Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Most Sectors Declining
- Volume: Below Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 16.95 +2.85%
- Euro/Yen Carry Return Index 129.40 +.25%
- Emerging Markets Currency Volatility(VXY) 8.55 +1.91%
- S&P 500 Implied Correlation 41.33 +2.66%
- ISE Sentiment Index 54.0 -8.47%
- Total Put/Call .88 -1.12%
- NYSE Arms 1.12 -30.86%
Credit Investor Angst:
- North American Investment Grade CDS Index 68.92 +2.35%
- America Energy Sector High-Yield CDS Index 522.0 +.48%
- European Financial Sector CDS Index 89.30 +1.29%
- Italian/German 10Y Yld Spread 253.0 +6.75 basis points
- Asia Ex-Japan Investment Grade CDS Index 72.45 +.56%
- Emerging Market CDS Index 177.58 -.86%
- iBoxx Offshore RMB China Corporate High Yield Index 160.63 +.19%
- 2-Year Swap Spread 6.75 -2.0 basis points
- TED Spread 17.0 +1.25 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -12.50 -.5 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 67.63 +.60%
- 3-Month T-Bill Yield 2.44% -1.0 basis point
- Yield Curve 16.25 +3.25 basis points
- China Iron Ore Spot 84.45 USD/Metric Tonne +.90%
- Citi US Economic Surprise Index -33.90 -.1 point
- Citi Eurozone Economic Surprise Index -53.90 +6.1 points
- Citi Emerging Markets Economic Surprise Index -19.0 +1.9 points
- 10-Year TIPS Spread 1.88 -3.0 basis points
- 30.8% chance of Fed rate cut at June 19th meeting, 37.4% chance of cut at July 31st meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -42 open in Japan
- China A50 Futures: Indicating +45 open in China
- DAX Futures: Indicating +12 open in Germany
Portfolio:
- Slightly Higher: On gains in my industrial/tech/retail/medical/biotech sector longs
- Disclosed Trades: None
- Market Exposure: 50% Net Long
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