Monday, June 19, 2017

Stocks Surging into Final Hour on Less European/US High-Yield Debt Angst, Earnings Optimism, Yen Weakness, Tech/Biotech Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 10.34 -.39%
  • Euro/Yen Carry Return Index 129.72 +.12%
  • Emerging Markets Currency Volatility(VXY) 7.49 -.93%
  • S&P 500 Implied Correlation 35.86 -3.96%
  • ISE Sentiment Index 57.0 -5.0%
  • Total Put/Call .79 -26.2%
  • NYSE Arms .86 -37.9%
Credit Investor Angst:
  • North American Investment Grade CDS Index 60.14 -1.76%
  • America Energy Sector High-Yield CDS Index 422.0 -1.12%
  • European Financial Sector CDS Index 60.3 -1.94%
  • Western Europe Sovereign Debt CDS Index 6.58 -.98%
  • Asia Pacific Sovereign Debt CDS Index 17.64 +1.91%
  • Emerging Market CDS Index 196.87 -.07%
  • iBoxx Offshore RMB China Corporate High Yield Index 139.26 +.07%
  • 2-Year Swap Spread 20.0 -1.0 basis point
  • TED Spread 26.25 -1.0 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -32.25 -1.0 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.91 -.36%
  • 3-Month T-Bill Yield 1.0% unch.
  • Yield Curve 83.0 -.5 basis point
  • China Import Iron Ore Spot $56.30/Metric Tonne +1.94%
  • Citi US Economic Surprise Index -77.50 +1.1 points
  • Citi Eurozone Economic Surprise Index 25.60 -4.8 points
  • Citi Emerging Markets Economic Surprise Index 9.7 +.1 point
  • 10-Year TIPS Spread 1.69 +1.0 basis point
  • 26.1% chance of Fed rate hike at Sept. 20 meeting, 29.1% chance at Nov. 1 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +113 open in Japan 
  • China A50 Futures: Indicating +25 open in China
  • DAX Futures: Indicating +8 open in Germany
Portfolio: 
  • Higher: On gains in my retail/medical/tech/biotech sector longs 
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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