Broad Equity Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Most Sectors Rising
- Volume: Light
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 14.2 -4.5%
- Euro/Yen Carry Return Index 126.50 -.05%
- Emerging Markets Currency Volatility(VXY) 6.58 +.15%
- S&P 500 Implied Correlation 43.0 -6.2%
- ISE Sentiment Index 92.0 +10
- Total Put/Call 1.02 +14.6%
- NYSE Arms .84 -10.6%
Credit Investor Angst:
- North American Investment Grade CDS Index 45.22 +.89%
- America Energy Sector High-Yield CDS Index 546.0 +.24%
- European Financial Sector CDS Index 51.64 +.08%
- Italian/German 10Y Yld Spread 159.75 unch.
- Asia Ex-Japan Investment Grade CDS Index 53.45 +.50%
- Emerging Market CDS Index 173.74 +.01%
- iBoxx Offshore RMB China Corporate High Yield Index 167.44 +.02%
- 2-Year Swap Spread 12.75 +1.5 basis points
- TED Spread 36.5 -3.0 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap 3.75 -.75 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 66.73 +.13%
- 3-Month T-Bill Yield 1.54% unch.
- Yield Curve .30 unch.
- China Iron Ore Spot 91.06 USD/Metric Tonne +2.21%
- Citi US Economic Surprise Index -3.1 +.8 point
- Citi Eurozone Economic Surprise Index 30.40 +1.3 points
- Citi Emerging Markets Economic Surprise Index -14.3 -1.6 basis points
- 10-Year TIPS Spread 1.79 +2.0 basis points
- 28% chance of Fed rate cut at March 18th meeting, 9.3% chance of cut at April 29th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -199 open in Japan
- China A50 Futures: Indicating +26 open in China
- DAX Futures: Indicating -2 open in Germany
Portfolio:
- Higher: On gains in my medical/tech/biotech/retail sector longs
- Disclosed Trades: None
- Market Exposure: 100% Net Long
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