Broad Equity Market Tone:
- Advance/Decline Line: Modestly Lower
- Sector Performance: Mixed
- Volume: Above Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 13.3 -4.5%
- Euro/Yen Carry Return Index 126.21 -.09%
- Emerging Markets Currency Volatility(VXY) 6.69 unch.
- S&P 500 Implied Correlation 41.68 -1.9%
- ISE Sentiment Index 95.0 +4
- Total Put/Call 1.0 +42.86%
- NYSE Arms 1.23 +112.0%
Credit Investor Angst:
- North American Investment Grade CDS Index 47.92 -.42%
- America Energy Sector High-Yield CDS Index 613.0 -3.31%
- European Financial Sector CDS Index 52.84 -3.42%
- Italian/German 10Y Yld Spread 154.75 +4.5 basis points
- Asia Ex-Japan Investment Grade CDS Index 60.70 -3.4%
- Emerging Market CDS Index 185.54 -1.31%
- iBoxx Offshore RMB China Corporate High Yield Index 166.59 -.25%
- 2-Year Swap Spread 2.75 +1.0 basis point
- TED Spread 34.25 +2.0 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -13.75 +6.0 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 66.13 +.01%
- 3-Month T-Bill Yield 1.55% -1.0 basis point
- Yield Curve .23 unch.
- China Iron Ore Spot 93.0 USD/Metric Tonne +.53%
- Citi US Economic Surprise Index -9.5 -5.5 basis points
- Citi Eurozone Economic Surprise Index 9.0 +.5 point
- Citi Emerging Markets Economic Surprise Index -22.6 -1.4 basis points
- 10-Year TIPS Spread 1.72 -1.0 basis point
- 9.2% chance of Fed rate cut at March 18th meeting, 22.6% chance of cut at April 29th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -113 open in Japan
- China A50 Futures: Indicating -56 open in China
- DAX Futures: Indicating +33 open in Germany
Portfolio:
- Higher: On gains in my tech/medical/biotech sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some
- Market Exposure: Moved to 75% Net Long
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