Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Above Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 22.5 -11.9%
- Euro/Yen Carry Return Index 128.56 +.81%
- Emerging Markets Currency Volatility(VXY) 9.61 -3.9%
- S&P 500 Implied Correlation 50.42 -3.56%
- ISE Sentiment Index 125.0 +45.4%
- Total Put/Call .90 -32.3%
- NYSE Arms .54 -64.24%
Credit Investor Angst:
- North American Investment Grade CDS Index 84.84 -5.15%
- America Energy Sector High-Yield CDS Index 821.0 +3.5%
- European Financial Sector CDS Index 112.69 -4.16%
- Italian/German 10Y Yld Spread 269.0 -10.75 basis points
- Asia Ex-Japan Investment Grade CDS Index 97.77 -1.4%
- Emerging Market CDS Index 196.11 -5.5%
- iBoxx Offshore RMB China Corporate High Yield Index 152.73 +.44%
- 2-Year Swap Spread 15.5 -.25 basis point
- TED Spread 39.5 -.25 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap 1.5 +1.0 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 67.70 +1.13%
- 3-Month T-Bill Yield 2.41% unch.
- Yield Curve 17.0 -.25 basis point
- China Iron Ore Spot 71.68 USD/Metric Tonne +.08%
- Citi US Economic Surprise Index -11.6 +13.4 points
- Citi Eurozone Economic Surprise Index -75.1 -4.0 points
- Citi Emerging Markets Economic Surprise Index -14.0 -1.3 points
- 10-Year TIPS Spread 1.76 +7.0 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 +673 open in Japan
- China A50 Futures: Indicating +157 open in China
- DAX Futures: Indicating +33 open in Germany
Portfolio:
- Higher: On gains in my tech/retail/industrial/medical/biotech sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my emerging market shorts
- Market Exposure: Moved to 75% Net Long
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