Stocks Slightly Lower on Iraq Turmoil/Russia-Ukraine Tensions, Yen Strength, Technical Selling, Biotech/Transport Sector Weakness
Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Mixed
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 10.98 +1.2%
- Euro/Yen Carry Return Index 144.71 -.10%
- Emerging Markets Currency Volatility(VXY) 5.93 -.67%
- S&P 500 Implied Correlation 50.33 +4.51%
- ISE Sentiment Index 87.0 +1.16%
- Total Put/Call .82 +6.49%
Credit Investor Angst:
- North American Investment Grade CDS Index 55.93 -1.83%
- European Financial Sector CDS Index 59.44 +.16%
- Western Europe Sovereign Debt CDS Index 28.37 -2.81%
- Asia Pacific Sovereign Debt CDS Index 74.65 unch.
- Emerging Market CDS Index 231.76 -1.68%
- China Blended Corporate Spread Index 308.97 -.74%
- 2-Year Swap Spread 15.75 +1.0 basis point
- TED Spread 22.75 +.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -8.75 unch.
Economic Gauges:
- 3-Month T-Bill Yield .01% unch.
- China Import Iron Ore Spot $93.40/Metric Tonne +1.41%
- Citi US Economic Surprise Index -9.0 +1.2 points
- Citi Emerging Markets Economic Surprise Index -3.40 +4.9 points
- 10-Year TIPS Spread 2.26 -1.0 basis point
Overseas Futures:
- Nikkei Futures: Indicating -7 open in Japan
- DAX Futures: Indicating +19 open in Germany
Portfolio:
- Slightly Higher: On gains in my retail/tech sector longs and emerging markets shorts
- Market Exposure: 50% Net Long
1 comment:
On Tuesday June 24, 2014, the see saw destruction of fiat wealth got strongly underway, as Equity Investments, VT, Global Financials, IXG, Nation Investment, EFA, Small Cap Nation Investment, and Yield Bearing Investments, joined Credit Investments, AGG, in trading lower; this coming on the trade lower in European Financials, EUFN, and in Ireland, EIRL, and in Greece, GREK.
The loose monetary policies of the world central banks have finally stirred up inflation and have finally resulted in turning investment sentiment from greed to fear, specifically fear that the world central banks’ monetary policies have crossed the rubicon of sound monetary policy, and have “money good” investments bad
Tuesday, June 24, 2014, marked an inflection point in economic history. as the world pivoted from the age of currencies and credit, and into the age of diktat and debt servitude, on the trade lower in the European Financials, EUFN, and the trade lower in Ireland, EIRL, and Greece, GREK. The age of investment choice is over and the age of debt servitude has commenced.
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