Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Almost Every Sector Declining
- Volume: Around Average
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 18.22 +5.01%
- Euro/Yen Carry Return Index 129.49 -.90%
- Emerging Markets Currency Volatility(VXY) 11.60 -.09%
- S&P 500 Implied Correlation 60.43 +4.26%
- ISE Sentiment Index 94.0 +34.3%
- Total Put/Call .91 +8.33%
- NYSE Arms 1.51 +82.80%
Credit Investor Angst:
- North American Investment Grade CDS Index 97.48 +3.91%
- America Energy Sector High-Yield CDS Index 1,406.0 -9.32%
- European Financial Sector CDS Index 101.75 +3.65%
- Western Europe Sovereign Debt CDS Index 31.43 +2.48%
- Asia Pacific Sovereign Debt CDS Index 70.89 +3.08%
- Emerging Market CDS Index 342.89 +.93%
- iBoxx Offshore RMB China Corporate High Yield Index 124.73 +.11%
- 2-Year Swap Spread 4.5 +.25 basis point
- TED Spread 33.25 -3.25 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -27.0 +1.75 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 69.94 -.5%
- 3-Month T-Bill Yield .29% +2.0 basis points
- Yield Curve 96.0 -4.0 basis points
- China Import Iron Ore Spot $63.63/Metric Tonne -.17%
- Citi US Economic Surprise Index -13.0 -1.2 points
- Citi Eurozone Economic Surprise Index -53.20 +8.6 points
- Citi Emerging Markets Economic Surprise Index -16.80 -5.8 points
- 10-Year TIPS Spread 1.47% -3.0 basis points
- 19.2% chance of Fed rate hike at April 27 meeting, 43.4% chance at June 15 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -178 open in Japan
- China A50 Futures: Indicating -137 open in China
- DAX Futures: Indicating -6 open in Germany
Portfolio:
- Slightly Lower: On losses in my biotech/medical sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 25% Net Long
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