Friday, February 08, 2013

Stocks Rising into Final Hour on Diminished Global Growth Fears, Short-Covering, Tech/Healthcare Sector Strength

Today's Market Take:

Broad Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Most Sectors Rising
  • Volume: Below Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • VIX 13.19 -2.3%
  • ISE Sentiment Index 134.0 +38.1%
  • Total Put/Call .90 -11.76%
  • NYSE Arms 1.22 -10.95%
Credit Investor Angst:
  • North American Investment Grade CDS Index 89.49 -.43%
  • European Financial Sector CDS Index 155.11 -2.11%
  • Western Europe Sovereign Debt CDS Index 105.19 -1.39%
  • Emerging Market CDS Index 227.05 -1.13%
  • 2-Year Swap Spread 15.75 +.25 bp
  • TED Spread 22.5 unch.
  • 3-Month EUR/USD Cross-Currency Basis Swap -18.25 -.25 bp
Economic Gauges:
  • 3-Month T-Bill Yield .06% unch.
  • Yield Curve 170.0 unch.
  • China Import Iron Ore Spot $155.10/Metric Tonne unch.
  • Citi US Economic Surprise Index -12.5 +17.5 points
  • 10-Year TIPS Spread 2.54 -1 bp
Overseas Futures:
  • Nikkei Futures: Indicating +22 open in Japan
  • DAX Futures: Indicating -4 open in Germany
Portfolio:

  • Higher: On gains in my biotech/retail/tech/medical sector longs

  • Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

  • Market Exposure: 50% Net Long

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