Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Most Sectors Rising
- Volume: Below Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 23.0 -.4%
- Bloomberg Global Risk On/Risk Off Index 1,455.0 +57.0 points
- Euro/Yen Carry Return Index 131.22 -.02%
- Emerging Markets Currency Volatility(VXY) 10.7 +1.2%
- S&P 500 Implied Correlation 47.8 -1.2%
- ISE Sentiment Index 131.0 +31.0 points
- Total Put/Call .75 -2.6%
- NYSE Arms .82 -25.5%
Credit Investor Angst:
- North American Investment Grade CDS Index 51.15 -1.6%
- US Energy High-Yield OAS 560.11 +.11%
- European Financial Sector CDS Index 58.83 +1.16%
- Italian/German 10Y Yld Spread 111.0 -2.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 57.0 -1.5%
- Emerging Market CDS Index 152.49 -1.36%
- iBoxx Offshore RMB China Corporate High Yield Index 184.27 +.09%
- 2-Year Swap Spread 7.5 -.75 basis point
- TED Spread 15.5 -.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -3.5 +9.5 basis points
- MBS 5/10 Treasury Spread 72.25 -.25 basis point
- IHS Markit CMBX BBB- 6 73.25 +.75 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 62.98 +.21%
- 3-Month T-Bill Yield .08% -1.0 basis point
- Yield Curve 80.75 -1.25 basis points
- China Iron Ore Spot 157.20 USD/Metric Tonne +2.36%
- Citi US Economic Surprise Index 47.80 +4.0 points
- Citi Eurozone Economic Surprise Index 190.50 -.5 point
- Citi Emerging Markets Economic Surprise Index 70.4 +1.6 points
- 10-Year TIPS Spread 1.96 unch.
- 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 +31 open in Japan
- China A50 Futures: Indicating +43 open in China
- DAX Futures: Indicating -67 open in Germany
Portfolio:
- Slightly Higher: On gains in my tech/biotech/industrial sector longs
- Disclosed Trades: None
- Market Exposure: 50% Net Long
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