Wednesday, April 18, 2018

Stocks Higher into Final Hour on Earnings Optimism, Diminished Geopolitical/Trade War Fears, Oil Gain, Commodity/Transport Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 15.6 +1.9%
  • Euro/Yen Carry Return Index 138.23 +.28%
  • Emerging Markets Currency Volatility(VXY) 8.02 -.74%
  • S&P 500 Implied Correlation 38.26 -3.2%
  • ISE Sentiment Index 108.0 +.93%
  • Total Put/Call .98 +3.16%
  • NYSE Arms .70 -20.94%
Credit Investor Angst:
  • North American Investment Grade CDS Index 59.18 -.21%
  • America Energy Sector High-Yield CDS Index 415.0 -.30%
  • European Financial Sector CDS Index 56.40 +1.6%
  • Italian/German 10Y Yld Spread 118.5 -7.25 basis points
  • Asia Pacific Sovereign Debt CDS Index 11.83 -2.31%
  • Emerging Market CDS Index 135.31 -1.75%
  • iBoxx Offshore RMB China Corporate High Yield Index 149.47 +.05%
  • 2-Year Swap Spread 28.50 -.5 basis point
  • TED Spread 56.25 -2.0 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -3.75 +1.0 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 75.0 +.36%
  • 3-Month T-Bill Yield 1.81% +3.0 basis points
  • Yield Curve 44.0 +1.5 basis points
  • China Iron Ore Spot 67.71 USD/Metric Tonne +2.40%
  • Citi US Economic Surprise Index 29.40 unch.
  • Citi Eurozone Economic Surprise Index -91.50 +.3 point
  • Citi Emerging Markets Economic Surprise Index 6.2 +.3 point
  • 10-Year TIPS Spread 2.16 +2.0 basis points
  • 90.2% chance of Fed rate hike at June 13 meeting, 90.8% chance at August 1 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +37 open in Japan 
  • China A50 Futures: Indicating +92 open in China
  • DAX Futures: Indicating +5 open in Germany
Portfolio: 
  • Higher: On gains in my industrial/tech/retail/medical/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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