Broad Market Tone: - Advance/Decline Line: About Even
- Sector Performance: Most Sectors Rising
- Volume: Slightly Above Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst: - VIX 16.38 -1.44%
- ISE Sentiment Index 178.0 +64.81%
- Total Put/Call .74 -16.85%
- NYSE Arms .56 -40.56%
Credit Investor Angst:- North American Investment Grade CDS Index 87.65 bps +1.47%
- European Financial Sector CDS Index 83.84 bps +3.71%
- Western Europe Sovereign Debt CDS Index 85.67 bps +.59%
- Emerging Market CDS Index 218.22 bps -.87%
- 2-Year Swap Spread 14.0 bps unch.
- TED Spread 14.0 +1 bp
Economic Gauges:- 3-Month T-Bill Yield .16% unch.
- Yield Curve 283.0 bps +3 bps
- China Import Iron Ore Spot $166.20/Metric Tonne +3.10%
- Citi US Economic Surprise Index +42.10 -1.3 points
- 10-Year TIPS Spread 2.34% +1 bp
Overseas Futures: - Nikkei Futures: Indicating +102 open in Japan
- DAX Futures: Indicating +41 open in Germany
Portfolio:
- Slightly Higher: On gains in my Retail and Financial long positions
- Disclosed Trades: None
- Market Exposure: 75% Net Long
BOTTOM LINE: Today's overall market action is bullish as stocks trade near session highs, reversing morning losses, despite rising sovereign debt angst and some negative global economic data. On the positive side, Airline, Road & Rail, Gaming, Software, Bank, Retail and Restaurant stocks are especially strong, rising +1.0%+. Cyclicals are outperforming with the Transport Index jumping +1.4% to another 52-week high. (XLF) has traded well throughout the day. On the negative side, Education, HMO, Semi and Coal shares are under meaningful pressure, falling 1.0%+. The Greece sovereign cds is jumping another 8.1% and the Portugal sovereign cds is surging another 5.2%. The Greece 10-year/Bund spread is +6.4% to 426 bps, which is also a large negative. The AAII % Bulls rose to 42.86 this week, while the % Bears fell to 30.36. Investor angst remains relatively low given mounting headwinds. I expect US stocks to trade mixed-to-higher into the close from current levels on short-covering and less economic fear.
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