Friday, April 26, 2019

Stocks Reversing Higher into Final Hour on US Economic Data, Earnings Optimism, Less European Debt Angst, Healthcare/Metals & Mining Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 12.77 -3.6%
  • Euro/Yen Carry Return Index 129.35 +.18%
  • Emerging Markets Currency Volatility(VXY) 8.19 -3.08%
  • S&P 500 Implied Correlation 35.55 -.14%
  • ISE Sentiment Index 114.0 +9.6%
  • Total Put/Call .82 -3.53%
  • NYSE Arms .96 -11.11%
Credit Investor Angst:
  • North American Investment Grade CDS Index 57.52 -1.68%
  • America Energy Sector High-Yield CDS Index 446.0 +1.0%
  • European Financial Sector CDS Index 70.93 -3.22%
  • Italian/German 10Y Yld Spread 260.5 -9.25 basis points
  • Asia Ex-Japan Investment Grade CDS Index 64.94 -.14%
  • Emerging Market CDS Index 194.34 -.15%
  • iBoxx Offshore RMB China Corporate High Yield Index 161.83 +.06%
  • 2-Year Swap Spread 10.5 +.25 basis point
  • TED Spread 17.25+1.25 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -17.75 -.75 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 66.55 +.20%
  • 3-Month T-Bill Yield 2.41% -1.0 basis point
  • Yield Curve 21.75 +1.0 basis point
  • China Iron Ore Spot 91.35 USD/Metric Tonne +.57%
  • Citi US Economic Surprise Index -57.10 +11.7 points
  • Citi Eurozone Economic Surprise Index -39.0 +.1 point
  • Citi Emerging Markets Economic Surprise Index -4.8 +.4 point
  • 10-Year TIPS Spread 1.98 unch.
  • 22.8% chance of Fed rate cut at June 19th meeting, 31.4% chance of cut at July 31st meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +72 open in Japan 
  • China A50 Futures: Indicating +72 open in China
  • DAX Futures: Indicating +27 open in Germany
Portfolio:
  • Higher: On gains in my tech/medical/biotech/industrial/retail sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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