Broad Equity Market Tone:
- Advance/Decline Line: Slightly Lower
- Sector Performance: Mixed
- Volume: Below Average
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 14.0 +1.8%
- Euro/Yen Carry Return Index 131.62 +.06%
- Emerging Markets Currency Volatility(VXY) 11.41 -.17%
- S&P 500 Implied Correlation 58.21 -.29%
- ISE Sentiment Index 56.0 -42.3%
- Total Put/Call 1.06 +9.28%
- NYSE Arms 1.15 +27.17%
Credit Investor Angst:
- North American Investment Grade CDS Index 80.34 +3.58%
- America Energy Sector High-Yield CDS Index 1,299.0 +10.01%
- European Financial Sector CDS Index 88.47 +1.79%
- Western Europe Sovereign Debt CDS Index 26.17 +.91%
- Asia Pacific Sovereign Debt CDS Index 57.94 +1.09%
- Emerging Market CDS Index 277.48 -.65%
- iBoxx Offshore RMB China Corporate High Yield Index 125.90 -.46%
- 2-Year Swap Spread 9.0 +.5 basis point
- TED Spread 33.0 -.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -21.25 -.25 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 71.85 +.28%
- 3-Month T-Bill Yield .30% unch.
- Yield Curve 105.0 unch.
- China Import Iron Ore Spot $58.36/Metric Tonne -.78%
- Citi US Economic Surprise Index -4.10 -1.2 points
- Citi Eurozone Economic Surprise Index -32.80 +12.1 points
- Citi Emerging Markets Economic Surprise Index -18.50 +.3 point
- 10-Year TIPS Spread 1.64% -1.0 basis point
- 46.0% chance of Fed rate hike at June 15 meeting, 53.6% chance at July 27 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +73 open in Japan
- China A50 Futures: Indicating +18 open in China
- DAX Futures: Indicating +28 open in Germany
Portfolio:
- Higher: On gains in my tech/biotech/medical sector longs and emerging markets shorts
- Disclosed Trades: Added to my (IWM), (QQQ) hedges and to my (EEM) short
- Market Exposure: Moved to 25% Net Long
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