Stocks Reversing Lower into Final Hour on Russia/Ukraine Tensions, Less Dovish Fed Commentary, Technical Selling, Biotech/Homebuilding Sector Weakness
Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Mixed
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 14.79 +1.86%
- Euro/Yen Carry Return Index 147.13 -.02%
- Emerging Markets Currency Volatility(VXY) 8.98 -1.54%
- S&P 500 Implied Correlation 53.68 +2.40%
- ISE Sentiment Index 125.0 -28.57%
- Total Put/Call .80 +6.67%
Credit Investor Angst:
- North American Investment Grade CDS Index 70.19 -2.05%
- European Financial Sector CDS Index 98.0 -1.43%
- Western Europe Sovereign Debt CDS Index 46.75 -1.27%
- Asia Pacific Sovereign Debt CDS Index 95.75 -.94%
- Emerging Market CDS Index 316.90 -1.84%
- China Blended Corporate Spread Index 380.50 -1.14%
- 2-Year Swap Spread 13.75 +1.0 basis point
- TED Spread 18.75 +.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -2.5 +1.0 basis point
Economic Gauges:
- 3-Month T-Bill Yield .05% unch.
- Yield Curve 232.0 -3.0 basis points
- China Import Iron Ore Spot $110.70/Metric Tonne unch.
- Citi US Economic Surprise Index -32.60 unch.
- Citi Emerging Markets Economic Surprise Index -4.20 +.1 point
- 10-Year TIPS Spread 2.15 +1.0 basis point
Overseas Futures:
- Nikkei Futures: Indicating +125 open in Japan
- DAX Futures: Indicating -41 open in Germany
Portfolio:
- Lower: On losses in my biotech/medical sector longs and emerging markets shorts
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges and took some profits in my biotech sector longs
- Market Exposure: Moved to 25% Net Long
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