Wednesday, October 23, 2019

Stocks Slightly Higher into Final Hour on Earnings Outlooks, Diminished Global Growth Concerns, Oil Gain, Energy/Medical Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Around Even
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 14.5 +.1%
  • Euro/Yen Carry Return Index 125.50 +.15%
  • Emerging Markets Currency Volatility(VXY) 7.54 -1.6%
  • S&P 500 Implied Correlation 32.2 -.22%
  • ISE Sentiment Index 78.0 -16.1%
  • Total Put/Call .91 -4.2%
  • NYSE Arms .91 -7.1%
Credit Investor Angst:
  • North American Investment Grade CDS Index 54.71 +.63%
  • America Energy Sector High-Yield CDS Index 492.0 -.28%
  • European Financial Sector CDS Index 57.21 +.41%
  • Italian/German 10Y Yld Spread 133.0 +3.75 basis points
  • Asia Ex-Japan Investment Grade CDS Index 69.40 -.04%
  • Emerging Market CDS Index 198.55 -1.89%
  • iBoxx Offshore RMB China Corporate High Yield Index 166.97 +.07%
  • 2-Year Swap Spread 3.75 +1.75 basis points
  • TED Spread 28.75 -4.25 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -24.25 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 66.30 +.31%
  • 3-Month T-Bill Yield 1.65% +2.0 basis points
  • Yield Curve .18 unch.
  • China Iron Ore Spot 83.47 USD/Metric Tonne -.76%
  • Citi US Economic Surprise Index 6.0 -.6 point
  • Citi Eurozone Economic Surprise Index -57.3 -1.4 points
  • Citi Emerging Markets Economic Surprise Index -20.80 -.3 basis point
  • 10-Year TIPS Spread 1.62 +1.0 basis point
  • 94.9% chance of Fed rate cut at Dec. 11th meeting, 96.7% chance of cut at Jan. 29th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +155 open in Japan 
  • China A50 Futures: Indicating +42 open in China
  • DAX Futures: Indicating -5 open in Germany
Portfolio:
  • Slightly Lower: On losses in my tech sector longs
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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