Friday, March 02, 2018

Stocks Slightly Lower into Afternoon on Trade War Fears, Yen Strength, Technical Selling, Utility/Restaurant Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 21.81 -2.94%
  • Euro/Yen Carry Return Index 135.41 -.25%
  • Emerging Markets Currency Volatility(VXY) 8.20 -.36%
  • S&P 500 Implied Correlation 41.31 +1.47%
  • ISE Sentiment Index 86.0 +17.81%
  • Total Put/Call 1.17 -9.3%
  • NYSE Arms .84 -29.22%
Credit Investor Angst:
  • North American Investment Grade CDS Index 56.87 -1.04%
  • America Energy Sector High-Yield CDS Index 398.0 +2.18%
  • European Financial Sector CDS Index 55.64 +2.81%
  • Italian/German 10Y Yld Spread 132.0 +1.75 basis points
  • Asia Pacific Sovereign Debt CDS Index 12.01 -.83%
  • Emerging Market CDS Index 125.27 -.93%
  • iBoxx Offshore RMB China Corporate High Yield Index 147.97 +.02%
  • 2-Year Swap Spread 25.50 -.5 basis point
  • TED Spread 39.0 +2.75 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -33.0 +.25 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 75.32 +.12%
  • 3-Month T-Bill Yield 1.63% +1.0 basis point
  • Yield Curve 62.0 +2.0 basis points
  • China Iron Ore Spot 74.90 USD/Metric Tonne -1.32%
  • Citi US Economic Surprise Index 39.10 -.4 point
  • Citi Eurozone Economic Surprise Index -.5 -.7 point
  • Citi Emerging Markets Economic Surprise Index 9.90 +2.6 points
  • 10-Year TIPS Spread 2.13 +3.0 basis points
  • 100.0% chance of Fed rate hike at May 2 meeting, 100.0% chance at June 13 meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -116 open in Japan 
  • China A50 Futures: Indicating -4 open in China
  • DAX Futures: Indicating +56 open in Germany
Portfolio: 
  • Higher: On gains in my biotech/medical/tech/retail sector longs and index hedges
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my emerging markets shorts
  • Market Exposure: Moved to 50% Net Long

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