Stocks Dropping Substantially into Final Hour on US Election Uncertainty/Biden Tax Hike Proposals, Global Coronavirus Worries, Diminished US Stimulus Hopes, Commodity/Financial Sector Weakness

 Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 28.7 +11.3%
• Bloomberg Global Risk On/Risk Off Index -108.0 -384.0 points

• Euro/Yen Carry Return Index 127.51 -.51%

• Emerging Markets Currency Volatility(VXY) 11.7 +3.4%

• S&P 500 Implied Correlation 60.5 +13.3%

• ISE Sentiment Index 96.0 -14.0 points

• Total Put/Call 102 +10.0%

• NYSE Arms 1.25 -74%

Credit Investor Angst:

• North American Investment Grade CDS Index 53.5 (new series)
  

• US Energy High-Yield OAS 828 +2.21%

• European Financial Sector CDS Index 77.5 (new series)

• Italian/German 10Y Yld Spread 145.0 +.5 basis point
  

• Asia Ex-Japan Investment Grade CDS Index  73.91 (new series)
  

• Emerging Market CDS Index 232.73 (new series)
  

• iBoxx Offshore RMB China Corporate High Yield Index 178.19 +.05%

• 2-Year Swap Spread 8.0 -.25 basis point

• TED Spread 14.5 unch.
  

• 3-Month EUR/USD Cross-Currency Basis Swap -3.25 -.25 basis point
  
• MBS  5/10 Treasury Spread  97.0 +1.75 basis points
  
• IHS Markit CMBX BBB- 6 67.0 unch.

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 60.04 -.92%
• 3-Month T-Bill Yield .08% -1.0 basis point

• Yield Curve 54.5 +.5 basis point
  

• China Iron Ore Spot 115.23 USD/Metric Tonne -.65%

• Citi US Economic Surprise Index 166.1 -6.4 points

• Citi Eurozone Economic Surprise Index 48.60 -21.1 points

• Citi Emerging Markets Economic Surprise Index 49.3 -1.0 point

• 10-Year TIPS Spread 1.63 -5.0 basis points
• 100.0% chance of no change at Dec. 16th meeting, 100.0% chance of no change at Jan. 27th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -230 open in Japan 
• China A50 Futures: Indicating -101 open in China

• DAX Futures: Indicating -41 open in Germany

Portfolio:

• Slightly Lower: On losses in my tech/biotech/medical/industrial/consumer staple sector longs
  

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 25% Net Long