Friday, March 31, 2017

Stocks Slightly Lower into Final Hour on Less Economic Optimism, Yen Strength, Profit-Taking, Healthcare/Financial Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Higher
  • Sector Performance: Mixed
  • Volume: Light
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 12.53 +8.58%
  • Euro/Yen Carry Return Index 124.14 -.49%
  • Emerging Markets Currency Volatility(VXY) 9.02 +.22%
  • S&P 500 Implied Correlation 44.08 +1.29%
  • ISE Sentiment Index 98.0 +18.1%
  • Total Put/Call 1.22 +34.1%
  • NYSE Arms 1.22 -4.06%
Credit Investor Angst:
  • North American Investment Grade CDS Index 66.39 -1.31%
  • America Energy Sector High-Yield CDS Index 364.0 -1.03%
  • European Financial Sector CDS Index 88.71 +.65%
  • Western Europe Sovereign Debt CDS Index 12.46 +.85%
  • Asia Pacific Sovereign Debt CDS Index 21.15 +.21%
  • Emerging Market CDS Index 213.89 +1.96%
  • iBoxx Offshore RMB China Corporate High Yield Index 136.47 -.03%
  • 2-Year Swap Spread 36.0 +.75 basis point
  • TED Spread 39.0 +1.0 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -25.5 -1.25 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 72.12 +.07%
  • 3-Month T-Bill Yield .76% -1.0 basis point
  • Yield Curve 114.0 unch.
  • China Import Iron Ore Spot $80.39/Metric Tonne -1.7%
  • Citi US Economic Surprise Index 48.0 -3.6 points
  • Citi Eurozone Economic Surprise Index 54.10 -9.5 points
  • Citi Emerging Markets Economic Surprise Index 34.40 -2.1 points
  • 10-Year TIPS Spread 1.97 -1.0 basis point
  • 57.5% chance of Fed rate hike at June 14 meeting, 62.9% chance at July 26 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating +96 open in Japan 
  • China A50 Futures: Indicating +50 open in China
  • DAX Futures: Indicating +35 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my tech sector longs and emerging markets shorts
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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