Wednesday, September 09, 2015

Stocks Reversing Lower into Afternoon on Fed Rate Hike Fears, Oil Decline, Technical Selling, Commodity/Biotech Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Most Sectors Declining
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 24.55 -1.29%
  • Euro/Yen Carry Return Index 140.99 +.56%
  • Emerging Markets Currency Volatility(VXY) 12.37 -.55%
  • S&P 500 Implied Correlation 64.54 +1.78%
  • ISE Sentiment Index 72.0 +4.0%
  • Total Put/Call .94 +1.08%
  • NYSE Arms 1.53 +300.77% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 80.33 +1.32%
  • America Energy Sector High-Yield CDS Index 1,908.0 -.83%
  • European Financial Sector CDS Index 79.55 -3.51%
  • Western Europe Sovereign Debt CDS Index 20.85 -4.66%
  • Asia Pacific Sovereign Debt CDS Index 82.50 -2.50%
  • Emerging Market CDS Index 351.0 -.45%
  • iBoxx Offshore RMB China Corporates High Yield Index 116.94 +.19%
  • 2-Year Swap Spread 11.75 -1.0 basis point
  • TED Spread 28.25 -2.0 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -24.0 unch.
Economic Gauges:
  • 3-Month T-Bill Yield .02% -1.0 basis point
  • Yield Curve 144.0 -1.0 basis point
  • China Import Iron Ore Spot $58.18/Metric Tonne +1.32%
  • Citi US Economic Surprise Index -16.9 -.3 point
  • Citi Eurozone Economic Surprise Index 22.7 -.1 point
  • Citi Emerging Markets Economic Surprise Index -25.6 unch.
  • 10-Year TIPS Spread 1.55 +2.0 basis points
  • # of Months to 1st Fed Rate Hike(Morgan Stanley) 4.04 -.28
Overseas Futures:
  • Nikkei 225 Futures: Indicating -380 open in Japan 
  • China A50 Futures: Indicating -339 open in China
  • DAX Futures: Indicating -61 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my index hedges
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges 
  • Market Exposure: Moved to 25% Net Long

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