Wednesday, June 09, 2021

Stocks Slightly Higher into Afternoon on Lower Long-Term Rates, Earnings Optimism, Short-Covering, Biotech/Metals & Mining Sector Strength

Broad Equity Market Tone:

  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 17.2 +.9%
  • Bloomberg Global Risk On/Risk Off Index 3,327.0 -83.0 points
  • Euro/Yen Carry Return Index 137.92 +.15%
  • Emerging Markets Currency Volatility(VXY) 8.6 -.4%
  • S&P 500 Implied Correlation 49.2 +2.3%
  • ISE Sentiment Index 141.0  +4.0 points
  • Total Put/Call .59 -9.2%
  • NYSE Arms .96 -28.9%
Credit Investor Angst:
  • North American Investment Grade CDS Index 50.04 -.69%
  • US Energy High-Yield OAS 412.83 +.08%
  • European Financial Sector CDS Index 56.81 -.74%
  • Italian/German 10Y Yld Spread 107.0 -2.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 83.54 +.51%
  • Emerging Market CDS Index 150.59 -1.8%
  • China Corp. High-Yield Bond USD ETF(KCCB) 39.1 -.47%
  • 2-Year Swap Spread 6.75 -.25 basis point
  • TED Spread 10.25 -1.5 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -3.25 -.25 basis point
  • MBS  5/10 Treasury Spread  68.75 +.75 basis point
  • IHS Markit CMBX BBB- 6 75.0 +.5 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 61.70 -.03%
  • 3-Month T-Bill Yield .02% unch.
  • Yield Curve 138.0 -3.0 basis points
  • China Iron Ore Spot 205.50 USD/Metric Tonne +1.6%
  • Citi US Economic Surprise Index 13.8 +.2 point
  • Citi Eurozone Economic Surprise Index 128.5 -2.0 points
  • Citi Emerging Markets Economic Surprise Index 64.0 +.9 point
  • 10-Year TIPS Spread 2.34 -4.0 basis points
  • 97.0% chance of no change at Sept. 22nd meeting, 97.0% chance of no change at Nov. 3rd meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +60 open in Japan 
  • China A50 Futures: Indicating -100 open in China
  • DAX Futures: Indicating +1 open in Germany
Portfolio:
  • Slightly Higher: On gains in my tech/biotech/medical sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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