Thursday, March 14, 2019

Stocks Slightly Lower into Afternoon on China Trade Deal Worries, Brexit Concerns, Profit-Taking, Retail/Metals & Mining Sector Weakness

 Broad Equity Market Tone:
  • Advance/Decline Line: Slightly Lower
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 13.2 -1.3%
  • Euro/Yen Carry Return Index 131.22 +.27%
  • Emerging Markets Currency Volatility(VXY) 8.06 unch.
  • S&P 500 Implied Correlation 39.23 -1.41%
  • ISE Sentiment Index 117.0 +33.0%
  • Total Put/Call .92 +9.52%
  • NYSE Arms .89 +34.9%
Credit Investor Angst:
  • North American Investment Grade CDS Index 58.32 -.26%
  • America Energy Sector High-Yield CDS Index 500.0 -1.83%
  • European Financial Sector CDS Index 71.11 -.74%
  • Italian/German 10Y Yld Spread 240.75 -8.0 basis points
  • Asia Ex-Japan Investment Grade CDS Index 66.82 -.67%
  • Emerging Market CDS Index 168.75 -.46%
  • iBoxx Offshore RMB China Corporate High Yield Index 159.69 +.10%
  • 2-Year Swap Spread 12.75 -.5 basis point
  • TED Spread 16.0 -1.75 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -9.0 -.25 basis point
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 67.52 -.20%
  • 3-Month T-Bill Yield 2.44% unch.
  • Yield Curve 17.5 +1.75 basis points
  • China Iron Ore Spot 84.22 USD/Metric Tonne -.75%
  • Citi US Economic Surprise Index -34.40 -1.2 points
  • Citi Eurozone Economic Surprise Index -34.70 +.6 point
  • Citi Emerging Markets Economic Surprise Index -26.0 -1.4 points
  • 10-Year TIPS Spread 1.94 +2.0 basis points
  • 0.0% chance of Fed rate hike at May 1st meeting, 0.0% chance at June 19th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -37 open in Japan 
  • China A50 Futures: Indicating -8 open in China
  • DAX Futures: Indicating +11 open in Germany
Portfolio:
  • Slightly Lower: On losses in my retail/biotech/industrial sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

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