Friday, July 26, 2019

Stocks Rising into Afternoon on Earnings Optimism, US Economic Data, Short-Covering, Restaurant/Gaming Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Substantially Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Around Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 12.4 -2.7%
  • Euro/Yen Carry Return Index 125.61 -.13%
  • Emerging Markets Currency Volatility(VXY) 6.96 -.29%
  • S&P 500 Implied Correlation 33.33 -1.45%
  • ISE Sentiment Index 89.0 -10.1%
  • Total Put/Call .71 -6.58%
  • NYSE Arms 1.14 -1.72%
Credit Investor Angst:
  • North American Investment Grade CDS Index 50.87 -.06%
  • America Energy Sector High-Yield CDS Index 522.0 +.25%
  • European Financial Sector CDS Index 58.0 +5.37%
  • Italian/German 10Y Yld Spread 194.25 +6.25 basis points
  • Asia Ex-Japan Investment Grade CDS Index 57.50 -.42%
  • Emerging Market CDS Index 156.55 unch.
  • iBoxx Offshore RMB China Corporate High Yield Index 165.06 +.08%
  • 2-Year Swap Spread 3.0 +1.25 basis points
  • TED Spread 17.5 -1.25 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -23.75 -1.0 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 67.29 -.13%
  • 3-Month T-Bill Yield 2.11% unch.
  • Yield Curve 21.0 -1.0 basis point
  • China Iron Ore Spot 113.90 USD/Metric Tonne -.92%
  • Citi US Economic Surprise Index -37.2 +3.4 points
  • Citi Eurozone Economic Surprise Index -37.50 +2.3 points
  • Citi Emerging Markets Economic Surprise Index -20.4 +1.3 points
  • 10-Year TIPS Spread 1.78 -2.0 basis points
  • 100.0% chance of Fed rate cut at Sept. 18th meeting, 100.0% chance of cut at October 30th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +5 open in Japan 
  • China A50 Futures: Indicating -11 open in China
  • DAX Futures: Indicating -1 open in Germany
Portfolio:
  • Higher: On gains in my tech/medical/retail/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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