Wednesday, November 04, 2020

Stocks Substantially Higher into Final Hour on Diminished Tax-Hike Fears, Less US Election Uncertainty, Oil Gain, Healthcare/Tech Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 29.5 -16.9%
  • Bloomberg Global Risk On/Risk Off Index 182.0 +359.0 points
  • Euro/Yen Carry Return Index 126.80 -.06%
  • Emerging Markets Currency Volatility(VXY) 11.0 -3.2%
  • S&P 500 Implied Correlation 57.60 -16.0%
  • ISE Sentiment Index 95.0 -38.0 points
  • Total Put/Call .96 -8.6%
  • NYSE Arms 1.15 +49.4%
Credit Investor Angst:
  • North American Investment Grade CDS Index 56.29 -6.67%
  • US Energy High-Yield OAS 825.76 -.59%
  • European Financial Sector CDS Index 76.17 -4.23%
  • Italian/German 10Y Yld Spread 133.0 -2.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 67.87 -1.18%
  • Emerging Market CDS Index 201.98 -4.83%
  • iBoxx Offshore RMB China Corporate High Yield Index 180.25 +.04%
  • 2-Year Swap Spread 8.75 +1.0 basis point
  • TED Spread 13.0 +.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -10.75 +3.0 basis points
  • MBS  5/10 Treasury Spread  78.25 +.25 basis point
  • IHS Markit CMBX BBB- 6 67.75 +1.0 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 59.20 +.37%
  • 3-Month T-Bill Yield .09% unch.
  • Yield Curve 65.75 -5.0 basis points
  • China Iron Ore Spot 113.39 USD/Metric Tonne +.34%
  • Citi US Economic Surprise Index 123.20 -5.7 points
  • Citi Eurozone Economic Surprise Index 101.10 +4.3 points
  • Citi Emerging Markets Economic Surprise Index 59.50 -.6 point
  • 10-Year TIPS Spread 1.65 -6.0 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 +340 open in Japan 
  • China A50 Futures: Indicating +265 open in China
  • DAX Futures: Indicating -17 open in Germany
Portfolio:
  • Higher: On gains in my medical/consumer staple/tech/biotech sector longs
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back
  • Market Exposure: 50% Net Long

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