Stocks Rising into Final Hour on Diminished Global Growth Fears, Stable Long-Term Rates, Short-Covering, Tech/Energy Sector Strength
Broad Equity Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Almost Every Sector Rising
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 15.88 +.76%
- Euro/Yen Carry Return Index 147.81 -.10%
- Emerging Markets Currency Volatility(VXY) 9.07 -.11%
- S&P 500 Implied Correlation 53.15 -.37%
- ISE Sentiment Index 199.0 +53.08%
- Total Put/Call .80 -5.88%
Credit Investor Angst:
- North American Investment Grade CDS Index 69.30 -.95%
- European Financial Sector CDS Index 95.63 -1.61%
- Western Europe Sovereign Debt CDS Index 57.65 +2.28%
- Emerging Market CDS Index 275.64 -.56%
- 2-Year Swap Spread 9.5 -.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap .75 -.25 basis point
Economic Gauges:
- 3-Month T-Bill Yield .06% unch.
- Yield Curve 255.0 +1.0 basis point
- China Import Iron Ore Spot $134.90/Metric Tonne -.81%
- Citi US Economic Surprise Index 35.40 +3.3 points
- Citi Emerging Markets Economic Surprise Index -15.3 -.3 point
- 10-Year TIPS Spread 2.18 +2 basis points
Overseas Futures:
- Nikkei Futures: Indicating +307 open in Japan
- DAX Futures: Indicating -5 open in Germany
Portfolio:
- Slightly Higher: On gains in my biotech/tech/retail/medical sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 50% Net Long
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