Broad Equity Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Mixed
- Volume: Below Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 18.36 unch.
- Euro/Yen Carry Return Index 136.99 -.1%
- Emerging Markets Currency Volatility(VXY) 7.91 -.63%
- S&P 500 Implied Correlation 41.17 -4.88%
- ISE Sentiment Index 89.0 -7.29%
- Total Put/Call .97 +6.58%
- NYSE Arms 1.66 +35.5%
Credit Investor Angst:
- North American Investment Grade CDS Index 56.98 +1.61%
- America Energy Sector High-Yield CDS Index 386.0 +1.58%
- European Financial Sector CDS Index 52.87 +.36%
- Italian/German 10Y Yld Spread 130.0 -2.25 basis points
- Asia Pacific Sovereign Debt CDS Index 12.0 +1.36%
- Emerging Market CDS Index 119.54 +.81%
- iBoxx Offshore RMB China Corporate High Yield Index 148.03 +.02%
- 2-Year Swap Spread 28.5 +.75 basis point
- TED Spread 36.0 -1.25 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -30.0 unch.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 75.51 -.15%
- 3-Month T-Bill Yield 1.68% +2.0 basis points
- Yield Curve 63.0 -.25 basis point
- China Iron Ore Spot 72.20 USD/Metric Tonne -.28%
- Citi US Economic Surprise Index 40.30 +2.2 points
- Citi Eurozone Economic Surprise Index -8.0 -.8 point
- Citi Emerging Markets Economic Surprise Index 12.30 -.2 point
- 10-Year TIPS Spread 2.13 unch.
- 100.0% chance of Fed rate hike at May 2 meeting, 100.0% chance at June 13 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +32 open in Japan
- China A50 Futures: Indicating +47 open in China
- DAX Futures: Indicating +7 open in Germany
Portfolio:
- Higher: On gains in my medical/biotech/tech sector longs and emerging markets shorts
- Disclosed Trades: None
- Market Exposure: 75% Net Long
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