Tuesday, July 01, 2014

Stocks Surging into Afternoon on Diminished Global Growth Fears, Less Emerging Markets Debt Angst, Yen Weakness, Biotech/Tech Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Substantially Higher
  • Sector Performance: Almost Every Sector Rising
  • Volume: Light
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 11.09 -4.15%
  • Euro/Yen Carry Return Index 145.05 +.18%
  • Emerging Markets Currency Volatility(VXY) 5.84 -1.18%
  • S&P 500 Implied Correlation 47.84 -1.78%
  • ISE Sentiment Index 116.0 +19.59%
  • Total Put/Call .86 +2.38%
  • NYSE Arms .93 -30.36% 
Credit Investor Angst:
  • North American Investment Grade CDS Index -4.11%
  • European Financial Sector CDS Index 62.83 -7.59%
  • Western Europe Sovereign Debt CDS Index 31.0 +6.90%
  • Asia Pacific Sovereign Debt CDS Index 72.53 -1.67%
  • Emerging Market CDS Index 232.70 -1.96%
  • China Blended Corporate Spread Index 310.37 +.81%
  • 2-Year Swap Spread 12.75 unch.
  • TED Spread 21.25 +.25 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -10.75 -.25 basis point
Economic Gauges:
  • 3-Month T-Bill Yield .02% unch.
  • Yield Curve 210.0 +3.0 basis points
  • China Import Iron Ore Spot $94.20/Metric Tonne +.43%
  • Citi US Economic Surprise Index -22.60 -.6 point
  • Citi Emerging Markets Economic Surprise Index -8.40 -2.1 points
  • 10-Year TIPS Spread 2.24 -1.0 basis point
Overseas Futures:
  • Nikkei Futures: Indicating +115 open in Japan
  • DAX Futures: Indicating +16 open in Germany
Portfolio: 
  • Higher: On gains in my biotech/tech/retail/medical sector longs
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 75% Net Long

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