Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Most Sectors Declining
- Volume: Below Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 14.89 +6.3%
- Euro/Yen Carry Return Index 130.39 -.15%
- Emerging Markets Currency Volatility(VXY) 8.87 +.11%
- S&P 500 Implied Correlation 40.36 +.93%
- ISE Sentiment Index 101.0 +36.5%
- Total Put/Call .93 +19.2%
- NYSE Arms 1.31 +15.9%
Credit Investor Angst:
- North American Investment Grade CDS Index 61.90 +2.05%
- America Energy Sector High-Yield CDS Index 538.0 +.06%
- European Financial Sector CDS Index 80.66 +1.04%
- Italian/German 10Y Yld Spread 270.50 -5.5 basis points
- Asia Ex-Japan Investment Grade CDS Index 72.23 -1.25%
- Emerging Market CDS Index 173.71 +.38%
- iBoxx Offshore RMB China Corporate High Yield Index 158.09 +.25%
- 2-Year Swap Spread 9.75 -1.5 basis points
- TED Spread 21.0 -1.25 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -5.75 +2.75 basis points.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 68.09 -.22%
- 3-Month T-Bill Yield 2.44% unch.
- Yield Curve 16.25 +1.0 basis point
- China Iron Ore Spot 82.80 USD/Metric Tonne -1.58%
- Citi US Economic Surprise Index -23.60 -5.6 points
- Citi Eurozone Economic Surprise Index -63.0 +9.3 points
- Citi Emerging Markets Economic Surprise Index -7.4 -.2 point
- 10-Year TIPS Spread 1.91 +2.0 basis points
- .9% chance of Fed rate hike at May 1st meeting, 1.1% chance at June 19th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -99 open in Japan
- China A50 Futures: Indicating +30 open in China
- DAX Futures: Indicating -23 open in Germany
Portfolio:
- Lower: On losses in my medical/biotech/retail/industrial sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 75% Net Long
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