Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Around Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 14.7 -8.6%
- Euro/Yen Carry Return Index 129.91 +.11%
- Emerging Markets Currency Volatility(VXY) 8.16 -.85%
- S&P 500 Implied Correlation 41.84 -1.95%
- ISE Sentiment Index 81.0 +5.19%
- Total Put/Call .84 -13.4%
- NYSE Arms .72 -30.1%
Credit Investor Angst:
- North American Investment Grade CDS Index 60.95 -4.45%
- America Energy Sector High-Yield CDS Index 537.0 +1.15%
- European Financial Sector CDS Index 73.81 -4.73%
- Italian/German 10Y Yld Spread 249.25 +5.75 basis points
- Asia Ex-Japan Investment Grade CDS Index 69.21 -2.03%
- Emerging Market CDS Index 169.41 -3.26%
- iBoxx Offshore RMB China Corporate High Yield Index 159.35 +.10%
- 2-Year Swap Spread 12.75 +.25 basis point
- TED Spread 16.0 +.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -10.25 +.75 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 67.44 +.19%
- 3-Month T-Bill Yield 2.43% -1.0 basis point
- Yield Curve 16.5 -.25 basis point
- China Iron Ore Spot 81.27 USD/Metric Tonne +.42%
- Citi US Economic Surprise Index -31.90 +10.0 points
- Citi Eurozone Economic Surprise Index -47.0 +2.5 points
- Citi Emerging Markets Economic Surprise Index -26.50 -1.4 points
- 10-Year TIPS Spread 1.91 +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 +40 open in Japan
- China A50 Futures: Indicating +148 open in China
- DAX Futures: Indicating +28 open in Germany
Portfolio:
- Higher: On gains in my retail/biotech/tech/medical/industrial sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my emerging market shorts
- Market Exposure: Moved to 100% Net Long
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