Today's Market Take:
Broad Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Most Sectors Rising
- Volume: Slightly Below Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- ISE Sentiment Index 105.0 +23.53%
- Total Put/Call 1.09 -4.39%
Credit Investor Angst:
- North American Investment Grade CDS Index 89.28 -1.01%
- European Financial Sector CDS Index 167.54 +11.5%
- Western Europe Sovereign Debt CDS Index 107.33 +8.85%
- Emerging Market CDS Index 237.60 +.79%
- 2-Year Swap Spread 15.0 +.75 bp
- 3-Month EUR/USD Cross-Currency Basis Swap -21.5 -1.75 bps
Economic Gauges:
- 3-Month T-Bill Yield .11% -1 bp
- China Import Iron Ore Spot $151.90/Metric Tonne unch.
- Citi US Economic Surprise Index 7.70 +12.7 points
- 10-Year TIPS Spread 2.51 -1 bp
Overseas Futures:
- Nikkei Futures: Indicating +5 open in Japan
- DAX Futures: Indicating +36 open in Germany
Portfolio:
- Slightly Higher: On gains in my tech/retail sector longs and emerging markets shorts
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 50% Net Long
Bloomberg:
- Merkel’s Euro Doctrine Threatened as Italians Snub Austerity. Silvio Berlusconi may have the last
laugh -- at Europe’s expense. Once the subject of German Chancellor Angela Merkel’s
barely suppressed titters, the former Italian leader roared back
from the political wasteland in yesterday’s election, blocking
the formation of a new Italian government and fracturing the
euro zone’s brittle newfound stability. The billionaire’s resurrection coupled with the emergence
of comedian-turned-politician Beppe Grillo risked igniting anti-
austerity forces in southern Europe’s depressed economies,
overturning the German-led crisis-management formula and
renewing doubts about popular backing for the euro. “This is a catastrophe for Europe,” Luxembourg Foreign
Minister Jean Asselborn said in a telephone interview. “There
are a lot of people in Italy, in Europe, who think that Europe
is to blame for Italy’s problems. Second, I have very serious
doubts that populism would make it possible to find a solution
to create stability in Italy.”
- Italy Confronts Vacuum as Leaders Seek to Avoid Election.Italian party chiefs began jockeying to forge a coalition of
rivals and head off a second vote as a political vacuum of at least a
month loomed, threatening to whipsaw financial markets. In the
aftermath of an inconclusive election, Democratic Party leader Pier
Luigi Bersani and resurgent ex-Premier Silvio Berlusconi may be seeking
to avoid a ballot that would favor populist Beppe Grillo, whose movement
was the top vote-getter in its first national contest. No formal steps
can be taken until a new parliament convenes March 15. “If they
don’t change strategy and go vote again with similar candidates, the
risk is a Grillo landslide,” Giovanni Orsina, a history professor at
Luiss Guido Carli University in Rome, said in an interview today.
- Italy’s Bonds Slump After Inconclusive Elections.
Italy’s government bonds slumped, leading declines among securities
from Europe’s high-deficit nations, as inconclusive election results
triggered renewed concern that the region’s sovereign-debt crisis will
worsen. Italian 10-year yields climbed the most in 14 months as results
showed pre-election favorite Pier Luigi Bersani won the
lower house by less than a half a percentage point, while Silvio
Berlusconi, the former premier fighting a tax-fraud conviction,
gained a blocking minority in the Senate. Spanish and Portuguese
securities also slid, while German and Finnish bonds advanced
for a fourth day. Italy sold 8.75 billion euros ($11.4 billion)
of six-month bills at the highest yield since October. Italy’s 10-year yield climbed 40 basis points, or 0.4
percentage point, to 4.89 percent at 4:42 p.m. London time after
rising as much as 44 basis points, the biggest increase since
Dec. 19, 2011. The extra yield, or spread, investors demand to hold
Italian 10-year securities instead of similar-maturity bunds
widened 50 basis points to 344 basis points after expanding to
347 basis points, the most since Dec. 11.
