Broad Equity Market Tone:
- Advance/Decline Line: Slightly Lower
- Sector Performance: Mixed
- Volume: Around Average
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 16.5 -2.5%
- Euro/Yen Carry Return Index 126.44 +.03%
- Emerging Markets Currency Volatility(VXY) 8.67 +.46%
- S&P 500 Implied Correlation 40.11 -2.95%
- ISE Sentiment Index 71.0 -6.58%
- Total Put/Call 1.02 +7.4%
- NYSE Arms 1.73 +220.3%
Credit Investor Angst:
- North American Investment Grade CDS Index 64.93 -2.33%
- America Energy Sector High-Yield CDS Index 613.0 -.42%
- European Financial Sector CDS Index 82.10 -1.77%
- Italian/German 10Y Yld Spread 269.50 -2.5 basis points
- Asia Ex-Japan Investment Grade CDS Index 77.94 -2.20%
- Emerging Market CDS Index 201.21 +.1%
- iBoxx Offshore RMB China Corporate High Yield Index 163.26 -.03%
- 2-Year Swap Spread 4.75 +.75 basis point
- TED Spread 15.25 -2.5 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -10.5 +3.25 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 66.46 -.08%
- 3-Month T-Bill Yield 2.34% +2.0 basis points
- Yield Curve 28.0 +3.25 basis points
- China Iron Ore Spot 95.81 USD/Metric Tonne -.48%
- Citi US Economic Surprise Index -46.80 -12.8 points
- Citi Eurozone Economic Surprise Index -19.80 +4.6 points
- Citi Emerging Markets Economic Surprise Index -30.90 +.4 point
- 10-Year TIPS Spread 1.77 +1.0 basis point
- 68.5% chance of Fed rate cut at July 31st meeting, 94.4% chance of cut at Sept. 18th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -36 open in Japan
- China A50 Futures: Indicating -77 open in China
- DAX Futures: Indicating -1 open in Germany
Portfolio:
- Higher: On gains in my tech/biotech/medical/industrial sector longs
- Disclosed Trades: None
- Market Exposure: 75% Net Long
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