Broad Equity Market Tone:
- Advance/Decline Line: Slightly Lower
- Sector Performance: Mixed
- Volume: Around Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 14.6 +4.1%
- Euro/Yen Carry Return Index 125.87 +.5%
- Emerging Markets Currency Volatility(VXY) 6.75 +.3%
- S&P 500 Implied Correlation 43.0 -3.7%
- ISE Sentiment Index 114.0 +32
- Total Put/Call .86 +.2%
- NYSE Arms .91 -41.3%
Credit Investor Angst:
- North American Investment Grade CDS Index 46.09 +1.2%
- America Energy Sector High-Yield CDS Index 512.0 -2.89%
- European Financial Sector CDS Index 54.87 +1.67%
- Italian/German 10Y Yld Spread 164.75 +2.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 56.96 +4.72%
- Emerging Market CDS Index 182.7 +.34%
- iBoxx Offshore RMB China Corporate High Yield Index 168.22 +.21%
- 2-Year Swap Spread 6.5 -2.75 basis points
- TED Spread 36.75 -3.75 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap .25 -1.0 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 66.47 +.02%
- 3-Month T-Bill Yield 1.52% +2.0 basis points
- Yield Curve .25 -5.0 basis points
- China Iron Ore Spot 92.75 USD/Metric Tonne +1.11%
- Citi US Economic Surprise Index -7.0 +2.3 points
- Citi Eurozone Economic Surprise Index 43.0 +9.5 points
- Citi Emerging Markets Economic Surprise Index -9.6 +1.1 basis points
- 10-Year TIPS Spread 1.77 -1.0 basis point
- 3.6% chance of Fed rate cut at March 18th meeting, 16.3% chance of cut at April 29th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +105 open in Japan
- China A50 Futures: Indicating +72 open in China
- DAX Futures: Indicating +2 open in Germany
Portfolio:
- Slightly Higher: On gains in my biotech/tech/retail/medical sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 100% Net Long
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