Stocks Modestly Lower into Final Hour on Global Growth Fears, European/US High-Yield Debt Angst, Oil Decline, Homebuilding/Energy Sector Weakness
Broad Equity Market Tone:
- Advance/Decline Line: Modestly Lower
- Sector Performance: Most Sectors Declining
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 15.91 +1.92%
- Euro/Yen Carry Return Index 134.31 +.31%
- Emerging Markets Currency Volatility(VXY) 10.76 -1.37%
- S&P 500 Implied Correlation 60.04 +1.16%
- ISE Sentiment Index 78.0 +8.33%
- Total Put/Call 1.02 +2.0%
Credit Investor Angst:
- North American Investment Grade CDS Index 65.44 +.36%
- America Energy Sector High-Yield CDS Index 781.0 +3.65%
- European Financial Sector CDS Index 56.86 +1.89%
- Western Europe Sovereign Debt CDS Index 21.75 +4.42%
- Asia Pacific Sovereign Debt CDS Index 66.10 -.14%
- Emerging Market CDS Index 421.38 +.28%
- iBoxx Offshore RMB China Corporates High Yield Index 113.93 -.07%
- 2-Year Swap Spread 27.0 unch.
- TED Spread 23.50 -1.5 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -20.25 unch.
Economic Gauges:
- 3-Month T-Bill Yield .05% +2.0 basis points
- Yield Curve 139.0 -6.0 basis points
- China Import Iron Ore Spot $56.95/Metric Tonne -3.31%
- Citi US Economic Surprise Index -72.0 -8.2 points
- Citi Eurozone Economic Surprise Index 40.80 +1.2 points
- Citi Emerging Markets Economic Surprise Index 2.30 -1.5 points
- 10-Year TIPS Spread 1.65 -1.0 basis point
Overseas Futures:
- Nikkei Futures: Indicating -38 open in Japan
- DAX Futures: Indicating +22 open in Germany
Portfolio:
- Higher: On gains in my biotech/retail/tech sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 75% Net Long
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