- Bank Credit Risk Surges in Europe Amid Italian Election Deadlock. The cost of insuring against default
on European bank debt surged to the highest in three months on
concern deadlock in Italy’s elections will trigger a flight from risky assets as a political vacuum roils markets. The
Markit iTraxx Financial Index of credit-default swaps on 25 banks and
insurers climbed 12 basis points to 163, at 11:30 a.m. in London, the
highest since Nov. 28 and headed for the biggest monthly increase since
May. Contracts insuring
Italy’s bonds rose 43 basis points to a 2 1/2-month high of 293,
the biggest jump since December 2011. Italy faces months of political turbulence which may
see President Giorgio Napolitano install an interim government
to write a new election law as the prelude to another vote.
- “Gridlock in parliament means gridlock in the economy,” Alberto
Gallo, the head of European macro credit research at Royal Bank of
Scotland Group Plc in London, wrote in a client note. “The longer the
instability lasts, the more the recession can deepen, pushing up
unemployment, defaults and bad loans. In the worst-case scenario, the
weaker banks could see deposit outflows re-emerge.” The Markit iTraxx
Europe Index of swaps on investment-grade companies rose seven basis
points to 120, the highest since Nov. 30. The Markit iTraxx Crossover
Index of swaps on 50 companies
with mostly speculative-grade ratings climbed as much as 26
basis points to 470, the highest this year before paring the
gain to 465 basis points.
- European Stocks Decline on Italian Election Deadlock.
European stocks declined as Italy’s inconclusive parliamentary election
renewed concern that the Mediterranean nation will dilute its austerity
program and the region’s sovereign-debt crisis will deepen. Italian shares led the retreat, with the FTSE MIB Index (FTSEMIB) tumbling 4.9 percent.
- ECB Should Join ‘Currency War’ to Weaken Euro, Montebourg Says. The European Central Bank should
weaken the euro, confronting the new “currency war” head on to
help address economic stagnation in the region, French Industry
Minister Arnaud Montebourg said today. Calling for a more activist and “political” management of
the currency shared by 17 European nations, Montebourg said at a
press conference in Paris that he wants “the European Central
Bank to do its job.” “The euro is too strong and doesn’t correspond to economic
fundamentals,” he said. The ECB “should prepare to confront a
new currency war in which the weakening of currencies becomes a
political tool.”
- Italy Votes for Chaos and the Euro Crisis Is Back. Italy’s parliamentary election could
not have gone worse for the country or the euro area. It is now possible that in the coming months the currency
zone’s third-largest economy will need a bailout from
international creditors, at a time when Italy will have no
government in place to ask for, or negotiate, a rescue. In case
you had any doubts, the euro-area crisis is back.
- UBS Sees Iron Ore Plunging 54% to Lowest Since ’09 on Supply. Iron ore, trading near 16-month
highs, may slump 54 percent to the lowest level since 2009 as China boosts production and global supply climbs, said UBS AG.
(UBSN) Rates may tumble to $70 a ton in the three months ending
September after trading between $130 and $160 through June, Sydney-based
commodity analyst Tom Price said in a phone
interview today. China is the world’s biggest importer. “We expect a big
correction in the third quarter,” said
Price. “We see a big lift in supply.”
- Aluminum Falls as Commodities Slide on Inconclusive Italian Vote. Aluminum
fell for a seventh session in London as commodities slid amid concern
that the euro-area debt crisis might worsen, following an inconclusive
election in Italy. The Standard & Poor’s GSCI Spot Index of 24
raw materials fell to the lowest since Jan. 17. China, the biggest
aluminum consumer, is set to have a “significant” surplus of about
700,000 metric tons that is likely to be partly shipped in the
form of semi-fabricated products, according to Goldman Sachs
Group Inc. “There is selling across the board as there is so much
uncertainty because of Italy,” Walter de Wet, an analyst at
Standard Bank Plc, said today in a telephone interview. “The
fundamentals are also very weak.” Aluminum for delivery in three months declined 0.5 percent
to $2,027.50 a metric ton at 3:09 p.m. local time on the London
Metal Exchange. Prices earlier touched $2,010, the lowest since
Nov. 29.
- Brazil’s Unemployment Rises More Than Forecast in January.
