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) 12.2 -3.2%
- Euro/Yen Carry Return Index 130.64 -.71%
- Emerging Markets Currency Volatility(VXY) 8.33 +1.22%
- S&P 500 Implied Correlation 35.52 -1.9%
- ISE Sentiment Index 84.0 -13.4%
- Total Put/Call .84 +3.7%
- NYSE Arms .87 -21.6%
Credit Investor Angst:
- North American Investment Grade CDS Index 57.45 -.19%
- America Energy Sector High-Yield CDS Index 453.0 -9.5%
- European Financial Sector CDS Index 67.86 -1.96%
- Italian/German 10Y Yld Spread 257.75 +4.5 basis points
- Asia Ex-Japan Investment Grade CDS Index 63.14 -.25%
- Emerging Market CDS Index 178.26 +1.96%
- iBoxx Offshore RMB China Corporate High Yield Index 161.46 +.04%
- 2-Year Swap Spread 9.75 unch.
- TED Spread 17.75 +.25 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -18.25 -2.0 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 67.33 -.24%
- 3-Month T-Bill Yield 2.41% -2.0 basis points
- Yield Curve 18.0 -1.25 basis points
- China Iron Ore Spot 89.18 USD/Metric Tonne +.31%
- Citi US Economic Surprise Index -59.20 +3.4 points
- Citi Eurozone Economic Surprise Index -43.30 -2.2 points
- Citi Emerging Markets Economic Surprise Index 5.60 +.7 point
- 10-Year TIPS Spread 1.95 unch.
- 6.2% chance of Fed rate cut at June 19th meeting, 10.2% chance of cut at July 31st meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +190 open in Japan
- China A50 Futures: Indicating +57 open in China
- DAX Futures: Indicating +60 open in Germany
Portfolio:
- Higher: On gains in my industrial/tech/medical sector longs
- Disclosed Trades: None
- Market Exposure: 100% Net Long
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