Tuesday, January 14, 2014

Stocks Surging into Final Hour on Diminished Global Growth Fears, Yen Weakness, Earnings, Biotech/Tech Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Substantially Higher
  • Sector Performance: Almost Every Sector Rising
  • Volume: Slightly Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 12.31 -7.30%
  • Euro/Yen Carry Return Index 148.62 +1.17%
  • Emerging Markets Currency Volatility(VXY) 8.41 +.24%
  • S&P 500 Implied Correlation 50.40 -1.66%
  • ISE Sentiment Index 158.0 +42.3%
  • Total Put/Call .67 -6.94%
  • NYSE Arms .75 -62.48% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 65.01 -1.73%
  • European Financial Sector CDS Index 86.37 -1.1%
  • Western Europe Sovereign Debt CDS Index 51.99 +1.95%
  • Emerging Market CDS Index 284.53 +.32%
  • 2-Year Swap Spread 12.25 +5 basis point
  • TED Spread 20.75 -.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -1.25 +1.5 basis points
Economic Gauges:
  • 3-Month T-Bill Yield .03% unch.
  • Yield Curve 248.0 +1 basis point
  • China Import Iron Ore Spot $129.50/Metric Tonne -1.07%
  • Citi US Economic Surprise Index 70.30 +4.2 points
  • Citi Emerging Markets Economic Surprise Index .6 +.5 point
  • 10-Year TIPS Spread 2.25 -1 basis point
Overseas Futures:
  • Nikkei Futures: Indicating +328 open in Japan
  • DAX Futures: Indicating +26 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my biotech/medical/tech sector longs
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short
  • Market Exposure: Moved to 50% Net Long

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