Monday, March 18, 2013

Stocks Lower into Final Hour on Surging Eurozone Debt Angst, Rising Global Growth Fears, Technical Selling, Financial/Commodity Sector Weakness

Today's Market Take:

Broad Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Most Sectors Declining
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • VIX 13.32 +17.88%
  • ISE Sentiment Index 80.0 -37.98%
  • Total Put/Call .87 +2.35%
  • NYSE Arms 1.59 +56.51%
Credit Investor Angst:
  • North American Investment Grade CDS Index 80.27 +1.98%
  • European Financial Sector CDS Index 152.38 +6.65%
  • Western Europe Sovereign Debt CDS Index 100.61 +3.24%
  • Emerging Market CDS Index 242.09 +1.0%
  • 2-Year Swap Spread 15.0 +1.5 bps
  • TED Spread 21.0 +1.25 bps
  • 3-Month EUR/USD Cross-Currency Basis Swap -19.0 -2.5 bps
Economic Gauges:
  • 3-Month T-Bill Yield .07% -1 bp
  • Yield Curve 170.0 -4 bps
  • China Import Iron Ore Spot $134.60/Metric Tonne unch.
  • Citi US Economic Surprise Index 21.0 -6.0 points
  • 10-Year TIPS Spread 2.56 -1 bp
Overseas Futures:
  • Nikkei Futures: Indicating +155 open in Japan
  • DAX Futures: Indicating -12 open in Germany
Portfolio: 
  • Slightly Higher: On gains in my retail sector longs, index hedges and emerging markets shorts
  • Disclosed Trades: None
  • Market Exposure: 50% Net Long

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