Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Slightly Below Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 11.95 -7.0%
- Euro/Yen Carry Return Index 128.52 +.43%
- Emerging Markets Currency Volatility(VXY) 11.02 -1.61%
- S&P 500 Implied Correlation 46.90 -4.6%
- ISE Sentiment Index 83.0 -25.23%
- Total Put/Call .87 -11.22%
- NYSE Arms 1.20 +41.98%
Credit Investor Angst:
- North American Investment Grade CDS Index 63.50 -4.23%
- America Energy Sector High-Yield CDS Index 430.0 -4.60%
- European Financial Sector CDS Index 89.33 -4.40%
- Western Europe Sovereign Debt CDS Index 20.08 -3.69%
- Asia Pacific Sovereign Debt CDS Index 35.05 -1.81%
- Emerging Market CDS Index 232.74 -2.89%
- iBoxx Offshore RMB China Corporate High Yield Index 132.79 -.12%
- 2-Year Swap Spread 24.25 -.75 basis point
- TED Spread 47.0 -3.0 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -46.25 +3.75 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 69.71 +.45%
- 3-Month T-Bill Yield .53% +3.0 basis points
- Yield Curve 122.0 -1.0 basis point
- China Import Iron Ore Spot $77.25/Metric Tonne -.85%
- Citi US Economic Surprise Index 25.50 +.8 point
- Citi Eurozone Economic Surprise Index 60.60 +10.2 basis points
- Citi Emerging Markets Economic Surprise Index 25.60 -.1 point
- 10-Year TIPS Spread 2.00% unch.
- 33.1% chance of Fed rate hike at March 15 meeting, 46.4% chance at May 3 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +104 open in Japan
- China A50 Futures: Indicating +59 open in China
- DAX Futures: Indicating +5 open in Germany
Portfolio:
- Higher: On gains in my tech/biotech/retail/medical sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 75% Net Long
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