Thursday, March 23, 2017

Stocks Slightly Lower into Final Hour on Healthcare/Tax Reform Worries, Oil Decline, Yen Strength, Metals&Mining/Energy Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Substantially Higher
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 12.83 +.16%
  • Euro/Yen Carry Return Index 124.94 -.32%
  • Emerging Markets Currency Volatility(VXY) 9.24 +.43%
  • S&P 500 Implied Correlation 48.46 +1.51%
  • ISE Sentiment Index 102.0 +22.9%
  • Total Put/Call 1.11 +14.43%
  • NYSE Arms 1.68 +42.94%
Credit Investor Angst:
  • North American Investment Grade CDS Index 68.07 -.92%
  • America Energy Sector High-Yield CDS Index 408.0 -.68%
  • European Financial Sector CDS Index 89.96 -2.0%
  • Western Europe Sovereign Debt CDS Index 12.14 -2.29%
  • Asia Pacific Sovereign Debt CDS Index 21.29 +1.38%
  • Emerging Market CDS Index 216.23 -.63%
  • iBoxx Offshore RMB China Corporate High Yield Index 136.28 +.18%
  • 2-Year Swap Spread 36.5 +1.0 basis point
  • TED Spread 39.50 +.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -27.5 -.25 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.22 -.04%
  • 3-Month T-Bill Yield .76% unch.
  • Yield Curve 117.0 +1.0 basis point
  • China Import Iron Ore Spot $86.36/Metric Tonne +1.61%
  • Citi US Economic Surprise Index 55.70 +1.3 points
  • Citi Eurozone Economic Surprise Index 41.70 -1.6 points
  • Citi Emerging Markets Economic Surprise Index 46.70 -.3 point
  • 10-Year TIPS Spread 1.97 -1.0 basis point
  • 52.6% chance of Fed rate hike at June 14 meeting, 57.5% chance at July 26 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -90 open in Japan 
  • China A50 Futures: Indicating +17 open in China
  • DAX Futures: Indicating -2 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my retail sector longs 
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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