Stocks Close Modestly Lower on Eurozone Debt Angst, Profit-Taking, Technical Selling, Metals&Mining/Homebuilding Sector Weakness

 Broad Equity Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.45 -.77%

• Euro/Yen Carry Return Index 129.89 -.35%

• Emerging Markets Currency Volatility(VXY) 8.85 +.8%

• S&P 500 Implied Correlation 42.34 -.56%

• ISE Sentiment Index 96.0 +7.9%
  

• Total Put/Call .94 +8.05%

• NYSE Arms 1.25 +3.31%

Credit Investor Angst:

• North American Investment Grade CDS Index 65.37 +1.34%
  

• America Energy Sector High-Yield CDS Index 658.0 -.69%

• European Financial Sector CDS Index 86.94 +1.42%

• Italian/German 10Y Yld Spread 269.25 +7.25 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 77.58 -.38%
  

• Emerging Market CDS Index 169.31 +1.92%
  

• iBoxx Offshore RMB China Corporate High Yield Index 156.23 +.02%

• 2-Year Swap Spread 14.5 +.25 basis point

• TED Spread 33.25 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap unch.

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 68.54 -.31%
• 3-Month T-Bill Yield 2.41% +1.0 basis point

• Yield Curve 17.25 -.5 basis point

• China Iron Ore Spot 87.37 USD/Metric Tonne +.43%

• Citi US Economic Surprise Index 19.0 +2.0 points

• Citi Eurozone Economic Surprise Index -74.4 -2.9 points

• Citi Emerging Markets Economic Surprise Index -10.6 -2.6 points

• 10-Year TIPS Spread 1.86-1.0 basis point
• 0.9% chance of Fed rate hike at May 1st meeting, 5.6% chance at June 19th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -4 open in Japan 
• China A50 Futures: Indicating +94 open in China

• DAX Futures: Indicating -16 open in Germany

Portfolio: 

• Slightly Lower: On losses in my retail/biotech sector longs

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 75% Net Long