Monday, January 22, 2018

Stocks Rising into Final Hour on Diminished Govt. Shutdown Worries, Earnings Outlook Optimism, Short-Covering, Energy/Biotech Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Slightly Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 11.0 -2.4%
  • Euro/Yen Carry Return Index 141.77 +.55%
  • Emerging Markets Currency Volatility(VXY) 8.01 +.25%
  • S&P 500 Implied Correlation 34.0 -.06%
  • ISE Sentiment Index 107.0 -19.5%
  • Total Put/Call .84 -2.33%
  • NYSE Arms .87 -21.2%
Credit Investor Angst:
  • North American Investment Grade CDS Index 47.17 -.73%
  • America Energy Sector High-Yield CDS Index 320.0 -1.43%
  • European Financial Sector CDS Index 42.42 -1.71%
  • Italian/German 10Y Yld Spread 135.5 -4.0 basis points
  • Asia Pacific Sovereign Debt CDS Index 10.70 +1.37%
  • Emerging Market CDS Index 112.95 -.56%
  • iBoxx Offshore RMB China Corporate High Yield Index 146.81 unch.
  • 2-Year Swap Spread 20.5 +.25 basis point
  • TED Spread 32.0 +.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -27.25 -1.75 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 75.2 +.07%
  • 3-Month T-Bill Yield 1.41% -2.0 basis points
  • Yield Curve 59.25 +1.0 basis point
  • China Iron Ore Spot 72.95 USD/Metric Tonne -2.07%
  • Citi US Economic Surprise Index 51.90 -10.6 points
  • Citi Eurozone Economic Surprise Index 51.10 -3.5 basis points
  • Citi Emerging Markets Economic Surprise Index 5.10 -.9 basis point
  • 10-Year TIPS Spread 2.07 unch.
  • 86.9% chance of Fed rate hike at March 21 meeting, 87.4% chance at May 2 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +114 open in Japan 
  • China A50 Futures: Indicating +82 open in China
  • DAX Futures: Indicating +31 open in Germany
Portfolio: 
  • Higher: On gains in my biotech/retail/tech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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