Thursday, June 28, 2018

Stocks Slightly Higher into Afternoon on Bargain-Hunting, Oil Gain, Yen Weakness, Tech/Pharma Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Lower
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 17.9 -.11%
  • Euro/Yen Carry Return Index 133.01 +.31%
  • Emerging Markets Currency Volatility(VXY) 9.89 unch.
  • S&P 500 Implied Correlation 41.07 +2.27%
  • ISE Sentiment Index 72.0 +14.3%
  • Total Put/Call 1.57 +45.37%
  • NYSE Arms .74 -19.13%
Credit Investor Angst:
  • North American Investment Grade CDS Index 68.37 +1.15%
  • America Energy Sector High-Yield CDS Index 402.0 +.34%
  • European Financial Sector CDS Index 94.23 +5.97%
  • Italian/German 10Y Yld Spread 246.0 -2.75 basis points
  • Asia Pacific Sovereign Debt CDS Index 14.83 +3.67%
  • Emerging Market CDS Index 191.0 -.52%
  • iBoxx Offshore RMB China Corporate High Yield Index 148.75 -.42%
  • 2-Year Swap Spread 26.5 +.75 basis point
  • TED Spread 42.0 +.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -6.5 -1.25 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 69.03 -.02%
  • 3-Month T-Bill Yield 1.92% unch.
  • Yield Curve 32.5 -.25 basis point
  • China Iron Ore Spot 64.85 USD/Metric Tonne +.82%
  • Citi US Economic Surprise Index -2.30 -3.4 points
  • Citi Eurozone Economic Surprise Index -60.40 +1.7 points
  • Citi Emerging Markets Economic Surprise Index -11.90 +.6 point
  • 10-Year TIPS Spread 2.12 unch.
  • 77.3% chance of Fed rate hike at Sept. 26th meeting, 78.5% chance at November 8th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -60 open in Japan 
  • China A50 Futures: Indicating -50 open in China
  • DAX Futures: Indicating -10 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my tech/medical sector longs
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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