Tuesday, November 06, 2018

Stocks Higher into Final Hour on Mid-Term Election Optimism, Less US High-Yield Debt Angst, Bargain-Hunting, Restaurant/Ag Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Higher
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 20.43 +2.45%
  • Euro/Yen Carry Return Index 134.62 +.46%
  • Emerging Markets Currency Volatility(VXY) 10.10 +.20%
  • S&P 500 Implied Correlation 42.79 +2.12%
  • ISE Sentiment Index 45.0 -50.55%
  • Total Put/Call 1.15 +12.8%
  • NYSE Arms 1.12 +41.77%
Credit Investor Angst:
  • North American Investment Grade CDS Index 64.73 -.89%
  • America Energy Sector High-Yield CDS Index 541.0 +.58%
  • European Financial Sector CDS Index 87.58 +1.15%
  • Italian/German 10Y Yld Spread 296.25 +6.5 basis points
  • Asia Pacific Sovereign Debt CDS Index 9.74 -2.01%
  • Emerging Market CDS Index 190.66 -.55%
  • iBoxx Offshore RMB China Corporate High Yield Index 147.40 -.43%
  • 2-Year Swap Spread 19.0 -.5 basis point
  • TED Spread 25.25 -1.5 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -41.75 -2.25 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 67.17 +.01%
  • 3-Month T-Bill Yield 2.34% +3.0 basis points
  • Yield Curve 29.0 -.25 basis point
  • China Iron Ore Spot 71.60 USD/Metric Tonne -.32%
  • Citi US Economic Surprise Index 9.80 -.2 point
  • Citi Eurozone Economic Surprise Index -47.5 +8.6 points
  • Citi Emerging Markets Economic Surprise Index -9.30 +.7 point
  • 10-Year TIPS Spread 2.07 unch.
  • 76.3% chance of Fed rate hike at Dec. 19th meeting, 77.3% chance at Jan. 30th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +53 open in Japan 
  • China A50 Futures: Indicating unch. open in China
  • DAX Futures: Indicating +25 open in Germany
Portfolio: 
  • Higher: On gains in my medical/tech/industrial sector longs and index hedges
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

No comments: