Wednesday, October 24, 2012

Stocks Reversing Lower into Final Hour on Rising Global Growth Fears, US Fiscal Cliff Worries, Earnings Concerns, Tech/Transport Sector Weakness

Broad Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Most Sectors Declining
  • Volume: Slightly Below Average
  • Market Leading Stocks: Underperforming
Equity Investor Angst:
  • VIX 18.62 -1.12%
  • ISE Sentiment Index 77.0 -4.94%
  • Total Put/Call .89 -16.04%
  • NYSE Arms 1.39 -47.38%
Credit Investor Angst:
  • North American Investment Grade CDS Index 98.25 bps +1.44%
  • European Financial Sector CDS Index 170.64 bps -.51%
  • Western Europe Sovereign Debt CDS Index 108.04 bps -.30%
  • Emerging Market CDS Index 212.49 bps unch.
  • 2-Year Swap Spread 9.5 -1.25 basis points
  • TED Spread 20.75 -.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -24.0 +1.5 basis points
Economic Gauges:
  • 3-Month T-Bill Yield .11% +1 basis point
  • Yield Curve 149.0 +3 basis points
  • China Import Iron Ore Spot $118.70/Metric Tonne+1.02%
  • Citi US Economic Surprise Index 48.20 -.8 point
  • 10-Year TIPS Spread 2.48 -1 basis point
Overseas Futures:
  • Nikkei Futures: Indicating +7 open in Japan
  • DAX Futures: Indicating -20 open in Germany
Portfolio:
  • Slightly Higher: On gains in my Biotech/Medical sector longs, index hedges and emerging markets shorts
  • Disclosed Trades: None
  • Market Exposure: 25% Net Long

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