Thursday, July 10, 2014

Stocks Falling into Final Hour on Rising European/Emerging Markets Debt Angst, Escalating Mideast Turmoil, Global Growth Worries, Financial/Retail Sector Weakness

Broad Equity Market Tone:
  • Advance/Decline Line: Substantially Lower
  • Sector Performance: Most Sectors Declining
  • Volume: Below Average
  • Market Leading Stocks: Underperforming
Equity Investor Angst:
  • Volatility(VIX) 12.43 +6.70%
  • Euro/Yen Carry Return Index 143.84 -.64%
  • Emerging Markets Currency Volatility(VXY) 5.89 +1.20%
  • S&P 500 Implied Correlation 50.81 +3.74%
  • ISE Sentiment Index 124.0 +12.73%
  • Total Put/Call 1.06 +26.19%
  • NYSE Arms .95 +48.48% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 58.05 +1.70%
  • European Financial Sector CDS Index 71.57 +3.36%
  • Western Europe Sovereign Debt CDS Index 36.40 +4.0%
  • Asia Pacific Sovereign Debt CDS Index 71.47 +1.02%
  • Emerging Market CDS Index 226.76 +3.30%
  • China Blended Corporate Spread Index 300.05 -.40%
  • 2-Year Swap Spread 16.75 +2.25 basis points
  • TED Spread 21.75 +.5 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -11.75 unch.
Economic Gauges:
  • 3-Month T-Bill Yield .02% unch.
  • Yield Curve 208.0 +3.0 basis points
  • China Import Iron Ore Spot $96.90/Metric Tonne +.31%
  • Citi US Economic Surprise Index -12.60 +1.4 points
  • Citi Emerging Markets Economic Surprise Index -6.0 -1.4 points
  • 10-Year TIPS Spread 2.27 +1.0 basis point
Overseas Futures:
  • Nikkei Futures: Indicating -140 open in Japan
  • DAX Futures: Indicating +21 open in Germany
Portfolio: 
  • Slightly Lower: On losses in my biotech/retail sector longs
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 25% Net Long

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