Stocks Modestly Higher into Final Hour on Housing Data, Declining US Covid Cases, Bargain-Hunting, Biotech/Tech 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) 23.8 -7.4%
• Bloomberg Global Risk On/Risk Off Index 2,556.0 +84.0 points

• Euro/Yen Carry Return Index 132.16 -.16%

• Emerging Markets Currency Volatility(VXY) 8.97 -.22%.

• S&P 500 Implied Correlation 57.67 +1.6%

• ISE Sentiment Index 111.0  +6.0 points
  

• Total Put/Call .91 -18.0%

• NYSE Arms 1.09 -31.9%

Credit Investor Angst:

• North American Investment Grade CDS Index 53.18 -1.3%
  

• US Energy High-Yield OAS 390.69 -.38%

• European Financial Sector CDS Index 58.29 -1.3%

• Italian/German 10Y Yld Spread 101.0 -3.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 88.04 -5.1%
  

• Emerging Market CDS Index 168.19 -1.47%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 37.13 -.35%

• 2-Year Swap Spread 11.5 +.5 basis point
  

• TED Spread 10.5 +1.25 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -3.0 +1.25 basis points
  
• MBS  5/10 Treasury Spread  75.5 +.5 basis point
  
• IHS Markit CMBX BBB- 6 71.75 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 59.52 +.24%
• 3-Month T-Bill Yield .02% unch.
  

• Yield Curve 111.0 -1.0 basis point
  

• China Iron Ore Spot 95.35 USD/Metric Tonne +.2%

• Citi US Economic Surprise Index -29.5 +9.7 points

• Citi Eurozone Economic Surprise Index -24.5 -1.2 points
  

• Citi Emerging Markets Economic Surprise Index 3.4 -.4 point

• 10-Year TIPS Spread 2.30 -1.0 basis point
• 100.0% chance of no change at Nov. 3rd meeting, 100.0% chance of no change at Dec. 15th meeting

US Covid-19:

• 294 new infections/100K people(last 7 days total) -20/100K people
• 55% of Jan. 7th, 2021 peak(highest daily avg. new infections) -4.0 percentage points
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +61 open in Japan 
• China A50 Futures: Indicating -442 open in China

• DAX Futures: Indicating -48 open in Germany

Portfolio:

• Slightly Higher: On gains in my biotech/tech/medical sector longs,
  

• Disclosed Trades: None
  

• Market Exposure: 50% Net Long