Wednesday, October 10, 2012

Stocks Falling into Final Hour on Rising Global Growth Fears, US Fiscal Cliff Worries, Eurozone Debt Angst, Tech/Commodity Sector Weakness

Today's Market Take:

Broad Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Most Sectors Declining
  • Volume: Slightly Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • VIX 16.33 -.24%
  • ISE Sentiment Index 126.0 +65.79%
  • Total Put/Call .99 -1.0%
  • NYSE Arms 1.38 +63.94%
Credit Investor Angst:
  • North American Investment Grade CDS Index 99.03 bps +.94%
  • European Financial Sector CDS Index 185.94 bps +.28%
  • Western Europe Sovereign Debt CDS Index 141.41 bps +.42%
  • Emerging Market CDS Index 227.55 bps +1.0%
  • 2-Year Swap Spread 12.25 +.25 basis point
  • TED Spread 24.75 -.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -25.25 -1.0 basis point
Economic Gauges:
  • 3-Month T-Bill Yield .10% unch.
  • Yield Curve 142.0 -3 basis points
  • China Import Iron Ore Spot $117.70/Metric Tonne +.43%
  • Citi US Economic Surprise Index 42.60 -.8 point
  • 10-Year TIPS Spread 2.51 -4 basis points
Overseas Futures:
  • Nikkei Futures: Indicating -25 open in Japan
  • DAX Futures: Indicating -9 open in Germany
Portfolio:
  • Slightly Higher: On gains in my index hedges and emerging markets shorts
  • Disclosed Trades: None
  • Market Exposure: 25% Net Long

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