Wednesday, November 14, 2012

Stocks Sharply Lower into Final Hour on Fiscal Cliff Worries, Mideast Unraveling, Global Growth Fears, Eurozone Debt Angst

Today's Market Take:

Broad Market Tone:
  • Advance/Decline Line: Substantially Lower
  • Sector Performance: Almost Every Sector Declining.
  • Volume: Around Average
  • Market Leading Stocks: Underperforming
Equity Investor Angst:
  • VIX 17.77 +6.73%
  • ISE Sentiment Index 97.0 +.1%
  • Total Put/Call 1.06 +27.71%
  • NYSE Arms 1.16 +11.92%
Credit Investor Angst:
  • North American Investment Grade CDS Index 108.55 bps +1.65%
  • European Financial Sector CDS Index 181.30 bps +.79%
  • Western Europe Sovereign Debt CDS Index 119.87 bps +2.54%
  • Emerging Market CDS Index 242.80 bps +1.82%
  • 2-Year Swap Spread 11.5 -.5 basis point
  • TED Spread 21.5 -.75 basis point
  • 3-Month EUR/USD Cross-Currency Basis Swap -27.5 +.5 basis point
Economic Gauges:
  • 3-Month T-Bill Yield .10% +1 basis point
  • Yield Curve 133.0 -1 basis point
  • China Import Iron Ore Spot $122.40/Metric Tonne +.08%
  • Citi US Economic Surprise Index 57.0 -3.7 points
  • 10-Year TIPS Spread 2.39 -3 basis points
Overseas Futures:
  • Nikkei Futures: Indicating +19 open in Japan
  • DAX Futures: Indicating -45 open in Germany
Portfolio:
  • Slightly Higher: On gains in my Retail sector longs, index hedges and emerging markets shorts
  • Disclosed Trades: None
  • Market Exposure: 25% Net Long

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