Tuesday, February 26, 2013

Stocks Rebounding on More Dovish Fed Commentary, Short-Covering, Homebuilding/Metals Sector Strength

Today's Market Take:

Broad Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Slightly Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • VIX 17.13 -9.79%
  • ISE Sentiment Index 105.0 +23.53%
  • Total Put/Call 1.09 -4.39%
  • NYSE Arms .85 -70.47%
Credit Investor Angst:
  • North American Investment Grade CDS Index 89.28 -1.01%
  • European Financial Sector CDS Index 167.54 +11.5%
  • Western Europe Sovereign Debt CDS Index 107.33 +8.85%
  • Emerging Market CDS Index 237.60 +.79%
  • 2-Year Swap Spread 15.0 +.75 bp
  • TED Spread 17.5 +.5 bp
  • 3-Month EUR/USD Cross-Currency Basis Swap -21.5 -1.75 bps
Economic Gauges:
  • 3-Month T-Bill Yield .11% -1 bp
  • Yield Curve 164.0 unch.
  • China Import Iron Ore Spot $151.90/Metric Tonne unch.
  • Citi US Economic Surprise Index 7.70 +12.7 points
  • 10-Year TIPS Spread 2.51 -1 bp
Overseas Futures:
  • Nikkei Futures: Indicating +5 open in Japan
  • DAX Futures: Indicating +36 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my tech/retail sector longs and emerging markets shorts
  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 50% Net Long

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