Thursday, September 01, 2016

Stocks Reversing Lower into Final Hour on Global Growth Fears, Oil Decline, Yen Reversal Higher, Energy/Homebuilding 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) 14.1 +4.92%
  • Euro/Yen Carry Return Index 120.85 +.27%
  • Emerging Markets Currency Volatility(VXY) 10.06 -1.08%
  • S&P 500 Implied Correlation 48.09 +3.32%
  • ISE Sentiment Index 88.0 +72.55%
  • Total Put/Call .99 -18.18%
  • NYSE Arms 1.10 +12.18
Credit Investor Angst:
  • North American Investment Grade CDS Index 73.88 +1.76%
  • America Energy Sector High-Yield CDS Index 690.0 +.59%
  • European Financial Sector CDS Index 89.5 -.81%
  • Western Europe Sovereign Debt CDS Index 24.94 +3.61%
  • Asia Pacific Sovereign Debt CDS Index 38.40 +.04%
  • Emerging Market CDS Index 246.00 +.17%
  • iBoxx Offshore RMB China Corporate High Yield Index 131.36 -.09%
  • 2-Year Swap Spread 24.75 -.25 basis point
  • TED Spread 51.75 +.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -39.25 +1.0 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.24 -.05%
  • 3-Month T-Bill Yield .32% unch.
  • Yield Curve 79.0 +1.0 basis point
  • China Import Iron Ore Spot $58.86/Metric Tonne -.19%
  • Citi US Economic Surprise Index 4.8 -8.7 points
  • Citi Eurozone Economic Surprise Index -4.0 -.9 point
  • Citi Emerging Markets Economic Surprise Index -5.9 +2.0 points
  • 10-Year TIPS Spread 1.46% -1.0 basis point
  • 39.7% chance of Fed rate hike at Nov. 2 meeting, 58.6% chance at Dec. 14 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +34 open in Japan 
  • China A50 Futures: Indicating -10 open in China
  • DAX Futures: Indicating +19 open in Germany
Portfolio: 
  • Slightly Lower: On losses in my retail sector longs
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 25% Net Long

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