Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Almost Every Sector Declining
- Volume: Above Average
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 22.71 +3.98%
- Euro/Yen Carry Return Index 136.10 -.53%
- Emerging Markets Currency Volatility(VXY) 12.59 +1.12%
- S&P 500 Implied Correlation 63.0 -.14%
- ISE Sentiment Index 50.0 -5.66%
- Total Put/Call .94 +1.08%
- NYSE Arms .95 +27.62%
Credit Investor Angst:
- North American Investment Grade CDS Index 111.74 +2.03%
- America Energy Sector High-Yield CDS Index 2,020.0 +.43%
- European Financial Sector CDS Index 120.29 +11.6%
- Western Europe Sovereign Debt CDS Index 26.65 +2.84%
- Asia Pacific Sovereign Debt CDS Index 79.44 -.13%
- Emerging Market CDS Index 377.88 +.82%
- iBoxx Offshore RMB China Corporate High Yield Index 122.83 +.30%
- 2-Year Swap Spread 8.5 +1.0 basis point
- TED Spread 33.0 +3.75 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -21.25 -1.5 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 68.63 -.32%
- 3-Month T-Bill Yield .28% -1.0 basis point
- Yield Curve 113.0 -2.0 basis points
- China Import Iron Ore Spot $45.73/Metric Tonne +.46%
- Citi US Economic Surprise Index -55.7 unch.
- Citi Eurozone Economic Surprise Index -19.40 -.6 point
- Citi Emerging Markets Economic Surprise Index -6.20 +2.3 points
- 10-Year TIPS Spread 1.35% -2.0 basis points
- 17.3% chance of Fed rate hike at April 27 meeting, 32.2% chance at June 15 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -255 open in Japan
- China A50 Futures: Indicating -176 open in China
- DAX Futures: Indicating -1 open in Germany
Portfolio:
- Slightly Lower: On losses in my tech/biotech sector longs
- Disclosed Trades: None
- Market Exposure: 25% Net Long
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