Thursday, August 25, 2016

Stocks Slightly Lower into Afternoon on Fed Rate-Hike Worries, Global Growth Fears, Earnings Outlook Concerns, Biotech/Retail Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Slightly Higher
  • Sector Performance: Mixed
  • Volume: Light
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 13.53 +.59%
  • Euro/Yen Carry Return Index 118.45 +.23%
  • Emerging Markets Currency Volatility(VXY) 10.14 -.98%
  • S&P 500 Implied Correlation 46.12 -.15%
  • ISE Sentiment Index 80.0 +37.93%
  • Total Put/Call 1.09 +14.74%
  • NYSE Arms .84 -42.95
Credit Investor Angst:
  • North American Investment Grade CDS Index 71.39 -.42%
  • America Energy Sector High-Yield CDS Index 692 +1.48%
  • European Financial Sector CDS Index 91.0 +1.41%
  • Western Europe Sovereign Debt CDS Index 24.63 -2.03%
  • Asia Pacific Sovereign Debt CDS Index 40.55 -1.55%
  • Emerging Market CDS Index 244.12 +.28%
  • iBoxx Offshore RMB China Corporate High Yield Index 131.64 -.05%
  • 2-Year Swap Spread 22.50 unch.
  • TED Spread 51.5 -1.0 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -38.75 -1.5 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 73.09 +.28%
  • 3-Month T-Bill Yield .31% +1.0 basis point
  • Yield Curve 79.0 -1.0 basis point
  • China Import Iron Ore Spot $61.44/Metric Tonne -.42%
  • Citi US Economic Surprise Index 12.2 +2.0 points
  • Citi Eurozone Economic Surprise Index 21.2 -7.9 points
  • Citi Emerging Markets Economic Surprise Index -2.6 -.9 point
  • 10-Year TIPS Spread 1.50% +1.0 basis point
  • 36.0% chance of Fed rate hike at Nov. 2 meeting, 54.8% chance at Dec. 14 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -55 open in Japan 
  • China A50 Futures: Indicating -2 open in China
  • DAX Futures: Indicating -23 open in Germany
Portfolio: 
  • Slightly Lower: On losses in my biotech/retail sector longs
  • Disclosed Trades: None
  • Market Exposure: 25% Net Long

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