Monday, April 22, 2019

Stocks Reversing Slightly Higher into Final Hour on Earnings Optimism, Oil Gain, Technical Buying, Energy/Defense Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 12.6 +4.3%
  • Euro/Yen Carry Return Index 130.96 +.16%
  • Emerging Markets Currency Volatility(VXY) 8.26 -.12%
  • S&P 500 Implied Correlation 35.98 +.11%
  • ISE Sentiment Index 105.0 +22.1%
  • Total Put/Call .86 -1.156%
  • NYSE Arms .79 -8.14%
Credit Investor Angst:
  • North American Investment Grade CDS Index 58.31 +1.59%
  • America Energy Sector High-Yield CDS Index 454.0 +.28%
  • European Financial Sector CDS Index 68.16 +.27%
  • Italian/German 10Y Yld Spread 257.75 unch.
  • Asia Ex-Japan Investment Grade CDS Index 63.75 -.10%
  • Emerging Market CDS Index 178.82 +.40%
  • iBoxx Offshore RMB China Corporate High Yield Index 161.61 +.07%
  • 2-Year Swap Spread 8.5 -1.25 basis points
  • TED Spread 17.0 -.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -18.0 +.25 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 67.22 -.13%
  • 3-Month T-Bill Yield 2.42% +1.0 basis point
  • Yield Curve 20.5 +2.5 basis points
  • China Iron Ore Spot 92.47 USD/Metric Tonne +1.97%
  • Citi US Economic Surprise Index -67.80 -8.6 points
  • Citi Eurozone Economic Surprise Index -38.70 +4.6 points
  • Citi Emerging Markets Economic Surprise Index 5.0 -.6 point
  • 10-Year TIPS Spread 1.96 +1.0 basis point
  • 16.1% chance of Fed rate cut at June 19th meeting, 21.0% chance of cut at July 31st meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +33 open in Japan 
  • China A50 Futures: Indicating +5 open in China
  • DAX Futures: Indicating +21 open in Germany
Portfolio:
  • Slightly Higher: On gains in my tech/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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