Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Most Sectors Declining
- Volume: Above Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 13.9 +11.2%
- Euro/Yen Carry Return Index 125.26 -.53%
- Emerging Markets Currency Volatility(VXY) 6.7 +2.1%
- S&P 500 Implied Correlation 42.0 +3.4%
- ISE Sentiment Index 82.0 -26
- Total Put/Call .84 +7.69%
- NYSE Arms 1.10 -20.9%
Credit Investor Angst:
- North American Investment Grade CDS Index 45.41 +2.31%
- America Energy Sector High-Yield CDS Index 528.0 -3.72%
- European Financial Sector CDS Index 53.97 +4.06%
- Italian/German 10Y Yld Spread 162.5 -1.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 54.39 +2.55%
- Emerging Market CDS Index 180.99 +3.04%
- iBoxx Offshore RMB China Corporate High Yield Index 167.877 +.21%
- 2-Year Swap Spread 9.25 -.75 basis point
- TED Spread 40.25 +3.5 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap 1.25 -3.25 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 66.73 -.45%
- 3-Month T-Bill Yield 1.5% -3.0 basis points
- Yield Curve .30 -5.0 basis points
- China Iron Ore Spot 92.38 USD/Metric Tonne -.11%
- Citi US Economic Surprise Index -9.3 -5.9 points
- Citi Eurozone Economic Surprise Index 32.50 -.9 point
- Citi Emerging Markets Economic Surprise Index -10.7 +.2 basis point
- 10-Year TIPS Spread 1.78 -2.0 basis points
- 5.6% chance of Fed rate cut at March 18th meeting, 17.5% chance of cut at April 29th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -316 open in Japan
- China A50 Futures: Indicating +13 open in China
- DAX Futures: Indicating -38 open in Germany
Portfolio:
- Lower: On losses in my biotech/tech/industrial/medical sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my emerging market shorts
- Market Exposure: Moved to 75% Net Long
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