Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Most Sectors Declining
- Volume: Above Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 16.95 +10.21%
- Euro/Yen Carry Return Index 129.53 -.26%
- Emerging Markets Currency Volatility(VXY) 8.97 +.79%
- S&P 500 Implied Correlation 43.18 -1.82%
- ISE Sentiment Index 78.0 -22.0%
- Total Put/Call .99 +3.1%
- NYSE Arms 1.32 -2.22%
Credit Investor Angst:
- North American Investment Grade CDS Index 68.28 +4.08%
- America Energy Sector High-Yield CDS Index 658.0 -.06%
- European Financial Sector CDS Index 91.49 +5.23%
- Italian/German 10Y Yld Spread 283.5 +14.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 77.83 +.32%
- Emerging Market CDS Index 173.39 +2.12%
- iBoxx Offshore RMB China Corporate High Yield Index 156.23 +.02%
- 2-Year Swap Spread 14.25 -.25 basis point
- TED Spread 33.75 +.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -6.5 -3.5 basis points.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 68.35 -.26%
- 3-Month T-Bill Yield 2.40% -1.0 basis point
- Yield Curve 17.25 -.5 basis point
- China Iron Ore Spot 91.02 USD/Metric Tonne +2.41%
- Citi US Economic Surprise Index 17.0 -2.0 points
- Citi Eurozone Economic Surprise Index -79.1 -4.7 points
- Citi Emerging Markets Economic Surprise Index -10.2 +.4 point
- 10-Year TIPS Spread 1.84 -2.0 basis points
- 0.0% chance of Fed rate hike at May 1st meeting, 1.1% chance at June 19th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -221 open in Japan
- China A50 Futures: Indicating -21 open in China
- DAX Futures: Indicating +16 open in Germany
Portfolio:
- Slightly Lower: On losses in my medical/biotech/tech sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my emerging market shorts
- Market Exposure: Moved to 50% Net Long
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