Broad Equity Market Tone:
- Advance/Decline Line: Modestly Lower
- Sector Performance: Mixed
- Volume: Around Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 14.66 -1.28%
- Euro/Yen Carry Return Index 130.91 -.13%
- Emerging Markets Currency Volatility(VXY) 8.54 -.7%
- S&P 500 Implied Correlation 39.57 +.41%
- ISE Sentiment Index 78.0 -15.2%
- Total Put/Call .84 +7.69%
- NYSE Arms .82 -18.0%
Credit Investor Angst:
- North American Investment Grade CDS Index 60.48 -.73%
- America Energy Sector High-Yield CDS Index 539.0 -.09%
- European Financial Sector CDS Index 75.65 -3.02%
- Italian/German 10Y Yld Spread 258.5 -8.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 70.50 +.36%
- Emerging Market CDS Index 164.75 -1.47%
- iBoxx Offshore RMB China Corporate High Yield Index 158.69 +.25%
- 2-Year Swap Spread 8.75 unch.
- TED Spread 20.75 unch.
- 3-Month EUR/USD Cross-Currency Basis Swap -7.5 -.25 basis point.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 68.44 +.10%
- 3-Month T-Bill Yield 2.43% -1.0 basis point
- Yield Curve 15.75 -.25 basis point
- China Iron Ore Spot 80.68 USD/Metric Tonne +.77%
- Citi US Economic Surprise Index -30.50 -7.1 points
- Citi Eurozone Economic Surprise Index -61.70 +.3 point
- Citi Emerging Markets Economic Surprise Index -8.90 -.6 point
- 10-Year TIPS Spread 1.92 -1.0 basis point
- 1.6% chance of Fed rate hike at May 1st meeting, 1.5% chance at June 19th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +146 open in Japan
- China A50 Futures: Indicating +86 open in China
- DAX Futures: Indicating +11 open in Germany
Portfolio:
- Higher: On gains in my tech/biotech/industrial/retail sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 100% Net Long
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