Broad Equity Market Tone:
- Advance/Decline Line: Modestly Lower
- Sector Performance: Mixed
- Volume: Below Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 18.59 -2.6%
- Euro/Yen Carry Return Index 135.86 -.34%
- Emerging Markets Currency Volatility(VXY) 7.88 -.76%
- S&P 500 Implied Correlation 43.97 +2.64%
- ISE Sentiment Index 83.0 +23.8%
- Total Put/Call .90 -11.76%
- NYSE Arms .92 -51.23%
Credit Investor Angst:
- North American Investment Grade CDS Index 62.29 +13.81% (new series)
- America Energy Sector High-Yield CDS Index 421.0 +3.34%
- European Financial Sector CDS Index 62.65 +18.13%
- Italian/German 10Y Yld Spread 131.25 -8.25 basis points
- Asia Pacific Sovereign Debt CDS Index 12.92 +7.85%
- Emerging Market CDS Index 143.07 +16.67%
- iBoxx Offshore RMB China Corporate High Yield Index 148.53 +.01%
- 2-Year Swap Spread 30.5 +.25 basis point
- TED Spread 41.25 +.25 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -17.25 +2.5 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 74.81 -.14%
- 3-Month T-Bill Yield 1.79% +3.0 basis points
- Yield Curve 54.75 unch.
- China Iron Ore Spot 66.30 USD/Metric Tonne +.91%
- Citi US Economic Surprise Index 41.4 -.7 point
- Citi Eurozone Economic Surprise Index -37.90 -5.1 points
- Citi Emerging Markets Economic Surprise Index 38.50 -.4 point
- 10-Year TIPS Spread 2.09 +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 -60 open in Japan
- China A50 Futures: Indicating +54 open in China
- DAX Futures: Indicating +37 open in Germany
Portfolio:
- Slightly Higher: On gains in my industrial/medical/tech sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my emerging market shorts
- Market Exposure: Moved to 75% Net Long
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