Thursday, January 21, 2021

Stocks Slightly Higher into Final Hour on US Economic Data, Stimulus Hopes, Technical Buying, Tech/Alt Energy Sector Strength

 

 Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Underperforming
Equity Investor Angst:
  • Volatility(VIX) 21.2 -1.9%
  • Bloomberg Global Risk On/Risk Off Index 2,233.0 +185.0 points
  • Euro/Yen Carry Return Index 130.36 +.43%
  • Emerging Markets Currency Volatility(VXY) 10.2 +.8%
  • S&P 500 Implied Correlation 50.9 +6.1%
  • ISE Sentiment Index 117.0 -26.0 points
  • Total Put/Call .69 -1.4%
  • NYSE Arms 1.08 -32.2%
Credit Investor Angst:
  • North American Investment Grade CDS Index 50.85 +.88%
  • US Energy High-Yield OAS 487.59 -.15%
  • European Financial Sector CDS Index 60.07 +.64%
  • Italian/German 10Y Yld Spread 118.0 +3.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 60.72 -1.98%
  • Emerging Market CDS Index 167.18 +.24%
  • iBoxx Offshore RMB China Corporate High Yield Index 185.49 +.15%
  • 2-Year Swap Spread 7.75 +.5 basis point
  • TED Spread 14.75 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -4.0 +1.0 basis point
  • MBS  5/10 Treasury Spread  68.75 -.25 basis point
  • IHS Markit CMBX BBB- 6 73.5 +.25 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 62.69 +.03%
  • 3-Month T-Bill Yield .08% unch.
  • Yield Curve 95.25 -.75 basis point
  • China Iron Ore Spot 167.60 USD/Metric Tonne +3.29%
  • Citi US Economic Surprise Index 62.80 +12.9 points
  • Citi Eurozone Economic Surprise Index 141.50 -2.1 points
  • Citi Emerging Markets Economic Surprise Index 60.10 -.6 point
  • 10-Year TIPS Spread 2.17 +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 -116 open in Japan 
  • China A50 Futures: Indicating -29 open in China
  • DAX Futures: Indicating +6 open in Germany
Portfolio:
  • Slightly Higher: On gains in my tech/industrial sector longs
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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