Tuesday, September 22, 2020

Stocks Higher into Afternoon on US Economic Data, Short-Covering, Technical Buying, Homebuilding/Retail Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Underperforming
Equity Investor Angst:
  • Volatility(VIX) 27.2 -2.0%
  • Bloomberg Global Risk On/Risk Off Index 104.0 +99.0 points
  • Euro/Yen Carry Return Index 127.41 -.2%
  • Emerging Markets Currency Volatility(VXY) 11.67 unch.
  • S&P 500 Implied Correlation 59.4 +1.0%
  • ISE Sentiment Index 97.0 +1.0 point
  • Total Put/Call .86 -11.3%
  • NYSE Arms 1.23 -8.2%
Credit Investor Angst:
  • North American Investment Grade CDS Index 52.27 -.79%
  • US Energy High-Yield OAS 843.24 +1.4%
  • European Financial Sector CDS Index 78.19 +.83%
  • Italian/German 10Y Yld Spread 137.0 -8.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index  75.05 +1.46%
  • Emerging Market CDS Index 233.07 +1.02%
  • iBoxx Offshore RMB China Corporate High Yield Index 178.25 +.03%
  • 2-Year Swap Spread 8.25 +.25 basis point
  • TED Spread 14.0 -.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -2.5 +.75 basis point
  • MBS  5/10 Treasury Spread  95.5 -1.5 basis points
  • IHS Markit CMBX BBB- 6 67.0 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 59.8 -.42%
  • 3-Month T-Bill Yield .09% +1.0 basis point
  • Yield Curve 54.5 unch.
  • China Iron Ore Spot 113.90 USD/Metric Tonne -.08%
  • Citi US Economic Surprise Index 165.0 -1.1 points
  • Citi Eurozone Economic Surprise Index 47.80 -.8 point
  • Citi Emerging Markets Economic Surprise Index 49.7 +.4 point
  • 10-Year TIPS Spread 1.61 -2.0 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 -480 open in Japan 
  • China A50 Futures: Indicating -29 open in China
  • DAX Futures: Indicating +29 open in Germany
Portfolio:
  • Higher: On gains in my tech/biotech/industrial/consumer staple sector longs and emerging market shorts
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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