Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Every Sector Rising
- Volume: Below Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 25.5 -5.0%
- Bloomberg Global Risk On/Risk Off Index 335.0 +141.0 points
- Euro/Yen Carry Return Index 129.93 -.26%
- Emerging Markets Currency Volatility(VXY) 11.2 -1.2%
- S&P 500 Implied Correlation 50.4 -5.0%
- ISE Sentiment Index 116.0 +16.0 points
- Total Put/Call .76 -23.2%
- NYSE Arms .77 +5.5%
Credit Investor Angst:
- North American Investment Grade CDS Index 68.60 -1.49%
- US Energy High-Yield OAS 812.66 +1.02%
- European Financial Sector CDS Index 64.42 -1.9%
- Italian/German 10Y Yld Spread 151.25 +8.75 basis points
- Asia Ex-Japan Investment Grade CDS Index 57.98 -1.66%
- Emerging Market CDS Index 169.49 -.93%
- iBoxx Offshore RMB China Corporate High Yield Index 177.92 +.02%
- 2-Year Swap Spread 8.25 unch.
- TED Spread 14.25 +.25 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -6.75 -1.25 basis points
- MBS 5/10 Treasury Spread 91.25 +1.0 basis point
- IHS Markit CMBX BBB- 6 66.75 unch.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 60.69 +.26%
- 3-Month T-Bill Yield .11% unch.
- Yield Curve 53.75 unch.
- China Iron Ore Spot 125.58 USD/Metric Tonne +.54%
- Citi US Economic Surprise Index 181.5 -6.5 points
- Citi Eurozone Economic Surprise Index 83.0 -7.4 points
- Citi Emerging Markets Economic Surprise Index 46.7 +3.7 points
- 10-Year TIPS Spread 1.65 -2.0 basis points
- 100.0% chance of no change at Nov. 5th meeting, 100.0% chance of no change at Dec. 16th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -204 open in Japan
- China A50 Futures: Indicating -83 open in China
- DAX Futures: Indicating -15 open in Germany
Portfolio:
- Higher: On gains in my industrial/biotech/consumer staple/medical/tech sector longs
- Disclosed Trades: None
- Market Exposure: 50% Net Long
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