Friday, March 21, 2014

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
  • Volume: Above Average
  • 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%
  • NYSE Arms 1.23 +142.0% 
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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