Thursday, January 29, 2015

Stocks Reversing Higher into Final Hour on Oil Bounce, Earnings Optimism, Yen Weakness, Homebuilding/Airline Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Around Average
  • Market Leading Stocks: Underperforming
Equity Investor Angst:
  • Volatility(VIX) 19.34 -5.38%
  • Euro/Yen Carry Return Index 139.80 +.89%
  • Emerging Markets Currency Volatility(VXY) 10.32 +4.45%
  • S&P 500 Implied Correlation 65.99 -5.17%
  • ISE Sentiment Index 65.0 -26.97%
  • Total Put/Call 1.16 +19.59%
  • NYSE Arms 1.31 -62.28% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 68.09 -.34%
  • America Energy Sector High-Yield CDS Index 752.0 +1.75%
  • European Financial Sector CDS Index 64.32 +.40%
  • Western Europe Sovereign Debt CDS Index 25.45 +3.24%
  • Asia Pacific Sovereign Debt CDS Index 69.81 +.91%
  • Emerging Market CDS Index 398.45 -.43%
  • iBoxx Offshore RMB China Corporates High Yield Index 113.01 +.12%
  • 2-Year Swap Spread 22.75 -2.5 basis points
  • TED Spread 23.75 -.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -14.5 -2.0 basis points
Economic Gauges:
  • 3-Month T-Bill Yield .01% -1.0 basis point
  • Yield Curve 124.0 unch.
  • China Import Iron Ore Spot $63.27/Metric Tonne +.29%
  • Citi US Economic Surprise Index 1.1 +5.1 points
  • Citi Eurozone Economic Surprise Index -2.30 -3.9 points
  • Citi Emerging Markets Economic Surprise Index -6.40 +1.0 point
  • 10-Year TIPS Spread 1.63 +2.0 basis points
Overseas Futures:
  • Nikkei Futures: Indicating +229 open in Japan
  • DAX Futures: Indicating +48 open in Germany
Portfolio: 
  • Higher: On gains in my tech/retail/biotech/medical sector longs and emerging markets shorts
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 50% Net Long

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