Friday, September 08, 2017

Stocks Slightly Lower into Final Hour on Hurricane Irma Concerns, Oil Weakness, Yen Strength, Metals & Mining/Energy Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Slightly Higher
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 12.5 +8.2%
  • Euro/Yen Carry Return Index 135.20 -.59%
  • Emerging Markets Currency Volatility(VXY) 8.15 +5.0%
  • S&P 500 Implied Correlation 34.95 +8.61%
  • ISE Sentiment Index 96.0 +10.34%
  • Total Put/Call 1.02 -9.73%
  • NYSE Arms 1.58 +50.0%
Credit Investor Angst:
  • North American Investment Grade CDS Index 59.95 +1.21%
  • America Energy Sector High-Yield CDS Index 443.0 -.70%
  • European Financial Sector CDS Index 51.70 +.88%
  • Western Europe Sovereign Debt CDS Index 5.50 -4.77%
  • Asia Pacific Sovereign Debt CDS Index 19.46 -4.42%
  • Emerging Market CDS Index 176.69 +.46%
  • iBoxx Offshore RMB China Corporate High Yield Index 141.50 +.04%
  • 2-Year Swap Spread 24.0 +.25 basis point
  • TED Spread 27.75 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -22.0 +.25 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 75.22 -.08%
  • 3-Month T-Bill Yield 1.04% unch.
  • Yield Curve 79.0 +1.0 basis point
  • China Import Iron Ore Spot $78.39/Metric Tonne n/a
  • Citi US Economic Surprise Index -23.80 +1.5 points
  • Citi Eurozone Economic Surprise Index 19.60 -.8 point
  • Citi Emerging Markets Economic Surprise Index 25.50 +1.7 basis points
  • 10-Year TIPS Spread 1.81 +2.0 basis points
  • 11.9% chance of Fed rate hike at Nov. 1 meeting, 33.0% chance at Dec. 13 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -59 open in Japan 
  • China A50 Futures: Indicating +28 open in China
  • DAX Futures: Indicating -2 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my medical sector longs and emerging markets shorts 
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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