Wednesday, February 20, 2013

Sotocks Falling Sharply into Final Hour on Global Growth Worries, Sequestration Fears, Less Dovish Fed Rhetoric, Homebuilding/Commodity Sector Weakness

Today's Market Take:

Broad Market Tone:
  • Advance/Decline Line: Substantially Lower
  • Sector Performance: Every Sector Declining
  • Volume: About Average
  • Market Leading Stocks: Underperforming
Equity Investor Angst:
  • VIX 14.63 +18.85%
  • ISE Sentiment Index 83.0 -16.16%
  • Total Put/Call 1.13 +14.14%
  • NYSE Arms 3.0 +208.0%
Credit Investor Angst:
  • North American Investment Grade CDS Index 87.59 +2.57%
  • European Financial Sector CDS Index 142.37 -.31%
  • Western Europe Sovereign Debt CDS Index 99.0 -.77%
  • Emerging Market CDS Index 235.06 +1.92%
  • 2-Year Swap Spread 15.50 +.5 bp
  • TED Spread 17.25 -1.5 bps
  • 3-Month EUR/USD Cross-Currency Basis Swap -17.0 +.5 bp
Economic Gauges:
  • 3-Month T-Bill Yield .12% +2 bps
  • Yield Curve 175.0 unch.
  • China Import Iron Ore Spot $158.90/Metric Tonne +.57%
  • Citi US Economic Surprise Index -3.70 -1.2 points
  • 10-Year TIPS Spread 2.55 -2 bps
Overseas Futures:
  • Nikkei Futures: Indicating -38 open in Japan
  • DAX Futures: Indicating +3 open in Germany
Portfolio: 
  • Slightly Lower: On losses in my tech/retail/medical sector longs
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges, added to my equity-specific hedges
  • Market Exposure: Moved to 25% Net Long

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