Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Almost Every Sector Declining
- Volume: Around Average
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 15.5 +14.4%
- Euro/Yen Carry Return Index 131.55 -.49%
- Emerging Markets Currency Volatility(VXY) 8.21 -.48%
- S&P 500 Implied Correlation 40.40 +1.15%
- ISE Sentiment Index 76.0 -45.71%
- Total Put/Call .97 +8.99%
- NYSE Arms 1.07 +5.94%
Credit Investor Angst:
- North American Investment Grade CDS Index 60.06 +1.03%
- America Energy Sector High-Yield CDS Index 506.0 -.06%
- European Financial Sector CDS Index 75.84 +.16%
- Italian/German 10Y Yld Spread 258.0 +3.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 66.75 -3.44%
- Emerging Market CDS Index 170.41 +1.37%
- iBoxx Offshore RMB China Corporate High Yield Index 158.73 +.04%
- 2-Year Swap Spread 8.50 -.5 basis point
- TED Spread 17.0 -3.0 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -9.0 +1.25 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 67.95 -.11%
- 3-Month T-Bill Yield 2.42% -1.0 basis point
- Yield Curve 18.25 -1.5 basis points
- China Iron Ore Spot 83.25 USD/Metric Tonne -.23%
- Citi US Economic Surprise Index -43.10 +.3 point
- Citi Eurozone Economic Surprise Index -60.0 +1.6 points
- Citi Emerging Markets Economic Surprise Index -16.5 +2.3 points
- 10-Year TIPS Spread 1.94 -2.0 basis points
- 0.0% chance of Fed rate hike at May 1st meeting, 0.0% chance at June 19th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -287 open in Japan
- China A50 Futures: Indicating +6 open in China
- DAX Futures: Indicating -34 open in Germany
Portfolio:
- Lower: On losses in my biotech/medical/retail sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 50% Net Long
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