Tuesday, April 26, 2016

Stocks Reversing Slightly Lower into Final Hour on Global Growth Worries, Earnings Outlook Concerns, Technical Selling, Tech/Biotech Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 14.04 -.28%
  • Euro/Yen Carry Return Index 131.41 +.38%
  • Emerging Markets Currency Volatility(VXY) 10.60 -1.94%
  • S&P 500 Implied Correlation 54.66 -1.64%
  • ISE Sentiment Index 112.0 +62.32%
  • Total Put/Call .81 +8.0%
  • NYSE Arms .92 -39.27% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 74.86 +.30%
  • America Energy Sector High-Yield CDS Index 1,076.0 +4.99%
  • European Financial Sector CDS Index 87.18 +1.05%
  • Western Europe Sovereign Debt CDS Index 26.18 -1.11%
  • Asia Pacific Sovereign Debt CDS Index 58.05 +.25%
  • Emerging Market CDS Index 281.36 -1.52%
  • iBoxx Offshore RMB China Corporate High Yield Index 127.16 +.02%
  • 2-Year Swap Spread 10.75 -2.25 basis points
  • TED Spread 39.25 -1.5 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -23.75 -.5 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.79 +.41%
  • 3-Month T-Bill Yield .24% unch.
  • Yield Curve 107.0 unch.
  • China Import Iron Ore Spot $62.78/Metric Tonne -4.98%
  • Citi US Economic Surprise Index -28.0 -2.9 points
  • Citi Eurozone Economic Surprise Index -14.30 +1.5 points
  • Citi Emerging Markets Economic Surprise Index 16.60 +.2 point
  • 10-Year TIPS Spread 1.68% +2.0 basis points
  • 21.6% chance of Fed rate hike at June 15 meeting, 35.4% chance at July 27 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +182 open in Japan 
  • China A50 Futures: Indicating +17 open in China
  • DAX Futures: Indicating +46 open in Germany
Portfolio: 
  • Lower: On losses 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 25% Net Long

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