Broad Equity Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Most Sectors Rising
- Volume: Around Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 12.6 +.24%
- Euro/Yen Carry Return Index 127.11 +.52%
- Emerging Markets Currency Volatility(VXY) 6.40 unch.
- S&P 500 Implied Correlation 37.8 -8.1%
- ISE Sentiment Index 80.0 -13
- Total Put/Call .73 -15.1%
- NYSE Arms 1.25 -3.1%
Credit Investor Angst:
- North American Investment Grade CDS Index 44.32 +.37%
- America Energy Sector High-Yield CDS Index 534.0 +.19%
- European Financial Sector CDS Index 51.02 +1.31%
- Italian/German 10Y Yld Spread 153.5 +1.5 basis points
- Asia Ex-Japan Investment Grade CDS Index 53.43 -1.06%
- Emerging Market CDS Index 180.95 +.16%
- iBoxx Offshore RMB China Corporate High Yield Index 168.75 +.07%
- 2-Year Swap Spread 6.0 -.5 basis point
- TED Spread 30.75 -.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -3.75 -1.0 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 66.58 +.02%
- 3-Month T-Bill Yield 1.54% +1.0 basis point
- Yield Curve .25 unch.
- China Iron Ore Spot 93.39 USD/Metric Tonne +.27%
- Citi US Economic Surprise Index 2.0 +1.5 points
- Citi Eurozone Economic Surprise Index 41.80 -1.5 points
- Citi Emerging Markets Economic Surprise Index -5.20 +.8 basis point
- 10-Year TIPS Spread 1.77+1.0 basis point
- .7% chance of Fed rate cut at March 18th meeting, 10.5% chance of cut at April 29th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +95 open in Japan
- China A50 Futures: Indicating +86 open in China
- DAX Futures: Indicating +11 open in Germany
Portfolio:
- Higher: On gains in my tech/retail/industrial sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 100% Net Long
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