Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Almost Every Sector Falling
- Volume: Below Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 21.47 +35.9%
- Euro/Yen Carry Return Index 136.34 -.5%
- Emerging Markets Currency Volatility(VXY) 7.92 +.76%
- S&P 500 Implied Correlation 44.89 +4.37%
- ISE Sentiment Index 57.0 -28.75%
- Total Put/Call 1.04 +8.3%
- NYSE Arms 1.51 +100.3%
Credit Investor Angst:
- North American Investment Grade CDS Index 55.17 +2.4%
- America Energy Sector High-Yield CDS Index 407.0 +1.84%
- European Financial Sector CDS Index 53.53 +3.60%
- Italian/German 10Y Yld Spread 139.5 -1.75 basis points
- Asia Pacific Sovereign Debt CDS Index 11.97 +5.46%
- Emerging Market CDS Index 124.14 +4.72%
- iBoxx Offshore RMB China Corporate High Yield Index 148.51 +.07%
- 2-Year Swap Spread 30.25 -2.0 basis points
- TED Spread 41.0 +.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -19.75 -2.75 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 74.91 -.14%
- 3-Month T-Bill Yield 1.76% -1.0 basis point
- Yield Curve 54.75 -.75 basis point
- China Iron Ore Spot 64.85 USD/Metric Tonne -.38%
- Citi US Economic Surprise Index 42.1 -3.7 points
- Citi Eurozone Economic Surprise Index -32.80 -1.1 points
- Citi Emerging Markets Economic Surprise Index 38.90 -.4 point
- 10-Year TIPS Spread 2.08 -1.0 basis point
- 100.0% chance of Fed rate hike at May 2 meeting, 100.0% chance at June 13 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -430 open in Japan
- China A50 Futures: Indicating -106 open in China
- DAX Futures: Indicating -37 open in Germany
Portfolio:
- Slightly Lower: On losses in my biotech/medical/tech sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 25% Net Long
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