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) 12.15 -2.17%
- Euro/Yen Carry Return Index 130.36 -.44%
- Emerging Markets Currency Volatility(VXY) 8.19 -1.09%
- S&P 500 Implied Correlation 34.51 -3.06%
- ISE Sentiment Index 112.0 +12.0%
- Total Put/Call .78 -11.3%
- NYSE Arms 1.07 +18.9%
Credit Investor Angst:
- North American Investment Grade CDS Index 57.12 -1.54%
- America Energy Sector High-Yield CDS Index 448.0 -1.24%
- European Financial Sector CDS Index 69.45 +1.9%
- Italian/German 10Y Yld Spread 263.5 +5.75 basis points
- Asia Ex-Japan Investment Grade CDS Index 63.75 -.02%
- Emerging Market CDS Index 179.66 +.47%
- iBoxx Offshore RMB China Corporate High Yield Index 161.74 +.08%
- 2-Year Swap Spread 8.5 unch.
- TED Spread 17.50 +.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -18.25 -.25 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 67.07 -.22%
- 3-Month T-Bill Yield 2.43% +1.0 basis point
- Yield Curve 20.75 +.25 basis point
- China Iron Ore Spot 89.95 USD/Metric Tonne +.35%
- Citi US Economic Surprise Index -65.80 +2.0 points
- Citi Eurozone Economic Surprise Index -36.60 +2.1 points
- Citi Emerging Markets Economic Surprise Index 1.60 -3.4 points
- 10-Year TIPS Spread 1.96 unch.
- 20.8% chance of Fed rate cut at June 19th meeting, 23.3% chance of cut at July 31st meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +96 open in Japan
- China A50 Futures: Indicating +36 open in China
- DAX Futures: Indicating +28 open in Germany
Portfolio:
- Higher: On gains in my tech/biotech/medical/retail/industrial sector longs
- Disclosed Trades: None
- Market Exposure: 100% Net Long
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