Friday, May 28, 2021

Stocks Rising into Afternoon on Economic Optimism, Stimulus Hopes, Earnings Outlooks, Tech/Biotech Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 16.1 -3.9%
  • Bloomberg Global Risk On/Risk Off Index 3,519.0 +70.0 points
  • Euro/Yen Carry Return Index 134.80 +.05%
  • Emerging Markets Currency Volatility(VXY) 9.16 +.66%
  • S&P 500 Implied Correlation 47.8 +.2%
  • ISE Sentiment Index 117.0  -1.0 point
  • Total Put/Call .66 -5.7%
  • NYSE Arms .95 +4.4%
Credit Investor Angst:
  • North American Investment Grade CDS Index 50.70 -.96%
  • US Energy High-Yield OAS 436.0 -.02%
  • European Financial Sector CDS Index 58.36 -1.0%
  • Italian/German 10Y Yld Spread 110.0 -1.0 basis point
  • Asia Ex-Japan Investment Grade CDS Index 85.77 -.44%
  • Emerging Market CDS Index 160.07 +.03%
  • China Corp. High-Yield Bond USD ETF(KCCB) 39.40 +.25%
  • 2-Year Swap Spread 8.5 +.25 basis point
  • TED Spread 12.75 -.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -1.0 unch.
  • MBS  5/10 Treasury Spread  62.25 -1.25 basis points
  • IHS Markit CMBX BBB- 6 71.75 -.25 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 61.38 +.12%
  • 3-Month T-Bill Yield .01% unch.
  • Yield Curve 147.0 +4 basis points
  • China Iron Ore Spot 188.50 USD/Metric Tonne +2.3%
  • Citi US Economic Surprise Index 4.4 +1.1 points
  • Citi Eurozone Economic Surprise Index 154.70 +10.0 points
  • Citi Emerging Markets Economic Surprise Index 54.0 +2.3 points
  • 10-Year TIPS Spread 2.45 +1.0 basis point
  • 89.0% chance of no change at Sept. 22nd meeting, 89.0% chance of no change at Nov. 3rd meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -59 open in Japan 
  • China A50 Futures: Indicating -21 open in China
  • DAX Futures: Indicating -9 open in Germany
Portfolio:
  • Higher: On gains in my technology/commodity/industrial/biotech/medical sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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