Friday, February 24, 2017

Stocks Lower into Afternoon on Profit-Taking, Oil Decline, Yen Strength, Financial/Telecom Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 11.79 +.68%
  • Euro/Yen Carry Return Index 123.81 -.49%
  • Emerging Markets Currency Volatility(VXY) 9.58 -2.04%
  • S&P 500 Implied Correlation 46.61 +1.05%
  • ISE Sentiment Index 92.0 unch.
  • Total Put/Call .76 -8.43%
  • NYSE Arms 1.64 +7.86%
Credit Investor Angst:
  • North American Investment Grade CDS Index 62.69 +.45%
  • America Energy Sector High-Yield CDS Index 359.0 -2.69%
  • European Financial Sector CDS Index 94.88 +1.03%
  • Western Europe Sovereign Debt CDS Index 22.67 +7.80%
  • Asia Pacific Sovereign Debt CDS Index 25.18 +.28%
  • Emerging Market CDS Index 214.82 +1.15%
  • iBoxx Offshore RMB China Corporate High Yield Index 134.91 +.23%
  • 2-Year Swap Spread 36.25 +1.0 basis point
  • TED Spread 55.0 +.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -27.75 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 71.57 -.36%
  • 3-Month T-Bill Yield .50% -1.0 basis point
  • Yield Curve 117.0 -2.0 basis points
  • China Import Iron Ore Spot $90.50/Metric Tonne -.92%
  • Citi US Economic Surprise Index 45.70 -1.7 points
  • Citi Eurozone Economic Surprise Index 70.20 -.5 point
  • Citi Emerging Markets Economic Surprise Index 46.30 -.1 point
  • 10-Year TIPS Spread 2.02 -2.0 basis points
  • 61.3% chance of Fed rate hike at May 3 meeting, 74.7% chance at June 14 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -148 open in Japan 
  • China A50 Futures: Indicating -13 open in China
  • DAX Futures: Indicating +5 open in Germany
Portfolio: 
  • Higher: On gains in my in my retail/medical sector longs and emerging market shorts
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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