Wednesday, February 22, 2017

Stocks Slightly Lower into Final Hour on Profit-Taking, Oil Decline, Yen Strength, Commodity/Restaurant Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Slightly Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 11.77 +1.73%
  • Euro/Yen Carry Return Index 124.81 +.23%
  • Emerging Markets Currency Volatility(VXY) 9.75 +.1%
  • S&P 500 Implied Correlation 45.42 +2.3%
  • ISE Sentiment Index 62.0 -8.82%
  • Total Put/Call .87 +6.1%
  • NYSE Arms 1.25 +78.57%
Credit Investor Angst:
  • North American Investment Grade CDS Index 62.56 -.37%
  • America Energy Sector High-Yield CDS Index 369.0 -1.23%
  • European Financial Sector CDS Index 93.90 +.75%
  • Western Europe Sovereign Debt CDS Index 22.64 +3.0%
  • Asia Pacific Sovereign Debt CDS Index 25.68 -2.65%
  • Emerging Market CDS Index 217.90 +.83%
  • iBoxx Offshore RMB China Corporate High Yield Index 134.70 -.08%
  • 2-Year Swap Spread 34.50 -1.75 basis points
  • TED Spread 52.25 -1.5 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -28.25 -2.75 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 71.64 +.30%
  • 3-Month T-Bill Yield .52% unch.
  • Yield Curve 119.0 -3.0 basis points
  • China Import Iron Ore Spot $94.30/Metric Tonne -.59%
  • Citi US Economic Surprise Index 47.40 -.4 point
  • Citi Eurozone Economic Surprise Index 71.90 +4.9 points
  • Citi Emerging Markets Economic Surprise Index 46.60 +5.2 points
  • 10-Year TIPS Spread 2.05 +3.0 basis points
  • 61.8% chance of Fed rate hike at May 3 meeting, 76.1% chance at June 14 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -19 open in Japan 
  • China A50 Futures: Indicating +1 open in China
  • DAX Futures: Indicating +9 open in Germany
Portfolio: 
  • Slightly Lowr: On losses in my in my biotech/retail sector longs 
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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