Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Almost Every Sector Declining
- Volume: Below Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 17.2 +29.2%
- Euro/Yen Carry Return Index 129.73 -.04%
- Emerging Markets Currency Volatility(VXY) 8.24 +.24%
- S&P 500 Implied Correlation 43.92 +2.38%
- ISE Sentiment Index 81.0 -14.7%
- Total Put/Call .96 -13.5%
- NYSE Arms 1.38 +17.8%
Credit Investor Angst:
- North American Investment Grade CDS Index 64.59 +1.32%
- America Energy Sector High-Yield CDS Index 533.0 +2.78%
- European Financial Sector CDS Index 77.48 +2.38%
- Italian/German 10Y Yld Spread 243.5 +3.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 70.64 +4.05%
- Emerging Market CDS Index 175.37 -1.56%
- iBoxx Offshore RMB China Corporate High Yield Index 159.19 +.01%
- 2-Year Swap Spread 12.5 +.25 basis point
- TED Spread 15.5 -.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -11.0 -1.5 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 67.29 +.01%
- 3-Month T-Bill Yield 2.44% -1.0 basis point
- Yield Curve 16.75 unch.
- China Iron Ore Spot 83.0 USD/Metric Tonne +.86%
- Citi US Economic Surprise Index -42.10 -9.2 points
- Citi Eurozone Economic Surprise Index -49.5 -1.1 points
- Citi Emerging Markets Economic Surprise Index -25.10 -9.9 points
- 10-Year TIPS Spread 1.90 -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 -190 open in Japan
- China A50 Futures: Indicating -113 open in China
- DAX Futures: Indicating +12 open in Germany
Portfolio:
- Slightly Lower: On losses in my retail/biotech/tech/medical/industrial sector longs
- Disclosed Trades: None
- Market Exposure: 50% Net Long
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