Brazil’s unemployment rate rose more than analysts predicted in January
as the world’s second-biggest emerging economy continues to respond
slowly to government efforts to spur growth. The jobless rate jumped to 5.4 percent from the record low 4.6 percent in December,
the national statistics agency said in Rio de Janeiro today. Economists
had forecast unemployment would rise to 5.2 percent, according to a
survey by Bloomberg of 28
analysts.
- Consumer Confidence in U.S. Increases More Than Forecast. The Conference Board’s index climbed to 69.6, exceeding all
forecasts in a Bloomberg survey of economists, from a revised
58.4 in January, data from the New York-based private research
group showed today. It was the first improvement in four months
and the biggest since November 2011.
Wall Street Journal:
MarketWatch:
Fox News:
CNBC:
- Foreign Autos Shut Out Big 3 In New Report. In a report that will trouble fans of the Big 3, the annual selection of top automobiles and top brands by Consumer Reports shows Detroit falling behind its foreign competitors. In fact, for
the first time since 2007 the top ten vehicles picked by Consumer
Reports does not include a model built by General Motors, Ford or
Chrysler.
- Bernanke: My Inflation Record at the Fed Is One of the Best.
Federal Reserve Chairman Ben Bernanke strongly defended the central
bank's easy monetary policy before a Senate committee on Tuesday and
said there's
little risk of a spike in inflation in the near term. In
criticizing the central bank's easy monetary policy, Sen. Bob Corker, a
Republican from Tennessee, called Bernanke the biggest dove since World
War II.
- Why Italy’s Stalemate Could Mean Chaos for Euro Zone.
Zero Hedge:
Business Insider:
Reuters:
- Strong sales help Home Depot(HD) outshine Lowe's(LOW). Improvements in the U.S. housing market and sales tied to Hurricane Sandy helped Home Depot Inc report a higher-than-expected quarterly profit and outshine rival Lowe's Cos Inc for the 15th straight quarter.
- French jobless claims hit 15-year high in Jan. The
number of people out of work in France shot up again in January after a
smaller rise in December, piling new pressure on Socialist President
Francois Hollande who has made tackling joblessness his top priority.
The number of jobseekers in mainland France jumped by 43,900 or 1.4
percent, signalling a return to the rapid pace of increase seen over 19
straight months to December - although
half of the rise was due to a change in methodology in January. Without the adjustment the January increase would have been
22,800, still a much bigger jump than the 8,000 seen in December
and dealing a blow to Hollande, who has promised to stem the
rise in unemployment by the end of 2013.
Telegraph:
Frankfurter Allgemeine Zeitung:
- Lars Feld, a member of a panel of economic advisers to German
Chancellor Angela Merkel, said the euro crisis will return "with a
vengence" as capital loss will lead to higher risk premiums for Italy's
interest rates, citing an interview. Anton Boerner, head of Germany's
BGA exporters' association, says Italy must reform tax, labor, judicial
system or risk "irreparable damage" of euro. Boerner says if Italy not
willing to reform, "we have to think about how to deal with a modified
eurozone".
Baltic News Service:
- European Union President Herman Van Rompuy said Italy has "no
alternatives" to continuing fiscal reforms. "Now it's up to the leading
politicians to make the necessary compromises to form a government on a
stable basis and keep the course of fiscal consolidation and reforms.
There is no way back, there are no alternatives."
Valor:
- Bank of America's(BAC) Brazil credit exposure has risen to $10 billion.
Style Underperformer:
Sector Underperformers:
- 1) Education -3.40% 2) Alt Energy -1.13% 3) Gaming -.90%
Stocks Falling on Unusual Volume:
- TDS, ROSE, EEQ, TI, TTM, CIB, IRE, SU, AMCX, SPWR, NVS, ACHN, VSI, BDBD, OKS, CHMT, HSII, SF, GLF, EXPD, SHOO, INVN, TRAK, OKE, CF, WDR, ECPG, TSN, TV, HFC, XLNX, MELI, QIHU, SGY, WBMD, APOL, VVUS and TWI
Stocks With Unusual Put Option Activity:
- 1) VFC 2) EXPD 3) HD 4) XOP 5) ADSK
Stocks With Most Negative News Mentions:
- 1) SCHW 2) LO 3) CB 4) JPM 5) UTHR
Charts:
Style Outperformer:
Sector Outperformers:
- 1) Homebuilders +2.19% 2) Gold & Silver +1.39% 3) Computer Services +.42%
Stocks Rising on Unusual Volume:
- HD, CWH, ALC, SLCA and EBIX
Stocks With Unusual Call Option Activity:
- 1) SPXS 2) ADSK 3) PCS 4) NDAQ 5) CLX
Stocks With Most Positive News Mentions:
- 1) ESV 2) AMAT 3) TASR 4) HD 5) AMT
Charts:
Evening Headlines
Bloomberg:
- Italy Renews Market Jitters as Voters Reject Monti Austerity.
