Thursday, May 22, 2014

Stocks Rising into Final Hour on Central Bank Hopes, Yen Weakness, Short-Covering, Biotech/Homebuilding Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Substantially Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 11.77 -1.18%
  • Euro/Yen Carry Return Index 145.07 +.21%
  • Emerging Markets Currency Volatility(VXY) 6.96 -1.83%
  • S&P 500 Implied Correlation 55.57 -.09%
  • ISE Sentiment Index 125.0 +43.68%
  • Total Put/Call .86 -2.27%
  • NYSE Arms 1.04 +43.61% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 63.73 -2.11%
  • European Financial Sector CDS Index 79.48 -1.40%
  • Western Europe Sovereign Debt CDS Index 39.44 -.25%
  • Asia Pacific Sovereign Debt CDS Index 85.56 -.47%
  • Emerging Market CDS Index 265.90 -.17%
  • China Blended Corporate Spread Index 360.35 unch.
  • 2-Year Swap Spread 15.5 unch.
  • TED Spread 19.75 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -5.75 +.25 basis point
Economic Gauges:
  • 3-Month T-Bill Yield .03% unch.
  • Yield Curve 221.0 unch.
  • China Import Iron Ore Spot $98.80/Metric Tonne +.30%
  • Citi US Economic Surprise Index -.3 -3.5 points
  • Citi Emerging Markets Economic Surprise Index -18.70 +3.0 points
  • 10-Year TIPS Spread 2.22 +5.0 basis points
Overseas Futures:
  • Nikkei Futures: Indicating +100 open in Japan
  • DAX Futures: Indicating +7 open in Germany
Portfolio: 
  • Higher: On gains in my biotech/retail/tech sector longs
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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