Friday, May 17, 2013

Stocks Surging into Final Hour on US Economic Data, Short-Covering, Performance Angst, Financial/Homebuilding Sector Strength

Today's Market Take:

Broad Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • VIX 12.45 -4.74%
  • ISE Sentiment Index 77.0 -28.7%
  • Total Put/Call .82 -15.46%
  • NYSE Arms .69 -55.51%
Credit Investor Angst:
  • North American Investment Grade CDS Index 70.08 -2.16%
  • European Financial Sector CDS Index 130.83 -2.24%
  • Western Europe Sovereign Debt CDS Index 87.17 -3.51%
  • Emerging Market CDS Index 246.38 +.58%
  • 2-Year Swap Spread 14.5 +.5 bp
  • TED Spread 24.25 -.5 bp
  • 3-Month EUR/USD Cross-Currency Basis Swap -17.25 -.5 bp
Economic Gauges:
  • 3-Month T-Bill Yield .03% unch.
  • Yield Curve 170.0 +7 bps
  • China Import Iron Ore Spot $123.10/Metric Tonne -1.52%
  • Citi US Economic Surprise Index -17.5 +5.6 points
  • 10-Year TIPS Spread 2.26 unch.
Overseas Futures:
  • Nikkei Futures: Indicating +272 open in Japan
  • DAX Futures: Indicating +57 open in Germany
Portfolio: 
  • Higher: On gains in my biotech/retail/tech sector longs and emerging markets shorts
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 75% Net Long

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