Wednesday, September 17, 2014

Stocks Slightly Higher into Final Hour on Mostly Dovish Fed Commentary, Yen Weakness, Short-Covering, Homebuilding/Gaming Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 12.07 -5.18%
  • Euro/Yen Carry Return Index 145.54 +.40%
  • Emerging Markets Currency Volatility(VXY) 7.21 -2.57%
  • S&P 500 Implied Correlation 43.49 -6.52%
  • ISE Sentiment Index 135.0 +64.63%
  • Total Put/Call .98 +11.36%
  • NYSE Arms .96 +50.15% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 58.29 -3.10%
  • European Financial Sector CDS Index 58.60 -3.31%
  • Western Europe Sovereign Debt CDS Index 28.20 -.60%
  • Asia Pacific Sovereign Debt CDS Index 64.41 -1.52%
  • Emerging Market CDS Index 247.67 +1.72%
  • China Blended Corporate Spread Index 309.17 +.15%
  • 2-Year Swap Spread 24.0 unch.
  • TED Spread 22.50 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -13.0 -.25 basis point
Economic Gauges:
  • 3-Month T-Bill Yield .02% +1.0 basis point
  • Yield Curve 206.0 +1.0 basis point
  • China Import Iron Ore Spot $84.20/Metric Tonne -.36%
  • Citi US Economic Surprise Index 20.80 -11.0 points
  • Citi Emerging Markets Economic Surprise Index -21.90 +.1 basis point
  • 10-Year TIPS Spread 2.06 -6.0 basis points
Overseas Futures:
  • Nikkei Futures: Indicating +97 open in Japan
  • DAX Futures: Indicating +32 open in Germany
Portfolio: 
  • Higher: On gains in my tech/biotech sector longs and emerging markets shorts
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my (EEM) short
  • Market Exposure: Moved to 50% Net Long

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