Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Almost Every Sector Declining
- Volume: Around Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 15.4 +4.0%
- Euro/Yen Carry Return Index 131.38 -.07%
- Emerging Markets Currency Volatility(VXY) 8.09 -.12%
- S&P 500 Implied Correlation 41.02 +1.2%
- ISE Sentiment Index 59.0 -42.7%
- Total Put/Call 1.03 +13.2%
- NYSE Arms 1.91 +120.0%
Credit Investor Angst:
- North American Investment Grade CDS Index 62.28 +2.27%
- America Energy Sector High-Yield CDS Index 507.0 +.30%
- European Financial Sector CDS Index 75.14 -.27%
- Italian/German 10Y Yld Spread 246.25 -7.75 basis points
- Asia Ex-Japan Investment Grade CDS Index 66.89 +.26%
- Emerging Market CDS Index 172.75 +.65%
- iBoxx Offshore RMB China Corporate High Yield Index 159.04 +.1%
- 2-Year Swap Spread 11.25 +1.25 basis points
- TED Spread 17.0 +1.0 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -9.25 -.25 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 67.75 -.28%
- 3-Month T-Bill Yield 2.45% +1.0 basis point
- Yield Curve 17.25 unch.
- China Iron Ore Spot 83.59 USD/Metric Tonne +.19%
- Citi US Economic Surprise Index -34.0 -.2 point
- Citi Eurozone Economic Surprise Index -49.8 +1.4 points
- Citi Emerging Markets Economic Surprise Index -15.0 +.4 point
- 10-Year TIPS Spread 1.91 -2.0 basis points
- .8% chance of Fed rate hike at May 1st meeting, .8% chance at June 19th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -216 open in Japan
- China A50 Futures: Indicating +20 open in China
- DAX Futures: Indicating -16 open in Germany
Portfolio:
- Slightly Lower: On losses in my industrial/retail/tech/biotech/medical sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 25% Net Long
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