Friday, October 12, 2012

Stocks Falling into Final Hour on Rising Global Growth Fears, US Fiscal Cliff Worries, Rising Election Uncertainty, Financial/Commodity Sector Weakness

Today's Market Take:

Broad Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Almost Every Sector Declining
  • Volume: Light
  • Market Leading Stocks: Underperforming
Equity Investor Angst:
  • VIX 15.91 +2.05%
  • ISE Sentiment Index 87.0 -30.40%
  • Total Put/Call 1.04 +19.54%
  • NYSE Arms 1.88 +130.22%
Credit Investor Angst:
  • North American Investment Grade CDS Index 97.66 bps +.39%
  • European Financial Sector CDS Index 178.29 bps -1.27%
  • Western Europe Sovereign Debt CDS Index 133.93 bps -5.14%
  • Emerging Market CDS Index 220.76 bps -.96%
  • 2-Year Swap Spread 11.25 -.5 basis point
  • TED Spread 23.75 -.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -25.0 +.5 basis point
Economic Gauges:
  • 3-Month T-Bill Yield .10% unch.
  • Yield Curve 140.0 unch.
  • China Import Iron Ore Spot $114.50/Metric Tonne -1.12%
  • Citi US Economic Surprise Index 49.40 +3.7 points
  • 10-Year TIPS Spread 2.47 unch.
Overseas Futures:
  • Nikkei Futures: Indicating +23 open in Japan
  • DAX Futures: Indicating +9 open in Germany
Portfolio:
  • Slightly Higher: On gains in my index hedges and emerging markets shorts
  • Disclosed Trades: None
  • Market Exposure: 25% Net Long

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