Tuesday, June 04, 2019

Stocks Surging into Final Hour on More Dovish FOMC Commentary, Diminished Tariff Fears, Short-Covering, Retail/Tech Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Substantially Higher
  • Sector Performance: Almost Every Sector Rising
  • Volume: Around Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 17.5 -7.4%
  • Euro/Yen Carry Return Index 126.41 +.16%
  • Emerging Markets Currency Volatility(VXY) 8.57 -.23%
  • S&P 500 Implied Correlation 42.0 -5.3%
  • ISE Sentiment Index 82.0 +20.6%
  • Total Put/Call .96 -13.5%
  • NYSE Arms .64 unch.
Credit Investor Angst:
  • North American Investment Grade CDS Index 66.12 -5.5%
  • America Energy Sector High-Yield CDS Index 618.0 -1.33%
  • European Financial Sector CDS Index 83.58 -6.34%
  • Italian/German 10Y Yld Spread 272.0 -4.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 79.39 -2.24%
  • Emerging Market CDS Index 202.0 -3.95%
  • iBoxx Offshore RMB China Corporate High Yield Index 163.30 -.03%
  • 2-Year Swap Spread 4.0 -1.0 basis point
  • TED Spread 17.75 +.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -13.75 -.25 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 66.53 +.38%
  • 3-Month T-Bill Yield 2.32% -1.0 basis point
  • Yield Curve 24.75 +1.5 basis points
  • China Iron Ore Spot 98.46 USD/Metric Tonne +.20%
  • Citi US Economic Surprise Index -34.0 +1.9 points
  • Citi Eurozone Economic Surprise Index -24.40 +1.9 points
  • Citi Emerging Markets Economic Surprise Index -31.30 -5.0 points
  • 10-Year TIPS Spread 1.76 +2.0 basis points
  • 64.5% chance of Fed rate cut at July 31st meeting, 92.7% chance of cut at Sept. 18th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +257 open in Japan 
  • China A50 Futures: Indicating +18 open in China
  • DAX Futures: Indicating -5 open in Germany
Portfolio:
  • Higher: On gains in my tech/retail/biotech/medical/industrial sector longs
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 75% Net Long

No comments: