Monday, May 12, 2014

Stocks Surging into Final Hour on Central Bank Hopes, Yen Weakness, Short-Covering, Biotech/Tech 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) 12.22 -5.42%
  • Euro/Yen Carry Return Index 146.64 +.29%
  • Emerging Markets Currency Volatility(VXY) 7.33 +.14%
  • S&P 500 Implied Correlation 54.49 -3.61%
  • ISE Sentiment Index 115.0 +19.79%
  • Total Put/Call .63 -32.98%
  • NYSE Arms .66 -56.73% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 62.58 -1.85%
  • European Financial Sector CDS Index 72.77 -2.52%
  • Western Europe Sovereign Debt CDS Index 32.82 +1.26%
  • Asia Pacific Sovereign Debt CDS Index 84.85 +.36%
  • Emerging Market CDS Index 266.53 -1.04%
  • China Blended Corporate Spread Index 360.44 +.19%
  • 2-Year Swap Spread 13.75 unch.
  • TED Spread 20.50 +.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -4.25 unch.
Economic Gauges:
  • 3-Month T-Bill Yield .02% -1.0 basis point
  • Yield Curve 226.0 +2.0 basis points
  • China Import Iron Ore Spot $103.0/Metric Tonne +.29%
  • Citi US Economic Surprise Index -6.60 +2.5 points
  • Citi Emerging Markets Economic Surprise Index -23.40 +2.0 points
  • 10-Year TIPS Spread 2.17 -1.0 basis point
Overseas Futures:
  • Nikkei Futures: Indicating +170 open in Japan
  • DAX Futures: Indicating +17 open in Germany
Portfolio: 
  • Higher: On gains in my tech/retail/medical/biotech sector longs 
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short
  • Market Exposure: Moved to 75% Net Long

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