Monday, November 11, 2019

Stocks Slightly Lower into Afternoon on China Trade Deal Concerns, Profit-Taking, Oil Decline, Gaming/Healthcare Sector Weakness

 Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Lower
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 12.7 +5.1%
  • Euro/Yen Carry Return Index 124.90 -.06%
  • Emerging Markets Currency Volatility(VXY) 7.27 +1.68%
  • S&P 500 Implied Correlation 29.63 -2.2%
  • ISE Sentiment Index 98.0 -27
  • Total Put/Call .92 -2.13%
  • NYSE Arms 1.08 +20.0%
Credit Investor Angst:
  • North American Investment Grade CDS Index 51.47 +.21%
  • America Energy Sector High-Yield CDS Index 531.0 -.84%
  • European Financial Sector CDS Index 58.24 -2.1%
  • Italian/German 10Y Yld Spread 150.5 +5.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 64.04 +1.61%
  • Emerging Market CDS Index 193.24 -.36%
  • iBoxx Offshore RMB China Corporate High Yield Index 167.67 +.07%
  • 2-Year Swap Spread 4.25 -.25 basis point
  • TED Spread 35.75 +.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -16.25 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 65.82 -.18%
  • 3-Month T-Bill Yield 1.54% unch.
  • Yield Curve .24 unch.
  • China Iron Ore Spot 77.0 USD/Metric Tonne +.63%
  • Citi US Economic Surprise Index 5.0 -2.2 points
  • Citi Eurozone Economic Surprise Index -22.80 +2.5 points
  • Citi Emerging Markets Economic Surprise Index -22.10 -.7 basis point
  • 10-Year TIPS Spread 1.73 unch.
  • 18.7% chance of Fed rate cut at Jan. 29th meeting, 30.5% chance of cut at March 18th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +51 open in Japan 
  • China A50 Futures: Indicating +123 open in China
  • DAX Futures: Indicating +21 open in Germany
Portfolio:
  • Slightly Higher: On gains in my tech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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