Stocks Rising into Final Hour on Diminishing Virus Lockdown Fears, Oil Gain, Short-Covering, Consumer Discretionary/Commodity Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 17.0 -.6%
• Bloomberg Global Risk On/Risk Off Index 2,705.0 +92.0 points

• Euro/Yen Carry Return Index 132.96 -.01%

• Emerging Markets Currency Volatility(VXY) 8.9 -1.3%

• S&P 500 Implied Correlation 49.3 -.06%

• ISE Sentiment Index 100.0  -29.0 points
  

• Total Put/Call .70 -14.6%

• NYSE Arms .48 -32.4%

Credit Investor Angst:

• North American Investment Grade CDS Index 48.39 -.56%
  

• US Energy High-Yield OAS 444.18 -2.2%

• European Financial Sector CDS Index 52.78 -.38%

• Italian/German 10Y Yld Spread 105.0 -1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 72.28 -1.16%
  

• Emerging Market CDS Index 160.06 -2.0%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 38.4 +.18%

• 2-Year Swap Spread 9.5 +.75 basis point

• TED Spread 8.5 unch.
  

• 3-Month EUR/USD Cross-Currency Basis Swap -3.0 -.75 basis point
  
• MBS  5/10 Treasury Spread  74.5 -2.0 basis points
  
• IHS Markit CMBX BBB- 6 72.5 +.25 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 59.74 +.52%
• 3-Month T-Bill Yield .04% unch.
  

• Yield Curve 104.0 unch.
  

• China Iron Ore Spot 151.10 USD/Metric Tonne +12.5%

• Citi US Economic Surprise Index -47.3 -10.7 points

• Citi Eurozone Economic Surprise Index -7.7 -.1 point
  

• Citi Emerging Markets Economic Surprise Index 33.7 -1.2 points

• 10-Year TIPS Spread 2.31 +3.0 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:

• 320 new infections/100K people(last 7 days total) +6/100K people
• 60% of Jan. 7th, 2021 peak(highest daily avg. new infections) +1.0 percentage point
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +108 open in Japan 
• China A50 Futures: Indicating +96 open in China

• DAX Futures: Indicating +2 open in Germany

Portfolio:

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

• Disclosed Trades: None
  

• Market Exposure: 100% Net Long