Friday, January 08, 2021

Stocks Slightly Higher into Final Hour on Stimulus Hopes, Oil Gain, Short-Covering, Transport/Restaurant Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Most Sectors Declining
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 22.6 -1.1%
  • Bloomberg Global Risk On/Risk Off Index 2,010.0 +125.0 points
  • Euro/Yen Carry Return Index 131.47 -.35%
  • Emerging Markets Currency Volatility(VXY) 10.5 -2.1%
  • S&P 500 Implied Correlation 48.0 +.8%
  • ISE Sentiment Index 96.0 -62.0 points
  • Total Put/Call .71 +6.0%
  • NYSE Arms 1.06 +19.1%
Credit Investor Angst:
  • North American Investment Grade CDS Index 50.1 -.36%
  • US Energy High-Yield OAS 523.81 -1.24%
  • European Financial Sector CDS Index 58.20 -1.6%
  • Italian/German 10Y Yld Spread 105.0 -3.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 57.52 -.17%
  • Emerging Market CDS Index 153.88 -.26%
  • iBoxx Offshore RMB China Corporate High Yield Index 184.76 -.05%
  • 2-Year Swap Spread 7.75 unch.
  • TED Spread 14.5 -1.0 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -3.25 -1.0 basis points
  • MBS  5/10 Treasury Spread  68.0 +.5 basis point
  • IHS Markit CMBX BBB- 6 73.75 +1.0 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 62.56 -.10%
  • 3-Month T-Bill Yield .08% unch.
  • Yield Curve 96.0 +5.25 basis points
  • China Iron Ore Spot 166.30 USD/Metric Tonne -1.2%
  • Citi US Economic Surprise Index 62.40 -1.8 points
  • Citi Eurozone Economic Surprise Index 171.20 +5.8 points
  • Citi Emerging Markets Economic Surprise Index 69.0 -1.3 points
  • 10-Year TIPS Spread 2.04 -5.0 basis points
  • 100.0% chance of no change at March 17th meeting, 100.0% chance of no change at April 28th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -11 open in Japan 
  • China A50 Futures: Indicating -52 open in China
  • DAX Futures: Indicating -20 open in Germany
Portfolio:
  • Higher: On gains in my tech/medical/biotech sector longs
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 50% Net Long

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