Tuesday, May 21, 2013

Stocks Higher into Final Hour on Central Bank Hopes, Short-Covering, Biotech/Retail Sector Strength

Today's Market Take:

Broad Market Tone:
  • Advance/Decline Line: Slightly Higher
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Underperforming
Equity Investor Angst:
  • VIX 13.20 +1.38%
  • ISE Sentiment Index 171.0 +61.32%
  • Total Put/Call .85 +7.59%
  • NYSE Arms .96 +4.78%
Credit Investor Angst:
  • North American Investment Grade CDS Index 70.29 -1.0%
  • European Financial Sector CDS Index 131.49 +2.85%
  • Western Europe Sovereign Debt CDS Index 88.69 +2.72%
  • Emerging Market CDS Index 248.89 +.58%
  • 2-Year Swap Spread 14.75 +.25 bp
  • TED Spread 23.25 -1 bp
  • 3-Month EUR/USD Cross-Currency Basis Swap -15.0 +.5 bp
Economic Gauges:
  • 3-Month T-Bill Yield .04% +1 bp
  • Yield Curve 171.0 -1 bp
  • China Import Iron Ore Spot $123.60/Metric Tonne +.49%
  • Citi US Economic Surprise Index -18.70 -.5 point
  • 10-Year TIPS Spread 2.27 unch.
Overseas Futures:
  • Nikkei Futures: Indicating +145 open in Japan
  • DAX Futures: Indicating -8 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my retail/medical/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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