Stocks Lower into Final Hour on Geopolitical Worries, Global Virus Lockdown Fears, Oil Decline, Alt Energy/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 20.6 +3.5%
• Bloomberg Global Risk On/Risk Off Index 2,650.0 -92.0 points

• Euro/Yen Carry Return Index 132.22 -.57%

• Emerging Markets Currency Volatility(VXY) 10.9 -.4%

• CBOE S&P 500 Implied Correlation Index 28.9 +4.0% 

• ISE Sentiment Index 138.0  -28.0 points
  

• Total Put/Call .81 -6.9%

• NYSE Arms .89 -4.3%

Credit Investor Angst:

• North American Investment Grade CDS Index 54.36 +1.4%
  

• US Energy High-Yield OAS 415.86 +1.9%

• European Financial Sector CDS Index 61.47 -1.5%

• Italian/German 10Y Yld Spread 135.0 +1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 86.56 -.95%
  

• Emerging Market CDS Index 192.62 +2.0%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 33.26 +.26%

• 2-Year Swap Spread 20.75 +1.0 basis point
  

• TED Spread 14.25 +.25 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -12.0 +2.5 basis points
  
• MBS  5/10 Treasury Spread  70.25 +.5 basis point
  
• IHS Markit CMBX BBB- 6 72.75 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 53.54 -.48%
• 3-Month T-Bill Yield .06% unch.
  

• Yield Curve 82.25 +4.75 basis points
  

• China Iron Ore Spot 110.5 USD/Metric Tonne -.3%

• Citi US Economic Surprise Index 31.6 -.2 point

• Citi Eurozone Economic Surprise Index 7.7 +3.9 points
  

• Citi Emerging Markets Economic Surprise Index -12.4 -.1 point

• 10-Year TIPS Spread 2.50 -5.0 basis points
• 92.6%(-1.4 percentage points) chance of no change at Jan. 26th meeting, 64.2%(-.7 percentage point) chance of no change at March 16th meeting

US Covid-19:

• 260 new infections/100K people(last 7 days total) +4/100K people
• 49% of Jan. 7th, 2021 peak(highest daily avg. new infections) +1.0 percentage point
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -10 open in Japan 
• China A50 Futures: Indicating +33 open in China

• DAX Futures: Indicating -9 open in Germany

Portfolio:

• Slightly Lower: On losses in my tech/consumer discretionary sector longs
  

• Disclosed Trades:  Added to my (IWM)/(QQQ) hedges
  

• Market Exposure:  Moved to 75% Net Long