Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Around Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 12.3 -.6%
- Euro/Yen Carry Return Index 127.27 +.07%
- Emerging Markets Currency Volatility(VXY) 6.18 -2.2%
- S&P 500 Implied Correlation 37.7 +1.4%
- ISE Sentiment Index 95.0 -1
- Total Put/Call .64 -14.7%
- NYSE Arms 1.09 -14.2%
Credit Investor Angst:
- North American Investment Grade CDS Index 44.1 -1.27%
- America Energy Sector High-Yield CDS Index 548.0 +1.74%
- European Financial Sector CDS Index 52.09 +1.15%
- Italian/German 10Y Yld Spread 165.5 +5.5 basis points
- Asia Ex-Japan Investment Grade CDS Index 52.13 -1.27%
- Emerging Market CDS Index 177.68 -1.26%
- iBoxx Offshore RMB China Corporate High Yield Index 168.95 +.05%
- 2-Year Swap Spread 7.0 -.25 basis point
- TED Spread 29.5 +2.25 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -3.0 -1.75 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 66.38 -.14%
- 3-Month T-Bill Yield 1.55% -1.0 basis point
- Yield Curve .23 -1.0 basis point
- China Iron Ore Spot 94.18 USD/Metric Tonne -.33%
- Citi US Economic Surprise Index 4.6 +10.0 points
- Citi Eurozone Economic Surprise Index 40.10 -.4 point
- Citi Emerging Markets Economic Surprise Index -3.0 +.3 basis point
- 10-Year TIPS Spread 1.75 unch.
- .7% chance of Fed rate cut at March 18th meeting, 8.4% chance of cut at April 29th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +126 open in Japan
- China A50 Futures: Indicating +50 open in China
- DAX Futures: Indicating +19 open in Germany
Portfolio:
- Higher: On gains in my tech/industrial/medical/retail sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 100% Net Long
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