Stocks Finish Slightly Lower on China Trade Deal Concerns, Oil Decline, Profit-Taking, Road & Rail/Homebuilding Sector Weakness

 Broad Equity Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.2 +1.07%

• Euro/Yen Carry Return Index 131.36 +.05%

• Emerging Markets Currency Volatility(VXY) 7.68 -.9%

• S&P 500 Implied Correlation 38.60 -1.13%

• ISE Sentiment Index 100.0 +20.5%
  

• Total Put/Call .91 +12.4%

• NYSE Arms .89 +3.5%

Credit Investor Angst:

• North American Investment Grade CDS Index 57.42 +.11%
  

• America Energy Sector High-Yield CDS Index 500.0 -1.21%

• European Financial Sector CDS Index 68.19 -2.84%

• Italian/German 10Y Yld Spread 239.75 +2.75 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 64.55 -.70%
  

• Emerging Market CDS Index 165.66 +.32%
  

• iBoxx Offshore RMB China Corporate High Yield Index 159.87 +.04%

• 2-Year Swap Spread 10.25 -1.25 basis points

• TED Spread 20.0 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -9.25 -1.5 basis points

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 67.95 unch.
• 3-Month T-Bill Yield 2.45% +1.0 basis point

• Yield Curve 14.25 -.5 basis point

• China Iron Ore Spot 83.0 USD/Metric Tonne -.81%

• Citi US Economic Surprise Index -36.30 -.4 point

• Citi Eurozone Economic Surprise Index -26.40 +5.4 points

• Citi Emerging Markets Economic Surprise Index -24.70 +.4 point

• 10-Year TIPS Spread 1.95 -1.0 basis point
• .8% chance of Fed rate hike at May 1st meeting, .7% chance at June 19th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -157 open in Japan 
• China A50 Futures: Indicating +14 open in China

• DAX Futures: Indicating -38 open in Germany

Portfolio:

• Slightly Higher: On gains in my tech/medical sector longs

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 75% Net Long