Wednesday, May 15, 2013

Stocks Rising into Final Hour on Central Bank Hopes, Short-Covering, Performance Angst, Transport/Financial Sector Strength

Broad Market Tone:
  • Advance/Decline Line: About Even
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Underperforming
Equity Investor Angst:
  • VIX 13.03 +2.04%
  • ISE Sentiment Index 108.0 +9.1%
  • Total Put/Call .78 -2.50%
  • NYSE Arms .61 +9.26%
Credit Investor Angst:
  • North American Investment Grade CDS Index 71.63 -1.48%
  • European Financial Sector CDS Index 136.52 -2.79%
  • Western Europe Sovereign Debt CDS Index 88.67 +.76%
  • Emerging Market CDS Index 241.69 +2.59%
  • 2-Year Swap Spread 14.25 unch.
  • TED Spread 23.75 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -15.75 -.5 bp
Economic Gauges:
  • 3-Month T-Bill Yield .04% unch.
  • Yield Curve 170.0 -3 bps
  • China Import Iron Ore Spot $126.40/Metric Tonne -1.33%
  • Citi US Economic Surprise Index -10.60 -2.9 points
  • 10-Year TIPS Spread 2.29 -3 bps
Overseas Futures:
  • Nikkei Futures: Indicating +129 open in Japan
  • DAX Futures: Indicating -1 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my medical/tech/retail sector longs
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them
  • Market Exposure: 75% Net Long

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