Morning Market Internals

NYSE Composite Index:

• Volume Running +36.8% Above 100-Day Average
• 0 Sectors Rising, 10 Sectors Declining
• 8.8% of Issues Advancing, 90.1% Declining
• 3 New 52-Week Highs, 793 New Lows
• 17.5% of Issues Above 200-day Moving Average
• Average 14-Day RSI 31.7%
• Vix 28.0 +16.8%
• Total Put/Call 1.01 unch.
• TRIN/Arms 1.68 +168.52%

Stocks Substantially Higher into Afternoon on Oil Bounce, Yen Weakness, Bargain-Hunting, Biotech/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Heavy

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 24.13 -4.32%

• Euro/Yen Carry Return Index 134.08 +.26%

• Emerging Markets Currency Volatility(VXY) 11.75 +1.21%

• S&P 500 Implied Correlation 61.55 -3.98%

• ISE Sentiment Index 72.0 -4.0%

• Total Put/Call 1.09 -8.4%

• NYSE Arms .58 -51.03% 

Credit Investor Angst:

• North American Investment Grade CDS Index 104.71 +2.76%

• America Energy Sector High-Yield CDS Index 1,764.0 +2.1%

• European Financial Sector CDS Index 83.77 +3.61%

• Western Europe Sovereign Debt CDS Index 17.82 +1.63%

• Asia Pacific Sovereign Debt CDS Index 78.22 +1.96%

• Emerging Market CDS Index 384.14 +1.04%
  

• iBoxx Offshore RMB China Corporate High Yield Index 122.83 +.01%

• 2-Year Swap Spread 7.35 -.25 basis point

• TED Spread 40.5 -1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -24.0 -1.75 basis points

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 67.69 +.01%
• 3-Month T-Bill Yield .24% +2.0 basis points

• Yield Curve 120.0 +4.0 basis points

• China Import Iron Ore Spot $40.22/Metric Tonne +1.80%

• Citi US Economic Surprise Index -26.3 -1.6 points

• Citi Eurozone Economic Surprise Index 20.50 -2.2 points

• Citi Emerging Markets Economic Surprise Index -4.80 -.3 point

• 10-Year TIPS Spread 1.47% +2.0 basis points
• 33.1% chance of Fed rate hike at March 16 meeting, 40.5% chance at April 27 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +240 open in Japan 
• China A50 Futures: Indicating -214 open in China

• DAX Futures: Indicating +59 open in Germany

Portfolio: 

• Higher: On gains in my tech/biotech/medical sector longs

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short

• Market Exposure: Moved to 75% Net Long

Bear Radar

Style Underperformer:

• Mid-Cap Growth +.1%

Sector Underperformers:

• 1) Coal -6.5% 2) Gold & Silver -4.3% 3) Homebuilding -1.2%

Stocks Falling on Unusual Volume:

• WBMD, TSEM, MBLY, TMH, BMRN, GPRO, ZBIO, EXR, BBY, DLPH, CUK, NHTC, AZPN, YELP, CPTA, MAIN, BC, AVGR, CAR, SRPT, UBNT, FUN, NVDQ, AHGP, AMBA, AXL, CG, PMT, HRTX, LEA, XPO, EXP, CST, BWA, KCG, KKD, UBNT, RH, MUSA, Z and TMH

Stocks With Unusual Put Option Activity:

• 1) Z 2) RH 3) BBY 4) XBI 5) KRE
  

Stocks With Most Negative News Mentions:

• 1) YELP 2) GPRO 3) FCAU 4) BBY 5) AMBA
  

Charts:

• ETFs Falling on Unusual Volume

• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Large-Cap Value +1.1%

Sector Outperformers: 

• 1) Energy +3.0% 2) Biotech +2.5% 3) Drugs +1.7%

Stocks Rising on Unusual Volume: 

• TREE, INFY, WMB, NBIX, RIO, MTDR and DYN

Stocks With Unusual Call Option Activity: 

• 1) TMUS 2) KKR 3) HTZ 4) MCD 5) GNC

Stocks With Most Positive News Mentions: 

• 1) VRTX 2) TREE 3) CMG 4) TGNA 5) FANG

Charts: 

• ETFs Rising on Unusual Volume 
• Stocks Rising on Unusual Volume

Morning Market Internals

NYSE Composite Index:

• Volume Running +44.0% Above 100-Day Average
• 8 Sectors Rising, 2 Sectors Declining
• 46.2% of Issues Advancing, 51.2% Declining
• 3 New 52-Week Highs, 696 New Lows
• 16.9% of Issues Above 200-day Moving Average
• Average 14-Day RSI 29.1%
• Vix 24.6 -2.4%
• Total Put/Call 1.08%
• TRIN/Arms .70 -40.93%

Stocks Reversing Substantially Lower into Final Hour on Global Growth Fears, Rising Eurozone/Emerging Markets/US High-Yield Debt Angst, Oil Decline, Road & Rail/Biotech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Every Sector Declining
  

• Volume: Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 25.50 +12.91%

• Euro/Yen Carry Return Index 133.93 +.33%

• Emerging Markets Currency Volatility(VXY) 11.51 -4.08%

• S&P 500 Implied Correlation 64.03 +4.56%

• ISE Sentiment Index 73.0 -18.89%

• Total Put/Call 1.09 +6.86%

• NYSE Arms 1.13 +19.31% 

Credit Investor Angst:

• North American Investment Grade CDS Index 102.53 +4.21%

• America Energy Sector High-Yield CDS Index 1,717.0 -.26%

• European Financial Sector CDS Index 80.86 -.29%

• Western Europe Sovereign Debt CDS Index 17.54 -2.01%

• Asia Pacific Sovereign Debt CDS Index 75.80 -.80%

• Emerging Market CDS Index 384.93 +1.81%
  

• iBoxx Offshore RMB China Corporate High Yield Index 122.82 -.41%

• 2-Year Swap Spread 7.5 +.25 basis point

• TED Spread 41.75 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -22.25 -.75 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 67.70 +.36%
• 3-Month T-Bill Yield .22% +2.0 basis points

• Yield Curve 116.0 -2.0 basis points

• China Import Iron Ore Spot $39.51/Metric Tonne -4.08%

• Citi US Economic Surprise Index -24.7 -.6 point

• Citi Eurozone Economic Surprise Index 22.70 -.7 point

• Citi Emerging Markets Economic Surprise Index -4.50 +5.9 points

• 10-Year TIPS Spread 1.45% -1.0 basis point
• 36.8% chance of Fed rate hike at March 16 meeting, 42.6% chance at April 27 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -456 open in Japan 
• China A50 Futures: Indicating -285 open in China

• DAX Futures: Indicating -182 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