Wednesday, July 10, 2013

Stocks Slightly Lower into Final Hour on Rising Global Growth Fears, Rising Eurozone/Asian Debt Angst, Rising Energy Prices, Homebuilding/Financial Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Slightly Higher
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Underperforming
Equity Investor Angst:
  • Volatility(VIX) 14.39 +.28%
  • Euro/Yen Carry Return Index 134.66 -.11%
  • Emerging Markets Currency Volatility(VXY) 10.57 +.09%
  • S&P 500 Implied Correlation 51.73 +1.85%
  • ISE Sentiment Index 67.0 -32.32%
  • Total Put/Call .97 -3.0%
  • NYSE Arms 1.39 +88.19% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 82.15 +.52%
  • European Financial Sector CDS Index 157.97 +2.69%
  • Western Europe Sovereign Debt CDS Index 96.0 +1.05%
  • Emerging Market CDS Index 337.67 +4.07%
  • 2-Year Swap Spread 17.0 unch.
  • TED Spread 23.75 +.5 bp
  • 3-Month EUR/USD Cross-Currency Basis Swap -9.75 unch.
Economic Gauges:
  • 3-Month T-Bill Yield .03% -1 bp
  • Yield Curve 231.0 +5 bps
  • China Import Iron Ore Spot $123.90/Metric Tonne +.16%
  • Citi US Economic Surprise Index -10.20 +1.8 points
  • Citi Emerging Markets Economic Surprise Index -33.70 -3.5 points
  • 10-Year TIPS Spread 2.05 unch.
Overseas Futures:
  • Nikkei Futures: Indicating -25 open in Japan
  • DAX Futures: Indicating -10 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my tech and biotech sector longs
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedge
  • Market Exposure: Moved to 25% Net Long

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