Friday, April 10, 2015

Stocks Higher into Final Hour on Less European/US High-Yield Debt Angst, Technical Buying, Short-Covering, Biotech/Restaurant Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Modestly Higher
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 12.73 -2.75%
  • Euro/Yen Carry Return Index 133.13 -.84%
  • Emerging Markets Currency Volatility(VXY) 9.97 +.81%
  • S&P 500 Implied Correlation 61.91 -2.23%
  • ISE Sentiment Index 106.0 -13.82%
  • Total Put/Call .77 -24.51%
  • NYSE Arms .72 -3.92% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 60.50 -.18%
  • America Energy Sector High-Yield CDS Index 1,113.0 +1.45%
  • European Financial Sector CDS Index 62.46 -4.06%
  • Western Europe Sovereign Debt CDS Index 21.91 -.07%
  • Asia Pacific Sovereign Debt CDS Index 58.32 +.06%
  • Emerging Market CDS Index 297.59 +1.01%
  • iBoxx Offshore RMB China Corporates High Yield Index 115.24 +.17%
  • 2-Year Swap Spread 26.50 +.5 basis point
  • TED Spread 25.0 -.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -21.25 unch.
Economic Gauges:
  • 3-Month T-Bill Yield .02% unch.
  • Yield Curve 139.0 -2.0 basis points
  • China Import Iron Ore Spot $47.53/Metric Tonne -1.68%
  • Citi US Economic Surprise Index -52.20 +1.3 points
  • Citi Eurozone Economic Surprise Index 56.90 +.5 point
  • Citi Emerging Markets Economic Surprise Index 9.0 +3.8 points
  • 10-Year TIPS Spread 1.82 -2.0 basis points
Overseas Futures:
  • Nikkei Futures: Indicating +167 open in Japan
  • DAX Futures: Indicating +37 open in Germany
Portfolio: 
  • Higher: On gains in my biotech/medical/tech/retail sector longs
  • Disclosed Trades: None
  • Market Exposure: 75% Net Long

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