Monday, October 26, 2015

Stocks Slightly Lower into Final Hour on Global Growth Fears, Earnings Outlook Concerns, Oil Decline, Commodity/Bank Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 15.19 +5.05%
  • Euro/Yen Carry Return Index 139.71 -.07%
  • Emerging Markets Currency Volatility(VXY) 10.93 +.55%
  • S&P 500 Implied Correlation 58.81 -1.94%
  • ISE Sentiment Index 141.0 +29.36%
  • Total Put/Call .99 +28.57%
  • NYSE Arms 1.34 +38.05% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 77.86 +.66%
  • America Energy Sector High-Yield CDS Index 1,067.0 -.67%
  • European Financial Sector CDS Index 69.0 +1.94%
  • Western Europe Sovereign Debt CDS Index 18.81 -.08%
  • Asia Pacific Sovereign Debt CDS Index 72.22 +1.38%
  • Emerging Market CDS Index 321.11 -1.05%
  • iBoxx Offshore RMB China Corporates High Yield Index 122.28 +.23%
  • 2-Year Swap Spread 11.25 -1.25 basis points
  • TED Spread 31.75 -.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -29.5 -.5 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.12 -.01%
  • 3-Month T-Bill Yield .01% +1.0 basis point
  • Yield Curve 142.0 -2.0 basis points
  • China Import Iron Ore Spot $51.03/Metric Tonne -1.14%
  • Citi US Economic Surprise Index -7.70 -7.6 points
  • Citi Eurozone Economic Surprise Index 20.3 -1.9 points
  • Citi Emerging Markets Economic Surprise Index -13.30 +.1 point
  • 10-Year TIPS Spread 1.49 -3.0 basis points
  • # of Months to 1st Fed Rate Hike(Morgan Stanley) 5.45 -1.23
Overseas Futures:
  • Nikkei 225 Futures: Indicating +133 open in Japan 
  • China A50 Futures: Indicating -2 open in China
  • DAX Futures: Indicating +5 open in Germany
Portfolio: 
  • Higher: On gains in my biotech/retail sector longs and emerging markets shorts
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, added to my emerging markets shorts
  • Market Exposure: 50% Net Long

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