90.5 -2.0%
  

• Emerging Market CDS Index 161.35 -3.0%
  

• China Corp. High-Yield Bond USD ETF(KCCB) 38.0 -.35%

• 2-Year Swap Spread 7.75 unch.

• TED Spread 8.75 unch.
  

• 3-Month EUR/USD Cross-Currency Basis Swap -4.5 -.5 basis point
  
• MBS  5/10 Treasury Spread  70.0 -2.0 basis points
  
• IHS Markit CMBX BBB- 6 73.5 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 60.29 +.62%
• 3-Month T-Bill Yield .04% unch.
  

• Yield Curve 104.0 unch.
  

• China Iron Ore Spot 189.0 USD/Metric Tonne -2.4%

• Citi US Economic Surprise Index -19.0 -22.2 points

• Citi Eurozone Economic Surprise Index 45.4 +4.7 points
  

• Citi Emerging Markets Economic Surprise Index 49.6 -1.2 points

• 10-Year TIPS Spread 2.42 +4.0 basis points
• 100.0% chance of no change at Nov. 3rd meeting, 100.0% chance of no change at Dec. 15th meeting

US Covid-19:

• 137 infections/100K people(last 7 days) +7/100K people
• 26% of Jan. 7th, 2021 peak(highest daily avg. new infections) +1.0 percentage point
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +41 open in Japan 
• China A50 Futures: Indicating -124 open in China

• DAX Futures: Indicating -19 open in Germany

Portfolio:

• Higher: On gains in my industrial/tech/consumer discretionary/medical sector longs
  

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 100% Net Long