Monday, July 24, 2017

Stocks Slightly Higher into Final Hour on Earnings Outlook Optimism, Oil Gain, Technical Buying, Financial/Biotech Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: About Even
  • Sector Performance: Mixed
  • Volume: Light
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 9.54 +1.92%
  • Euro/Yen Carry Return Index 134.96 -.25%
  • Emerging Markets Currency Volatility(VXY) 7.57 +.8%
  • S&P 500 Implied Correlation 29.0 +4.77%
  • ISE Sentiment Index 111.0 +85.0%
  • Total Put/Call .79 +6.76%
  • NYSE Arms 1.12 -22.1%
Credit Investor Angst:
  • North American Investment Grade CDS Index 56.47 -.76%
  • America Energy Sector High-Yield CDS Index 449.0 +1.81%
  • European Financial Sector CDS Index 50.44 +2.09%
  • Western Europe Sovereign Debt CDS Index 5.35 +40.0%
  • Asia Pacific Sovereign Debt CDS Index 20.88 +.05%
  • Emerging Market CDS Index 193.95 +.58%
  • iBoxx Offshore RMB China Corporate High Yield Index 140.45 +.09%
  • 2-Year Swap Spread 23.50 -.5 basis point
  • TED Spread 14.5 -1.0 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -28.0 -1.0 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 73.67 -.19%
  • 3-Month T-Bill Yield 1.17% +1.0 basis point
  • Yield Curve 89.0 -1.0 basis point
  • China Import Iron Ore Spot $67.86/Metric Tonne +1.07%
  • Citi US Economic Surprise Index -47.40 +5.2 points
  • Citi Eurozone Economic Surprise Index 13.30 -13.1 points
  • Citi Emerging Markets Economic Surprise Index 15.10 +3.7 points
  • 10-Year TIPS Spread 1.78 +1.0 basis point
  • 20.8% chance of Fed rate hike at Sept. 20 meeting, 24.1% chance at Nov. 1 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -5 open in Japan 
  • China A50 Futures: Indicating -5 open in China
  • DAX Futures: Indicating +35 open in Germany
Portfolio: 
  • Higher: On gains in my tech/medical/biotech sector longs 
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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