Italy’s inconclusive election triggered renewed market
jitters over Europe’s debt crisis as recession-scarred voters
repudiated budget rigor and established former comedian Beppe Grillo as a
political force. In the four-way race, pre-election favorite Pier Luigi
Bersani led for control of the lower house by less than a half
percentage point. Silvio Berlusconi, the former premier fighting a
tax-fraud conviction and charges of paying a minor for sex, called for a
recount and won a blocking minority in the Senate. In its first
national contest, Grillo’s group got 25 percent support and was probably
the most-voted party in the lower house. “The political situation
across Europe is effectively a race between austerity and reforms on the
one hand and the rise of populist movements on the other.” said Alberto
Gallo, head of European macro credit research at Royal Bank of Scotland
Group Plc. “Austerity is painful, and if reforms are not implemented in
time, you
run the risk of social unrest and populism. It hasn’t happened so far in
Greece, it hasn’t happened in Portugal or Spain, but we are very close
in Italy.”
- Grillo’s Anti-Austerity Wave Crashes Into Italian Parliament. Beppe Grillo, the comic banned from
Italian television two decades ago for ridiculing a corrupt
cadre of ruling lawmakers, had his political satire rewarded
yesterday with about 180 seats in Parliament. Grillo’s parliamentary list filled with political neophytes
amassed enough votes in yesterday’s election to deny a majority
to front-runner Pier Luigi Bersani and a comeback to three-time
Premier Silvio Berlusconi. As his competitors seek to cobble
together a make-shift alliance, the 64-year-old Grillo is
keeping his distance and preparing for a new vote. “They can’t hold us back any longer,” Grillo said late
yesterday in a video posted to his website. “They might go on
another seven or eight months and produce a disaster, but we
will be watching and working to keep it under control.”
- Spanish
Graft Distracts Rajoy From Fixing Economy: Euro Credit. Prime Minister
Mariano Rajoy's battle to curb borrowing and revive the Spanish economy
is being thrown off track by corruption scandals rocking his party. "The
government is so distracted defending itself against accusations that
it isn't getting on with the job of getting the economy on track,
meeting the huge disgruntlement of the general public and trying to hold
the country together," said Marc Ostwald, a strategist at Monument
Securities Ltd. in London.
- U.S. 10-Year Yield Falls Most Since November on Italy’s Vote.
Treasuries rose, pushing 10-year
yields down the most since November, as polls indicated the euro
area’s third-largest economy, Italy, may be left with a hung
parliament, stoking refuge demand. “The move today is all about the
Italian elections, which is giving a bid to Treasuries,” said Larry
Milstein, managing director in New York of government-debt trading at
R.W. Pressprich & Co. “When there is concern about one of the largest economics in Europe with one of the largest debt loads in the
region, you will see a flight to quality.”
- Gillard Slips in Australia Poll as Tax Damages Credibility. Prime
Minister Julia Gillard slipped behind opposition rival Tony Abbott as
Australia’s preferred leader for the first time since August after her
credibility was
dented when a mining tax she helped design brought in less
revenue than forecast.
- Stagflation Sparks BRIC-Worst Default Risk Surge: Brazil Credit.
Brazil’s creditworthiness in the swaps market is eroding at the fastest
pace among the biggest developing nations as inflation in Latin
America’s largest economy exceeds growth by the most in three years. The cost to protect Brazil’s dollar-denominated government bonds against
losses rose 21 basis points in the past month to 128 basis points,
increasing the price of credit-default swaps on $10 million of debt to
$128,000.
