Thursday, May 31, 2012

Stocks Reversing Higher into Final Hour on Financial Sector Strength, Euro Bounce, Short-Covering, Bargain-Hunting


Broad Market Tone:

  • Advance/Decline Line: Slightly Lower
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • VIX 23.78 -1.49%
  • ISE Sentiment Index 97.0 +11.49%
  • Total Put/Call 1.05 -15.32%
  • NYSE Arms .98 -49.08%
Credit Investor Angst:
  • North American Investment Grade CDS Index 122.53 +.21%
  • European Financial Sector CDS Index 297.38 -.49%
  • Western Europe Sovereign Debt CDS Index 326.26 +1.51%
  • Emerging Market CDS Index 333.19 +1.11%
  • 2-Year Swap Spread 35.75 +.75 basis point
  • TED Spread 40.50 +.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -50.25 +.5 basis point
Economic Gauges:
  • 3-Month T-Bill Yield .07% unch.
  • Yield Curve 131.0 -4 basis points
  • China Import Iron Ore Spot $134.80/Metric Tonne unch.
  • Citi US Economic Surprise Index -35.90 -5.9 points
  • 10-Year TIPS Spread 2.09 +2 basis points
Overseas Futures:
  • Nikkei Futures: Indicating a -39 open in Japan
  • DAX Futures: Indicating +13 open in Germany
Portfolio:
  • Higher: On gains in my Retail and Tech sector longs
  • Disclosed Trades: Covered all of my (IWM), (QQQ) hedges, covered some of my (EEM) short, added (QCOM) long
  • Market Exposure: Moved to 100% Net Long

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