Tuesday, January 13, 2015

Stocks Reversing Sharply Lower into Final Hour on Global Growth Fears, Rising Emerging Markets/US High-Yield Debt Angst, Earnings Worries, Homebuilding/Commodity Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Almost Every Sector Declining
  • Volume: Slightly Above Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 21.58 +9.85%
  • Euro/Yen Carry Return Index 144.77 -1.02%
  • Emerging Markets Currency Volatility(VXY) 10.41 -.29%
  • S&P 500 Implied Correlation 67.34 +2.38%
  • ISE Sentiment Index 63.0 -35.05%
  • Total Put/Call .85 -19.05%
  • NYSE Arms 1.66 +25.01% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 71.40 +.76%
  • America Energy Sector High-Yield CDS Index 733.0 +3.02%
  • European Financial Sector CDS Index 67.53 -2.46%
  • Western Europe Sovereign Debt CDS Index 27.86 -.07%
  • Asia Pacific Sovereign Debt CDS Index 76.23 +2.03%
  • Emerging Market CDS Index 399.02 +1.55%
  • China Blended Corporate Spread Index 365.05 -.43%
  • 2-Year Swap Spread 22.75 unch.
  • TED Spread 23.75 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -15.25 -1.0 basis point
Economic Gauges:
  • 3-Month T-Bill Yield .03% +1.0 basis point
  • Yield Curve 136.0 unch.
  • China Import Iron Ore Spot $68.74/Metric Tonne -2.22%
  • Citi US Economic Surprise Index 31.0 +.2 point
  • Citi Eurozone Economic Surprise Index .2 +.1 point
  • Citi Emerging Markets Economic Surprise Index -14.20 +2.0 points
  • 10-Year TIPS Spread 1.53 -4.0 basis points
Overseas Futures:
  • Nikkei Futures: Indicating -152 open in Japan
  • DAX Futures: Indicating -102 open in Germany
Portfolio: 
  • Slightly Lower: On losses in my retail/medical/biotech/tech sector longs
  • Disclosed Trades: None
  • Market Exposure: 25% Net Long

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