Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Every Sector Declining
- Volume: Around Average
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 22.09 +10.56%
- Euro/Yen Carry Return Index 136.82 -.64%
- Emerging Markets Currency Volatility(VXY) 12.39 +2.82%
- S&P 500 Implied Correlation 61.86 +1.29%
- ISE Sentiment Index 72.0 -24.21%
- Total Put/Call 1.15 +13.86%
- NYSE Arms 2.4 +99.48%
Credit Investor Angst:
- North American Investment Grade CDS Index 108.76 +5.35%
- America Energy Sector High-Yield CDS Index 1,973.0 +2.0%
- European Financial Sector CDS Index 98.33 +5.2%
- Western Europe Sovereign Debt CDS Index 22.79 +2.98%
- Asia Pacific Sovereign Debt CDS Index 80.50 +2.57%
- Emerging Market CDS Index 388.76 +4.90%
- iBoxx Offshore RMB China Corporate High Yield Index 122.45 +.07%
- 2-Year Swap Spread 6.5 unch.
- TED Spread 26.5 -3.5 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -21.25 unch.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 67.58 -.86%
- 3-Month T-Bill Yield .33% +3.0 basis points
- Yield Curve 112.0 -3.0 basis points
- China Import Iron Ore Spot $43.84/Metric Tonne +1.91%
- Citi US Economic Surprise Index -50.5 unch.
- Citi Eurozone Economic Surprise Index -19.40 +2.8 points
- Citi Emerging Markets Economic Surprise Index -8.80 -1.5 points
- 10-Year TIPS Spread 1.36% -5.0 basis points
- 15.4% chance of Fed rate hike at April 27 meeting, 25.6% chance at June 15 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -335 open in Japan
- China A50 Futures: Indicating -139 open in China
- DAX Futures: Indicating -86 open in Germany
Portfolio:
- Slightly Lower: On losses in my retail/tech/biotech sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my (EEM) short
- Market Exposure: Moved to 25% Net Long
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