Stocks Higher into Final Hour on Global Growth Optimism, Seasonality, Investor Performance Angst, Homebuilding/Commodity Sector Strength
Broad Equity Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Most Sectors Rising
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 12.63 -3.14%
- Euro/Yen Carry Return Index 148.72 +.01%
- Emerging Markets Currency Volatility(VXY) 9.02 -.11%
- S&P 500 Implied Correlation 50.12 -.81%
- ISE Sentiment Index 199.0 +61.8%
- Total Put/Call .55 -9.84%
Credit Investor Angst:
- North American Investment Grade CDS Index 62.42 -.56%
- European Financial Sector CDS Index 85.62 -.09%
- Western Europe Sovereign Debt CDS Index 60.75 -.16%
- Emerging Market CDS Index 267.28 +.68%
- 2-Year Swap Spread 10.0 +.75 basis point
- TED Spread 18.0 -.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -1.75 unch.
Economic Gauges:
- 3-Month T-Bill Yield .07% +1 basis point
- Yield Curve 258.0 +4.0 basis points
- China Import Iron Ore Spot $132.0/Metric Tonne +.08%
- Citi US Economic Surprise Index 48.4 +3.5 points
- Citi Emerging Markets Economic Surprise Index -10.40 +.7 point
- 10-Year TIPS Spread 2.19 +2 basis points
Overseas Futures:
- Nikkei Futures: Indicating +85 open in Japan
- DAX Futures: Indicating +3 open in Germany
Portfolio:
- Slightly Lower: On losses in my biotech sector longs and index hedges
- Market Exposure: 50% Net Long
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