Wednesday, November 28, 2012

Stocks Reversing Higher into Final Hour on Fiscal Cliff Optimism, Short-Covering, Bargain-Hunting, Consumer Discretionary Strength

Today's Market Take:
 
Broad Market Tone:
  • Advance/Decline Line: Modestly Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • VIX 15.80 -.75%
  • ISE Sentiment Index 133.0 +41.5%
  • Total Put/Call .84 unch.
  • NYSE Arms .60 -.67%
Credit Investor Angst:
  • North American Investment Grade CDS Index 101.42 -.72%
  • European Financial Sector CDS Index 164.20 +1.03%
  • Western Europe Sovereign Debt CDS Index 109.98 bps +.90%
  • Emerging Market CDS Index 252.95 bps -1.04%
  • 2-Year Swap Spread 12.0 -.5 basis point
  • TED Spread 22.0 -1.0 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -27.75 +.5 basis point
Economic Gauges:
  • 3-Month T-Bill Yield .09% +1 basis point
  • Yield Curve 136.0 -2 basis points
  • China Import Iron Ore Spot $117.90/Metric Tonne unch.
  • Citi US Economic Surprise Index 47.0 -2.0 points
  • 10-Year TIPS Spread 2.39 unch.
Overseas Futures:
  • Nikkei Futures: Indicating +52 open in Japan
  • DAX Futures: Indicating +37 open in Germany
Portfolio:
  • Higher: On gains in my Tech/Medical/Retail/Biotech sector longs and emerging markets shorts
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 50% Net Long

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