Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Around Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 19.1 -9.0%
- Bloomberg Global Risk On/Risk Off Index 3,176.0 +199.0 points
- Euro/Yen Carry Return Index 133.16 +.19%
- Emerging Markets Currency Volatility(VXY) 8.88 -1.0%
- S&P 500 Implied Correlation 56.0 -2.2%
- ISE Sentiment Index 95.0 -18.0 points
- Total Put/Call .91 -7.1%
- NYSE Arms .56 -46.7%
Credit Investor Angst:
- North American Investment Grade CDS Index 52.93 -1.48%
- US Energy High-Yield OAS 375.54 -1.0%
- European Financial Sector CDS Index 57.54 -2.1%
- Italian/German 10Y Yld Spread 104.0 -3.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 86.70 -4.1%
- Emerging Market CDS Index 180.51 -2.6%
- China Corp. High-Yield Bond USD ETF(KHYB) 35.39 -1.32%
- 2-Year Swap Spread 10.5 +.5 basis point
- TED Spread 8.5 -.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -17.75 -1.0 basis point
- MBS 5/10 Treasury Spread 71.0 -1.75 basis points
- IHS Markit CMBX BBB- 6 71.55 +.25 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 58.78 +.15%
- 3-Month T-Bill Yield .05% +1.0 basis point
- Yield Curve 124.0 -2.0 basis points
- China Iron Ore Spot 118.25 USD/Metric Tonne +.5%
- Citi US Economic Surprise Index -15.5 -.6 point
- Citi Eurozone Economic Surprise Index -75.4 -11.5 points
- Citi Emerging Markets Economic Surprise Index -6.1 -1.7 points
- 10-Year TIPS Spread 2.47 +2.0 basis points
- 100.0% chance of no change at Dec. 15th meeting, 100.0% chance of no change at Jan. 26th meeting
US Covid-19:
- 214 new infections/100K people(last 7 days total) -4/100K people
- 40% of Jan. 7th, 2021 peak(highest daily avg. new infections) -1.0 percentage point
Overseas Futures:
- Nikkei 225 Futures: Indicating +417 open in Japan
- China A50 Futures: Indicating -63 open in China
- DAX Futures: Indicating -29 open in Germany
Portfolio:
- Higher: On gains in my tech/medical/consumer discretionary/industrial/commodity sector longs
- Disclosed Trades: None
- Market Exposure: 100% Net Long
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