Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Every Sector Declining
- Volume: Heavy
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 24.60 +42.1%
- Euro/Yen Carry Return Index 141.87 -.79%
- Emerging Markets Currency Volatility(VXY) 8.62 +.7%
- S&P 500 Implied Correlation 44.20 +7.46%
- ISE Sentiment Index 62.0 -23.46%
- Total Put/Call .86 -2.27%
- NYSE Arms 1.70 +17.0%
Credit Investor Angst:
- North American Investment Grade CDS Index 53.04 +6.46%
- America Energy Sector High-Yield CDS Index 371.0 +3.29%
- European Financial Sector CDS Index 45.31 +3.06%
- Italian/German 10Y Yld Spread 129.0 +.25 basis point
- Asia Pacific Sovereign Debt CDS Index 11.84 +.59%
- Emerging Market CDS Index 121.49 +2.71%
- iBoxx Offshore RMB China Corporate High Yield Index 147.17 -.02%
- 2-Year Swap Spread 23.75 +1.75 basis points
- TED Spread 30.75 unch.
- 3-Month EUR/USD Cross-Currency Basis Swap -29.0 +1.0 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 75.67 -.34%
- 3-Month T-Bill Yield 1.49% +1.0 basis point
- Yield Curve 71.25 +1.75 basis points
- China Iron Ore Spot 74.06 USD/Metric Tonne +.12%
- Citi US Economic Surprise Index 50.0 +5.5 points
- Citi Eurozone Economic Surprise Index 36.90 +2.8 basis points
- Citi Emerging Markets Economic Surprise Index 1.8 +.8 basis point
- 10-Year TIPS Spread 2.12 -2.0 basis points
- 100.0% chance of Fed rate hike at May 2 meeting, 100.0% chance at June 13 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -488 open in Japan
- China A50 Futures: Indicating -104 open in China
- DAX Futures: Indicating -132 open in Germany
Portfolio:
- Slightly Lower: On losses in my medical/retail/tech/biotech sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my emerging market shorts
- Market Exposure: Moved to 25% Net Long
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