Broad Equity Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Below Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 10.44 -8.81%
- Euro/Yen Carry Return Index 128.66 +.08%
- Emerging Markets Currency Volatility(VXY) 7.69 -.90%
- S&P 500 Implied Correlation 37.57 +1.32%
- ISE Sentiment Index 94.0 +38.24%
- Total Put/Call .96 unch.
- NYSE Arms .91 +13.41%
Credit Investor Angst:
- North American Investment Grade CDS Index 58.98 -2.0%
- America Energy Sector High-Yield CDS Index 409.0 -1.17%
- European Financial Sector CDS Index 62.12 -2.91%
- Western Europe Sovereign Debt CDS Index 6.66 -8.30%
- Asia Pacific Sovereign Debt CDS Index 17.58 -.57%
- Emerging Market CDS Index 191.08 -1.93%
- iBoxx Offshore RMB China Corporate High Yield Index 139.05 +.03%
- 2-Year Swap Spread 20.0 +.5 basis point
- TED Spread 24.0 +.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -32.75 +.75 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 73.37 +.18%
- 3-Month T-Bill Yield .99% -1.0 basis point
- Yield Curve 85.0 -1.0 basis point
- China Import Iron Ore Spot $53.36/Metric Tonne -2.75%
- Citi US Economic Surprise Index -45.10 +.2 point
- Citi Eurozone Economic Surprise Index 33.40 -2.5 points
- Citi Emerging Markets Economic Surprise Index 6.0 +2.9 points
- 10-Year TIPS Spread 1.77 unch.
- 100.0% chance of Fed rate hike at July 26 meeting, 100.0% chance at Sept. 20 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +62 open in Japan
- China A50 Futures: Indicating -47 open in China
- DAX Futures: Indicating +33 open in Germany
Portfolio:
- Higher: On gains in my medical/tech/biotech/retail sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 75% Net Long
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