Friday, April 21, 2017

Stocks Slightly Lower into Final Hour on European Election Concerns, Less Economic Optimism, Oil Decline, Biotech/Oil Service Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Slightly Lower
  • Sector Performance: Mixed
  • Volume: About Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 15.04 +6.3%
  • Euro/Yen Carry Return Index 121.98 -.26%
  • Emerging Markets Currency Volatility(VXY) 9.02 -.33%
  • S&P 500 Implied Correlation 45.44 -.59%
  • ISE Sentiment Index 69.0 -25.8%
  • Total Put/Call 1.04 +15.6%
  • NYSE Arms 1.38 +45.6%
Credit Investor Angst:
  • North American Investment Grade CDS Index 67.30 -1.26%
  • America Energy Sector High-Yield CDS Index 373.0 +.48%
  • European Financial Sector CDS Index 90.82 -1.01%
  • Western Europe Sovereign Debt CDS Index 11.75 -1.38%
  • Asia Pacific Sovereign Debt CDS Index 24.0 -3.28%
  • Emerging Market CDS Index 206.60 -1.41%
  • iBoxx Offshore RMB China Corporate High Yield Index 137.02 unch.
  • 2-Year Swap Spread 34.75 +1.25 basis points
  • TED Spread 37.75 +2.0 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -33.25 -3.25 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.13 -.15%
  • 3-Month T-Bill Yield .78% unch.
  • Yield Curve 105.0 +1.0 basis point
  • China Import Iron Ore Spot $68.22/Metric Tonne +4.38%
  • Citi US Economic Surprise Index 2.80 -3.5 points
  • Citi Eurozone Economic Surprise Index 49.30 +10.8 points
  • Citi Emerging Markets Economic Surprise Index 39.8 -.4 point
  • 10-Year TIPS Spread 1.86 -1.0 basis point
  • 50.2% chance of Fed rate hike at June 14 meeting, 54.3% chance at July 26 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +45 open in Japan 
  • China A50 Futures: Indicating -40 open in China
  • DAX Futures: Indicating +55 open in Germany
Portfolio: 
  • Slightly Lower: On losses in my biotech/retail/tech sector longs 
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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