Monday, July 12, 2021

Stocks Rising into Final Hour on Dovish Global Central Bank Commentary, Economic Optimism, Technical Buying, Financial/Commodity Sector Strength

Broad Equity Market Tone:

  • Advance/Decline Line: Around Even
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 16.2 +.3%
  • Bloomberg Global Risk On/Risk Off Index 3,178.0 +46.0 points
  • Euro/Yen Carry Return Index 135.11 +.03%
  • Emerging Markets Currency Volatility(VXY) 8.82 -.23%
  • S&P 500 Implied Correlation 46.6 -2.2%
  • ISE Sentiment Index 108.0  -12.0 points
  • Total Put/Call .81 -6.9%
  • NYSE Arms 1.24 +226.3%
Credit Investor Angst:
  • North American Investment Grade CDS Index 47.97 -.31%
  • US Energy High-Yield OAS 380.44 +.02%
  • European Financial Sector CDS Index 54.01 -.30%
  • Italian/German 10Y Yld Spread 103.0 -3.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 89.05 +.23%
  • Emerging Market CDS Index 159.59 +.23%
  • China Corp. High-Yield Bond USD ETF(KCCB) 38.95 +.21%
  • 2-Year Swap Spread 7.5 -.75 basis point
  • TED Spread 8.5 +.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -4.75 +1.0 basis point
  • MBS  5/10 Treasury Spread  70.25 +.25 basis point
  • IHS Markit CMBX BBB- 6 73.5 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 59.99 +.11%
  • 3-Month T-Bill Yield .05% unch.
  • Yield Curve 114.0 +2.0 basis points
  • China Iron Ore Spot 208.25 USD/Metric Tonne +1.1%
  • Citi US Economic Surprise Index -3.2 -2.9 points
  • Citi Eurozone Economic Surprise Index 83.50 -3.6 points
  • Citi Emerging Markets Economic Surprise Index 58.4 -12.5 points
  • 10-Year TIPS Spread 2.33 +4.0 basis points
  • 100.0% chance of no change at Nov. 3rd meeting, 100.0% chance of no change at Dec. 15th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +91 open in Japan 
  • China A50 Futures: Indicating -61 open in China
  • DAX Futures: Indicating -7 open in Germany
Portfolio:
  • Higher: On gains in my commodity/industrial/tech/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

No comments: