Tuesday, March 05, 2019

Stocks Reversing Slightly Higher into Final Hour on Diminishing Global Growth Fears, Earnings Outlooks, Technical Buying, Retail/Restaurant Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Slightly Lower
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 14.39 -1.6%
  • Euro/Yen Carry Return Index 131.41 -.19%
  • Emerging Markets Currency Volatility(VXY) 8.11 -1.34%
  • S&P 500 Implied Correlation 39.77 -1.36%
  • ISE Sentiment Index 97.0 +26.0%
  • Total Put/Call .88 -11.11%
  • NYSE Arms .98 -2.97%
Credit Investor Angst:
  • North American Investment Grade CDS Index 60.72 +1.73%
  • America Energy Sector High-Yield CDS Index 507.0 +.22%
  • European Financial Sector CDS Index 75.34 -.67%
  • Italian/German 10Y Yld Spread 254.0 -4.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 66.5 -.18%
  • Emerging Market CDS Index 171.41 +.89%
  • iBoxx Offshore RMB China Corporate High Yield Index 158.88 +.09%
  • 2-Year Swap Spread 9.75 +1.25 basis points
  • TED Spread 16.0 -1.0 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -9.0 unch.
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 67.94 -.06%
  • 3-Month T-Bill Yield 2.44% +2.0 basis points
  • Yield Curve 17.25 -1.0 basis point
  • China Iron Ore Spot 84.47 USD/Metric Tonne +.12%
  • Citi US Economic Surprise Index -33.80 +9.1 points
  • Citi Eurozone Economic Surprise Index -51.2 +8.8 points
  • Citi Emerging Markets Economic Surprise Index -15.4 +1.1 points
  • 10-Year TIPS Spread 1.93 -1.0 basis point
  • .8% chance of Fed rate hike at May 1st meeting, 4.5% chance at June 19th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -136 open in Japan 
  • China A50 Futures: Indicating +87 open in China
  • DAX Futures: Indicating +7 open in Germany
Portfolio:
  • Slightly Lower: On losses in my industrial sector longs and emerging market shorts
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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