Wednesday, March 29, 2017

Stocks Reversing Slightly Higher into Final Hour on Less European/Emerging Markets/US High-Yield Debt Angst, Oil Gain, Short-Covering, Energy/Retail Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 11.14 -3.38%
  • Euro/Yen Carry Return Index 124.75 -.62%
  • Emerging Markets Currency Volatility(VXY) 9.13 -.54%
  • S&P 500 Implied Correlation 43.91 -3.22%
  • ISE Sentiment Index 81.0 +1.0%
  • Total Put/Call .79 -9.2%
  • NYSE Arms .79 -3.5%
Credit Investor Angst:
  • North American Investment Grade CDS Index 67.60 +.16%
  • America Energy Sector High-Yield CDS Index 375.0 -2.70%
  • European Financial Sector CDS Index 87.52 +.49%
  • Western Europe Sovereign Debt CDS Index 11.35 +1.43%
  • Asia Pacific Sovereign Debt CDS Index 21.26 -.58%
  • Emerging Market CDS Index 211.94 -.83%
  • iBoxx Offshore RMB China Corporate High Yield Index 136.37 +.01%
  • 2-Year Swap Spread 33.5 +.25 basis point
  • TED Spread 37.0 -1.0 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -23.0 -1.0 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.31 +.17%
  • 3-Month T-Bill Yield .77% unch.
  • Yield Curve 111.0 -1.0 basis point
  • China Import Iron Ore Spot $82.25/Metric Tonne +.29%
  • Citi US Economic Surprise Index 52.5 -.6 point
  • Citi Eurozone Economic Surprise Index 68.20 +1.7 points
  • Citi Emerging Markets Economic Surprise Index 40.80 -1.0 point
  • 10-Year TIPS Spread 1.98 +1.0 basis point
  • 50.2% chance of Fed rate hike at June 14 meeting, 56.3% chance at July 26 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +10 open in Japan 
  • China A50 Futures: Indicating +55 open in China
  • DAX Futures: Indicating +45 open in Germany
Portfolio: 
  • Higher: On gains in my tech/biotech/retail/medical sector longs  
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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