Broad Equity Market Tone:
- Advance/Decline Line: Modestly Higher
- Sector Performance: Most Sectors Rising
- Volume: Around Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 12.6 -2.0%
- Euro/Yen Carry Return Index 126.47 +.08%
- Emerging Markets Currency Volatility(VXY) 6.0 -1.3%
- S&P 500 Implied Correlation 38.5 +1.1%
- ISE Sentiment Index 126.0 -69
- Total Put/Call .77 -7.2%
- NYSE Arms 1.35 +7.1%
Credit Investor Angst:
- North American Investment Grade CDS Index 45.06 -.71%
- America Energy Sector High-Yield CDS Index 574.0 +1.97%
- European Financial Sector CDS Index 52.55 +.24%
- Italian/German 10Y Yld Spread 160.75 -1.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 52.15 +.75%
- Emerging Market CDS Index 185.65 +.71%
- iBoxx Offshore RMB China Corporate High Yield Index 169.48 +.07%
- 2-Year Swap Spread 7.0 -.5 basis point
- TED Spread 25.75 -1.0 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -4.5 -1.0 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 66.27 +.24%
- 3-Month T-Bill Yield 1.55% +2.0 basis points
- Yield Curve .25 unch.
- China Iron Ore Spot 93.15 USD/Metric Tonne -.13%
- Citi US Economic Surprise Index 9.7 -.5 point
- Citi Eurozone Economic Surprise Index 43.60 -1.5 points
- Citi Emerging Markets Economic Surprise Index 9.0 +4.8 basis points
- 10-Year TIPS Spread 1.72 -2.0 basis points
- .8% chance of Fed rate cut at March 18th meeting, 8.7% chance of cut at April 29th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -151 open in Japan
- China A50 Futures: Indicating -131 open in China
- DAX Futures: Indicating -13 open in Germany
Portfolio:
- Slightly Higher: On gains in my biotech/tech/biotech sector longs
- Disclosed Trades: None
- Market Exposure: 75% Net Long
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