Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Almost Every Sector Declining
- Volume: Below Average
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 17.38 +2.72%
- Euro/Yen Carry Return Index 131.27 -.65%
- Emerging Markets Currency Volatility(VXY) 11.56 +.61%
- S&P 500 Implied Correlation 59.77 +1.82%
- ISE Sentiment Index 87.0 +22.5%
- Total Put/Call .88 -4.36%
- NYSE Arms 1.18 -11.34%
Credit Investor Angst:
- North American Investment Grade CDS Index 88.19 +3.62%
- America Energy Sector High-Yield CDS Index 1,730.0 -2.78%
- European Financial Sector CDS Index 82.55 +6.87%
- Western Europe Sovereign Debt CDS Index 28.26 +2.45%
- Asia Pacific Sovereign Debt CDS Index 6.41 +2.20%
- Emerging Market CDS Index 331.09 +2.94%
- iBoxx Offshore RMB China Corporate High Yield Index 125.63 +.02%
- 2-Year Swap Spread 6.5 +1.25 basis points
- TED Spread 30.75 -.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -22.75 +1.0 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 70.24 -.81%
- 3-Month T-Bill Yield .34% +2.0 basis points
- Yield Curve 100.0 unch.
- China Import Iron Ore Spot $52.88/Metric Tonne -4.81%
- Citi US Economic Surprise Index -5.10 +2.4 points
- Citi Eurozone Economic Surprise Index -50.90 +.5 point
- Citi Emerging Markets Economic Surprise Index -18.60 +2.7 points
- 10-Year TIPS Spread 1.51% -2.0 basis points
- 25.1% chance of Fed rate hike at April 27 meeting, 53.6% chance at June 15 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -202 open in Japan
- China A50 Futures: Indicating -88 open in China
- DAX Futures: Indicating +11 open in Germany
Portfolio:
- Slightly Lower: On losses in my medical/biotech/retail 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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