Tuesday, April 13, 2021

Stocks Rising into Final Hour on Sector Rotation, Oil Gain, Short-Covering, Tech/Biotech Sector Strength

Broad Equity Market Tone:

  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 16.7 -1.4%
  • Bloomberg Global Risk On/Risk Off Index 3,131.0 +2.0 points
  • Euro/Yen Carry Return Index 134.69 unch.
  • Emerging Markets Currency Volatility(VXY) 10.2 -1.9%
  • S&P 500 Implied Correlation 48.3 -.5%
  • ISE Sentiment Index 147.0 +26.0 points
  • Total Put/Call .66 -9.6%
  • NYSE Arms 1.0 -15.3%
Credit Investor Angst:
  • North American Investment Grade CDS Index 51.24 +.51%
  • US Energy High-Yield OAS 460.68 +.78%
  • European Financial Sector CDS Index 58.99 +.77%
  • Italian/German 10Y Yld Spread 105.0 +2.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 80.67 +11.6%
  • Emerging Market CDS Index 177.64 -.85%
  • iBoxx Offshore RMB China Corporate High Yield Index 189.32 +.02%
  • 2-Year Swap Spread 11.75 unch.
  • TED Spread 17.25 -.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -3.5 -.25 basis point
  • MBS  5/10 Treasury Spread  66.0 +.25 basis point
  • IHS Markit CMBX BBB- 6 72.5 -.75 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 60.60 +.28%
  • 3-Month T-Bill Yield .02% +1.0 basis point
  • Yield Curve 152.0 +3.0 basis points
  • China Iron Ore Spot 166.20 USD/Metric Tonne +.04%
  • Citi US Economic Surprise Index 39.70 +4.3 points
  • Citi Eurozone Economic Surprise Index 146.50 -3.6 points
  • Citi Emerging Markets Economic Surprise Index 20.2 -2.8 points
  • 10-Year TIPS Spread 2.33 unch.
  • 94.4% chance of no change at June 16th meeting, 94.4% chance of no change at Sept. 22nd meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +83 open in Japan 
  • China A50 Futures: Indicating +9 open in China
  • DAX Futures: Indicating +29 open in Germany
Portfolio:
  • Slightly Higher: On gains in my biotech/tech/medical sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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