Thursday, January 03, 2019

Stocks Falling Substantially into Afternoon on Global Growth Fears, Apple(AAPL) Concerns, Technical Selling, Tech/Transport Sector Weakness

 Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Most Sectors Declining
  • Volume: Around Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 24.4 +5.3%
  • Euro/Yen Carry Return Index 127.78 -.49%
  • Emerging Markets Currency Volatility(VXY) 10.02 +1.83%
  • S&P 500 Implied Correlation 50.36 +5.4%
  • ISE Sentiment Index 73.0 +7.35%
  • Total Put/Call 1.39 +31.1%
  • NYSE Arms 1.20 +20.0%
Credit Investor Angst:
  • North American Investment Grade CDS Index 89.09 +1.15%
  • America Energy Sector High-Yield CDS Index 795.0 -.19%
  • European Financial Sector CDS Index 117.58 +4.82%
  • Italian/German 10Y Yld Spread 270.75 +18.0 basis points
  • Asia Pacific Sovereign Debt CDS Index 11.75 n/a
  • Emerging Market CDS Index 206.80 -.25%
  • iBoxx Offshore RMB China Corporate High Yield Index 152.05 +.05%
  • 2-Year Swap Spread 15.75 -1.0 basis point
  • TED Spread 39.75 +3.5 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap .5 -.75 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 67.0 +1.09%
  • 3-Month T-Bill Yield 2.41% unch.
  • Yield Curve 17.25 +1.5 basis points
  • China Iron Ore Spot 70.40 USD/Metric Tonne -.3%
  • Citi US Economic Surprise Index -25.0 -2.5 points
  • Citi Eurozone Economic Surprise Index -71.1 +.5 point
  • Citi Emerging Markets Economic Surprise Index -12.7 +.6 point
  • 10-Year TIPS Spread 1.69 -2.0 basis points
  • 0.0% chance of Fed rate hike at March 20th meeting, 0.0% chance at May 1st meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -500 open in Japan 
  • China A50 Futures: Indicating -6 open in China
  • DAX Futures: Indicating +10 open in Germany
Portfolio: 
  • Lower: On losses in my tech/retail/industrial/medical sector longs
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my emerging market shorts
  • Market Exposure: Moved to 25% Net Long

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