Broad Equity Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Around Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 21.8 -3.2%
- Bloomberg Global Risk On/Risk Off Index 1,450.0 +87.0 points
- Euro/Yen Carry Return Index 130.80 +.18%
- Emerging Markets Currency Volatility(VXY) 10.3 +.1%
- S&P 500 Implied Correlation 47.7 -1.3%
- ISE Sentiment Index 159.0 +40.0 points
- Total Put/Call .64 -18.0%
- NYSE Arms .94 -24.8%
Credit Investor Angst:
- North American Investment Grade CDS Index 52.57 -.64%
- US Energy High-Yield OAS 576.18 -.70%
- European Financial Sector CDS Index 56.09 -1.69%
- Italian/German 10Y Yld Spread 111.0 +1.0 basis point
- Asia Ex-Japan Investment Grade CDS Index 56.62 -1.15%
- Emerging Market CDS Index 155.41 -2.23%
- iBoxx Offshore RMB China Corporate High Yield Index 183.34 +.36%
- 2-Year Swap Spread 8.5 unch.
- TED Spread 15.5 +1.25 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -25.50 -1.0 basis point
- MBS 5/10 Treasury Spread 73.0 -2.25 basis points
- IHS Markit CMBX BBB- 6 73.0 +.5 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 62.94 +.55%
- 3-Month T-Bill Yield .08% unch.
- Yield Curve 80.75 +3.75 basis points
- China Iron Ore Spot 158.22 USD/Metric Tonne +2.78%
- Citi US Economic Surprise Index 72.0 +.6 point
- Citi Eurozone Economic Surprise Index 198.70 -1.1 points
- Citi Emerging Markets Economic Surprise Index 70.6 +.9 point
- 10-Year TIPS Spread 1.95 +2.0 basis points
- 100.0% chance of no change at March 17th meeting, 100.0% chance of no change at April 28th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -26 open in Japan
- China A50 Futures: Indicating -11 open in China
- DAX Futures: Indicating +19 open in Germany
Portfolio:
- Higher: On gains in my medical/tech/biotech/industrial/consumer staple sector longs
- Disclosed Trades: None
- Market Exposure: 75% Net Long
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