Wednesday, June 06, 2018

Stocks Surging into Final Hour on Economic Optimism, Short-Covering, Yen Weakness, Biotech/Financial 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) 11.9 -4.1%
  • Euro/Yen Carry Return Index 134.93 +.74%
  • Emerging Markets Currency Volatility(VXY) 9.21 -.32%
  • S&P 500 Implied Correlation 33.92 -2.67%
  • ISE Sentiment Index 120.0 +21.21%
  • Total Put/Call .82 +6.49%
  • NYSE Arms .73 -45.7%
Credit Investor Angst:
  • North American Investment Grade CDS Index 63.88 -.32%
  • America Energy Sector High-Yield CDS Index 373.0 -.46%
  • European Financial Sector CDS Index 82.33 +3.53%
  • Italian/German 10Y Yld Spread 247.50 +5.5 basis points
  • Asia Pacific Sovereign Debt CDS Index 12.97 +2.49%
  • Emerging Market CDS Index 173.44 +1.09%
  • iBoxx Offshore RMB China Corporate High Yield Index 149.70 -.09%
  • 2-Year Swap Spread 27.0 +.75 basis point
  • TED Spread 36.75 -2.5 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -11.0 -3.0 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 71.19 +.32%
  • 3-Month T-Bill Yield 1.94% +1.0 basis point
  • Yield Curve 45.50 +3.0 basis points
  • China Iron Ore Spot 65.65 USD/Metric Tonne +.49%
  • Citi US Economic Surprise Index 11.0 -.7 point
  • Citi Eurozone Economic Surprise Index -87.90 +2.1 points
  • Citi Emerging Markets Economic Surprise Index -15.80 -1.0 point
  • 10-Year TIPS Spread 2.16 +2.0 basis points
  • 100.0% chance of Fed rate hike at August 1 meeting, 100.0% chance at September 26 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +105 open in Japan 
  • China A50 Futures: Indicating -6 open in China
  • DAX Futures: Indicating +63 open in Germany
Portfolio: 
  • Higher: On gains in my tech/medical/retail/industrial/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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