Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Around Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 17.7 -7.3%
- Euro/Yen Carry Return Index 130.11 +.12%
- Emerging Markets Currency Volatility(VXY) 8.97 +.45%
- S&P 500 Implied Correlation 44.91 +.65%
- ISE Sentiment Index 99.0 +28.6%
- Total Put/Call .89 +1.14%
- NYSE Arms .82 -11.8%
Credit Investor Angst:
- North American Investment Grade CDS Index 69.74 -3.87%
- America Energy Sector High-Yield CDS Index 694.0 -1.34%
- European Financial Sector CDS Index 88.52 -1.45%
- Italian/German 10Y Yld Spread 241.0 -2.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 83.95 -.84%
- Emerging Market CDS Index 176.22 -2.43%
- iBoxx Offshore RMB China Corporate High Yield Index 155.67 +.03%
- 2-Year Swap Spread 14.25 +.75 basis point
- TED Spread 36.25 unch.
- 3-Month EUR/USD Cross-Currency Basis Swap -5.75 -1.0 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 68.58 +.57%
- 3-Month T-Bill Yield 2.41% unch.
- Yield Curve 17.75 +3.5 basis points
- China Iron Ore Spot 81.15 USD/Metric Tonne -1.61%
- Citi US Economic Surprise Index 2.60 +2.4 points
- Citi Eurozone Economic Surprise Index -82.3 -.8 point
- Citi Emerging Markets Economic Surprise Index -12.3 -.7 point
- 10-Year TIPS Spread 1.84+7.0 basis points
- 1.0% chance of Fed rate hike at May 1st meeting, 10.3% chance at June 19th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +242 open in Japan
- China A50 Futures: Indicating +141 open in China
- DAX Futures: Indicating +36 open in Germany
Portfolio:
- Higher: On gains in my tech/retail/medical/industrial/biotech sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 100% Net Long
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