Stocks Finish Modestly Lower on Fed Rate Hike Worries, Earnings Concerns, Euro Weakness, Tech/Transport Sector Weakness
Broad Equity Market Tone:
- Advance/Decline Line: Modestly Lower
- Sector Performance: Most Sectors Declining
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 15.8 +7.0%
- Euro/Yen Carry Return Index 135.44 -.04%
- Emerging Markets Currency Volatility(VXY) 10.57 +1.93%
- S&P 500 Implied Correlation 63.71 -1.34%
- ISE Sentiment Index 66.0 -8.33%
Credit Investor Angst:
- North American Investment Grade CDS Index 64.49 +.29%
- America Energy Sector High-Yield CDS Index 1,014.0 -.20%
- European Financial Sector CDS Index 67.09 -.57%
- Western Europe Sovereign Debt CDS Index 22.90 +1.64%
- Asia Pacific Sovereign Debt CDS Index 61.31 -.01%
- Emerging Market CDS Index 317.73 +.79%
- iBoxx Offshore RMB China Corporates High Yield Index 114.19 +.08%
- 2-Year Swap Spread 24.0 -2.25 basis points
- TED Spread 25.0 +1.5 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -23.25 +.5 basis point
Economic Gauges:
- 3-Month T-Bill Yield .03% unch.
- Yield Curve 138.0 +6.0 basis points
- China Import Iron Ore Spot $55.36/Metric Tonne -.39%
- Citi US Economic Surprise Index -60.0 +1.9 points
- Citi Eurozone Economic Surprise Index 52.30 -.8 point
- Citi Emerging Markets Economic Surprise Index -3.2 +.4 point
- 10-Year TIPS Spread 1.81 +1.0 basis point
Overseas Futures:
- Nikkei Futures: Indicating -101 open in Japan
- DAX Futures: Indicating +33 open in Germany
Portfolio:
- Slightly Lower: On losses in my medical/tech sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 25% Net Long
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