Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Slightly Above Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 22.5 -6.35%
- Euro/Yen Carry Return Index 132.50 -.29%
- Emerging Markets Currency Volatility(VXY) 12.74 -.86%
- S&P 500 Implied Correlation 63.43 -.83%
- ISE Sentiment Index 95.0 -43.45%
- Total Put/Call 1.13 +21.51%
- NYSE Arms .70 -7.78%
Credit Investor Angst:
- North American Investment Grade CDS Index 117.26 -3.43%
- America Energy Sector High-Yield CDS Index 2,294.0 -1.72%
- European Financial Sector CDS Index 113.0 -7.57%
- Western Europe Sovereign Debt CDS Index 35.82 +7.2%
- Asia Pacific Sovereign Debt CDS Index 77.75 -1.68%
- Emerging Market CDS Index 379.42 -2.90%
- iBoxx Offshore RMB China Corporate High Yield Index 123.10 +.03%
- 2-Year Swap Spread 5.5 unch.
- TED Spread 32.25 -1.5 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -23.5 -.75 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 68.63 +.78%
- 3-Month T-Bill Yield .30% +2.0 basis points
- Yield Curve 107.0 +1.0 basis point
- China Import Iron Ore Spot $46.35/Metric Tonne -.92%
- Citi US Economic Surprise Index -47.4 -.5 point
- Citi Eurozone Economic Surprise Index -31.10 -.2 point
- Citi Emerging Markets Economic Surprise Index -9.1 -2.1 points
- 10-Year TIPS Spread 1.29% +3.0 basis points
- 9.8% chance of Fed rate hike at April 27 meeting, 18.8% chance at June 15 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +225 open in Japan
- China A50 Futures: Indicating +37 open in China
- DAX Futures: Indicating +19 open in Germany
Portfolio:
- Higher: On gains in my tech/biotech/medical/retail sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back
- Market Exposure: 50% Net Long
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