Thursday, May 13, 2021

Stocks Substantially Higher into Afternoon on Stable Long-Term Rates, CDC Mask Guidelines, Technical Buying, Homebuilding/Transport Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Lower
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 24.6 -10.8%
  • Bloomberg Global Risk On/Risk Off Index 2,714.0 +125.0 points
  • Euro/Yen Carry Return Index 136.68 -.17%
  • Emerging Markets Currency Volatility(VXY) 9.49 +.42%
  • S&P 500 Implied Correlation 53.2 -4.1%
  • ISE Sentiment Index 111.0 +31.0 points
  • Total Put/Call .98 -2.0%
  • NYSE Arms 1.51 +60.6%
Credit Investor Angst:
  • North American Investment Grade CDS Index 52.7 -1.4%
  • US Energy High-Yield OAS 433.27 +.84%
  • European Financial Sector CDS Index 61.26 -1.0%
  • Italian/German 10Y Yld Spread 118.0 +3.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 85.13 +3.37%
  • Emerging Market CDS Index 163.93 -1.22%
  • China Corp. High-Yield Bond USD ETF(KCCB) 39.21 -.17%
  • 2-Year Swap Spread 10.5 unch.
  • TED Spread 15.0 -.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -1.0 unch.
  • MBS  5/10 Treasury Spread  63.5 +1.5 basis points
  • IHS Markit CMBX BBB- 6 71.25 -.5 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 61.09 +.09%
  • 3-Month T-Bill Yield .01% unch.
  • Yield Curve 152.0 +6.0 basis points
  • China Iron Ore Spot 207.0 USD/Metric Tonne -9.3%
  • Citi US Economic Surprise Index 44.0 -4.5 points
  • Citi Eurozone Economic Surprise Index 160.1 -1.9 points
  • Citi Emerging Markets Economic Surprise Index 70.60 -.2 point
  • 10-Year TIPS Spread 2.54 -3.0 basis points
  • 91.0% chance of no change at Sept. 22nd meeting, 91.0% chance of no change at Nov. 3rd meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +227 open in Japan 
  • China A50 Futures: Indicating -26 open in China
  • DAX Futures: Indicating +3 open in Germany
Portfolio:
  • Higher: On gains in my medical/industrial/tech sector longs and emerging market shorts
  • Disclosed Trades:  Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 75% Net Long

No comments: