Friday, March 08, 2019

Stocks Lower into Final Hour on Global Growth Worries, Oil Decline, Technical Selling, Energy/Retail Sector Weakness

 Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Almost Every Sector Declining
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 17.2 +29.2%
  • Euro/Yen Carry Return Index 129.73 -.04%
  • Emerging Markets Currency Volatility(VXY) 8.24 +.24%
  • S&P 500 Implied Correlation 43.92 +2.38%
  • ISE Sentiment Index 81.0 -14.7%
  • Total Put/Call .96 -13.5%
  • NYSE Arms 1.38 +17.8%
Credit Investor Angst:
  • North American Investment Grade CDS Index 64.59 +1.32%
  • America Energy Sector High-Yield CDS Index 533.0 +2.78%
  • European Financial Sector CDS Index 77.48 +2.38%
  • Italian/German 10Y Yld Spread 243.5 +3.25 basis points
  • Asia Ex-Japan Investment Grade CDS Index 70.64 +4.05%
  • Emerging Market CDS Index 175.37 -1.56%
  • iBoxx Offshore RMB China Corporate High Yield Index 159.19 +.01%
  • 2-Year Swap Spread 12.5 +.25 basis point
  • TED Spread 15.5 -.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -11.0 -1.5 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 67.29 +.01%
  • 3-Month T-Bill Yield 2.44% -1.0 basis point
  • Yield Curve 16.75 unch.
  • China Iron Ore Spot 83.0 USD/Metric Tonne +.86%
  • Citi US Economic Surprise Index -42.10 -9.2 points
  • Citi Eurozone Economic Surprise Index -49.5 -1.1 points
  • Citi Emerging Markets Economic Surprise Index -25.10 -9.9 points
  • 10-Year TIPS Spread 1.90 -1.0 basis point
  • 0.0% chance of Fed rate hike at May 1st meeting, 0.0% chance at June 19th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -190 open in Japan 
  • China A50 Futures: Indicating -113 open in China
  • DAX Futures: Indicating +12 open in Germany
Portfolio:
  • Slightly Lower: On losses in my retail/biotech/tech/medical/industrial sector longs
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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