Wednesday, January 09, 2013

Stocks Slightly Higher into Final Hour on Debt Ceiling Hopes, Short-Covering, Diminishing Global Growth Fears, Biotech/Homebuilding Sector Strength

Today's Market Take:

Broad Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • VIX 13.92 +2.20%
  • ISE Sentiment Index 96.0 -1.3%
  • Total Put/Call .85 -11.46%
  • NYSE Arms 1.57 -6.68%
Credit Investor Angst:
  • North American Investment Grade CDS Index 86.71 +1.37%
  • European Financial Sector CDS Index 124.21 +1.05%
  • Western Europe Sovereign Debt CDS Index 101.80 +.45%
  • Emerging Market CDS Index 207.51 +1.16%
  • 2-Year Swap Spread 13.50 unch.
  • TED Spread 25.0 +.5 bp
  • 3-Month EUR/USD Cross-Currency Basis Swap -20.0 -.25 bp
Economic Gauges:
  • 3-Month T-Bill Yield .06% unch.
  • Yield Curve 161.0 unch.
  • China Import Iron Ore Spot $158.50/Metric Tonne unch.
  • Citi US Economic Surprise Index 30.0 -1.1 points
  • 10-Year TIPS Spread 2.52 +2 bps
Overseas Futures:
  • Nikkei Futures: Indicating +57 open in Japan
  • DAX Futures: Indicating -6 open in Germany
Portfolio:
  • Slightly Higher: On gains in my medical/biotech/tech sector longs
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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