- Moody’s Promises Caps on Mortgage-Bond Ratings as Terms Loosen. Moody’s Investors Service said it
won’t assign its top ratings to certain residential mortgage-
bond deals with issuer-friendly terms, signaling a potentially
tougher stance than competitors as the market revives. Home-loan securities without government backing probably
will be able to get rankings only as high as Moody’s Aa tier if
“significant” limits are placed on when and how repurchases
can be forced of mortgages that fail to match their stated
quality, the New York-based firm said today in a report.
- Fed Faces Explaining Billion-Dollar Losses in Stress of QE3 Exit. Federal
Reserve Chairman Ben S. Bernanke’s efforts to rescue the economy could
result in more than a half trillion dollars of paper losses on the
central bank’s books if interest rates rise abruptly from recent levels.
That sum is the difference between the value of securities in the Fed’s
portfolio on Dec. 31 and what they may fetch in three years, according
to data compiled by MSCI Inc. of New York for Bloomberg News.
Wall Street Journal:
- Messy Italian Election Shakes World Markets. In a national election meant to push Italy further down a path of
economic reform, voters delivered political gridlock that could once
again rattle Europe's financial stability. Markets in Europe and the U.S. gyrated even in response to early
returns. The Dow Jones Industrial Average swung nearly 300 points,
ending with its worst day in almost four months, as the prospects of a
stable government appeared to drop.
- Banks Face Key Hurdle in Libor Fight. Banks suspected by regulators around the world of manipulating interest
rates are trying to escape another mire: more than 30 lawsuits filed by
borrowers, lenders and other plaintiffs who claim they were cheated by
the same financial institutions.
Fox News:
- Republicans urge Obama to end 'road show,' work with Senate to avert automatic cuts. House Republican leaders on Monday urged President Obama to "stop
campaigning" and hunker down with Congress to find an alternative to the
bludgeon of spending cuts set to hit Friday, saying now is not the time
"for a road-show president." The plea came as the president prepared to head Tuesday to Newport
News, Va., a major military community, to highlight the impact of
Pentagon cuts on a shipbuilding facility. Obama's Cabinet secretaries
also continued to issue dire warnings about the impact of so-called
sequestration if the $85 billion in cuts begin to take effect March 1. House
Speaker John Boehner and his deputies, emerging late Monday to
field a few questions from the press, said the Virginia stop shows Obama
is more interested in scoring political points than making a deal.
"This is not time for a road-show president," House Republican Whip
Kevin McCarthy, R-Calif., said. House Republican Leader Eric Cantor,
R-Va., whose state Obama is
visiting, repeatedly accused the president of offering a "false choice"
-- between passing tax increases and allowing steep cuts to take effect.
The president has blamed Republicans for holding up a deal, which under
Obama's terms would include a mix of cuts and revenue increases through
closing tax loopholes. Republicans suggest there's still time to
replace the sequester with cuts -- not tax hikes -- that makes sense.
"If the president was serious, he'd sit down with (Senate Democratic
Leader) Harry Reid and begin to address our problems," Boehner said. Boehner was not backing off his insistence that it's the Senate's turn to act.
MarketWatch.com:
- Autodesk(ADSK) declines after hours following outlook. ‘Fear index’ tracker extends its dayside rally. Stock in Autodesk was down 2.7% at $35.63 after the company forecast first-quarter
adjusted earnings of 41 cents to 46 cents a share and sales of $570
million to $590 million. Analysts polled by FactSet were expecting, on
average, earnings of 51 cents a share on revenue of $588.7 million.
CNBC:
Zero Hedge:
Business Insider:
Forbes:
The Detroit News:
- GM(GM) proposes to pay CEO $11.1 million in '13. General Motors Co. wants to pay its chief
executive $11.1 million in total compensation this year — an increase of more
than 20 percent over 2012— and offer raises to most of its highest paid
executives, according to a document turned over to Congress. The Detroit automaker, which received a
$49.5 billion bailout in 2008 and 2009, must get approval for the pay packages
for its top 25 executives from the Treasury Department, as a condition of its
government bailout. According to a copy of the proposal
obtained by The Detroit News from a source familiar with the documents, GM is
proposing raises for 18 of its top 25 executives for 2013, with each of those
making at least $1.8 million.
