Broad Equity Market Tone:
- Advance/Decline Line: Slightly Lower
- Sector Performance: Mixed
- Volume: Around Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 16.25 -.73%
- Euro/Yen Carry Return Index 129.22 -.14%
- Emerging Markets Currency Volatility(VXY) 8.92 -.34%
- S&P 500 Implied Correlation 41.97 -3.58%
- ISE Sentiment Index 108.0 +3.33%
- Total Put/Call 1.06 +9.28%
- NYSE Arms 1.10 -5.17%
Credit Investor Angst:
- North American Investment Grade CDS Index 68.69 +1.06%
- America Energy Sector High-Yield CDS Index 550.0 -16.30%
- European Financial Sector CDS Index 92.73 +1.36%
- Italian/German 10Y Yld Spread 287.25 +3.75 basis points
- Asia Ex-Japan Investment Grade CDS Index 80.76 +3.53%
- Emerging Market CDS Index 177.11 +2.22%
- iBoxx Offshore RMB China Corporate High Yield Index 156.33 +.04%
- 2-Year Swap Spread 14.5 +.25 basis point
- TED Spread 33.75 unch.
- 3-Month EUR/USD Cross-Currency Basis Swap -7.75 -1.25 basis points.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 68.34 -.02%
- 3-Month T-Bill Yield 2.41% +1.0 basis point
- Yield Curve 17.25 unch.
- China Iron Ore Spot 91.15 USD/Metric Tonne +.07%
- Citi US Economic Surprise Index 17.10 +.1 point
- Citi Eurozone Economic Surprise Index -80.1 -1.0 point
- Citi Emerging Markets Economic Surprise Index -10.4 -.2 point
- 10-Year TIPS Spread 1.83 -1.0 basis point
- 0.0% chance of Fed rate hike at May 1st meeting, 0.0% chance at June 19th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -38 open in Japan
- China A50 Futures: Indicating -43 open in China
- DAX Futures: Indicating +51 open in Germany
Portfolio:
- Higher: On gains in my tech/biotech/medical sector longs and emerging market shorts
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 75% Net Long
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