Broad Equity Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Most Sectors Gaining
- Volume: Slightly Above Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 19.6 +2.6%
- Euro/Yen Carry Return Index 129.98 -.12%
- Emerging Markets Currency Volatility(VXY) 12.21 +.91%
- S&P 500 Implied Correlation 59.90 +1.20%
- ISE Sentiment Index 92.0 -22.69%
- Total Put/Call 1.01 +9.78%
- NYSE Arms .81 -13.68%
Credit Investor Angst:
- North American Investment Grade CDS Index 109.28 -2.91%
- America Energy Sector High-Yield CDS Index 2,266.0 -1.72%
- European Financial Sector CDS Index 112.11 -7.52%
- Western Europe Sovereign Debt CDS Index 32.44 -1.23%
- Asia Pacific Sovereign Debt CDS Index 75.76 -.47%
- Emerging Market CDS Index 366.13 +.75%
- iBoxx Offshore RMB China Corporate High Yield Index 123.89 +.06%
- 2-Year Swap Spread 3.75 -1.25 basis points
- TED Spread 31.50 +.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -26.25 -3.0 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 68.134 -.8%
- 3-Month T-Bill Yield .31% -1.0 basis point
- Yield Curve 96.0 -2.0 basis points
- China Import Iron Ore Spot $48.29/Metric Tonne -2.93%
- Citi US Economic Surprise Index -21.40 +9.3 points
- Citi Eurozone Economic Surprise Index -60.40 -7.1 points
- Citi Emerging Markets Economic Surprise Index -7.90 +1.2 points
- 10-Year TIPS Spread 1.43% +3.0 basis points
- 20.8% chance of Fed rate hike at April 27 meeting, 35.1% chance at June 15 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +217 open in Japan
- China A50 Futures: Indicating -4 open in China
- DAX Futures: Indicating +9 open in Germany
Portfolio:
- Higher: On gains in my biotech/medical/retail sector longs and emerging market shorts
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 25% Net Long
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