Reuters:
- California pension liabilities may swell to $328.6 bln -report. New credit evaluation standards for public pension liabilities proposed by Moody's Investors Service would swell unfunded liabilities for
California's state and local public pension plans to $328.6
billion from $128.3 billion, according to a report released on
Monday.
Financial Times:
- US oil imports from Middle East increase. The
US was more reliant on the Middle East for its oil imports last year,
underscoring the critical importance of the politically unstable region
for the country despite the growing energy independence its shale gas
revolution is bringing.
Telegraph:
- Trillion pound cash mountain to the rescue? It’s unwise to bank on it. Meaningless though it might otherwise be, the downgrade in Britain’s credit
rating at least acts as a reminder of just how deeply mired in post-crisis
gloom the UK economy really is, and quite how difficult extracting the
country from the ruination of more than a decade of banking excess and
burgeoning social spending commitments is proving.
Kyodo:
- Japan
Your Party Tells Abe It Opposes Kuroda as BOJ Head. Yoshimi Watanabe,
head of Japan opposition Your Party, told Prime Minister Shinzo Abe
today.
Beijing Morning Post:
- Ping
An, Minsheng Bank Curbs Mortgage Lending. Ping An Bank and China
Minsheng Bank have stopped mortgage lending in Beijing, citing people
from the banks. Minsheng has halted second-home mortgages, according to
the report. Ping An will stop mortgage lending for the next year.
Shanghai Securities News:
- Beijing has completed a draft of property control measures, which will be released after the central government issues more detailed policies, citing a person familiar with the matter.
China Securities Journal:
- China May Tighten Monetary Policy. China may tighten monetary
policy because of excessive liquidity in the market and rising property
prices, according to a front-page commentary written by a reporter Ren
Xiao. China may manage liquidity in 1H by selling repos or reverse
repos, the commentary said. Home prices rose for a third month adding
pressure to intensify policy-tightening efforts.
Evening Recommendations
Night Trading
- Asian equity indices are -1.25% to -.50% on average.
- Asia Ex-Japan Investment Grade CDS Index 111.5 +3.0 basis points.
- Asia Pacific Sovereign CDS Index 83.25 +.25 basis point.
- NASDAQ 100 futures +.01%.
Morning Preview Links
Earnings of Note
Company/Estimate
Economic Releases
9:00 am EST
- The S&P/CS 20 City MoM% SA for December is estimated to rise +.65% versus a +.63% gain in November.
10:00 am EST
- Richmond Fed for February is estimated to rise to -4 versus -12 in January.
- Consumer Confidence for February is estimated to rise to 62.0 versus 58.6 in January.
- New Home Sales for January are estimated to rise to 380K versus 369K in December.
Upcoming Splits
Other Potential Market Movers
- The Fed's Bernanke Senate Testimony, weekly retail sales reports, 5Y T-Note auction,
UK Housing prices, (JPM) investor day, (WBSN) analyst day, RBC
Healthcare Conference, Robert Baird Business Solutions Conference,
Goldman Ag Conference and the Wells Fargo Real Estate Conference could
also impact trading today.
BOTTOM LINE: Asian indices are lower, weighed down by industrial and financial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.
Broad Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Almost Every Sector Declining
- Volume: Slightly Below Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- ISE Sentiment Index 100.0 -16.67%
- Total Put/Call 1.12 +21.74%
Credit Investor Angst:
- North American Investment Grade CDS Index 89.20 +3.31%
- European Financial Sector CDS Index 150.49 +.31%
- Western Europe Sovereign Debt CDS Index 98.60 -1.95%
- Emerging Market CDS Index 235.95 +.60%
- 2-Year Swap Spread 14.25 -.25 bp
- 3-Month EUR/USD Cross-Currency Basis Swap -19.75 unch.
Economic Gauges:
- 3-Month T-Bill Yield .12% unch.
- China Import Iron Ore Spot $151.90/Metric Tonne -1.11%
- Citi US Economic Surprise Index -5.0 -.2 point
- 10-Year TIPS Spread 2.52 -2 bps
Overseas Futures:
- Nikkei Futures: Indicating -287 open in Japan
- DAX Futures: Indicating -108 open in Germany
Portfolio:
- Slightly Higher: On gains in my index hedges and emerging markets shorts
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 25% Net Long
