Broad Equity Market Tone:
- Advance/Decline Line: Modestly Lower
- Sector Performance: Mixed
- Volume: Around Average
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 15.5 -4.9%
- Euro/Yen Carry Return Index 124.63 -.16%
- Emerging Markets Currency Volatility(VXY) 6.40 1.69%
- S&P 500 Implied Correlation 41.5 -4.0%
- ISE Sentiment Index 76.0 -43
- Total Put/Call .78 -1.27%
- NYSE Arms 1.11 +50.0%
Credit Investor Angst:
- North American Investment Grade CDS Index 46.82 -.99%
- America Energy Sector High-Yield CDS Index 623.0 -1.11%
- European Financial Sector CDS Index 52.86 -1.19%
- Italian/German 10Y Yld Spread 133.0 -4.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 56.03 +.39%
- Emerging Market CDS Index 190.38 -.95%
- iBoxx Offshore RMB China Corporate High Yield Index 169.86 +.04%
- 2-Year Swap Spread 6.25 unch.
- TED Spread 21.25 -3.75 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -5.25 +.75 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 65.65 -.21%
- 3-Month T-Bill Yield 1.55% -1.0 basis point
- Yield Curve .20 +2.0 basis points
- China Iron Ore Spot 85.0 USD/Metric Tonne +.65%
- Citi US Economic Surprise Index 7.0 -.3 point
- Citi Eurozone Economic Surprise Index 40.60 -.5 point
- Citi Emerging Markets Economic Surprise Index 12.8 +.2 point
- 10-Year TIPS Spread 1.64 -1.0 basis point
- 19.0% chance of Fed April 29th meeting, 40.3% chance of cut at June 10th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -44 open in Japan
- China A50 Futures: Indicating -681 open in China
- DAX Futures: Indicating +14 open in Germany
Portfolio:
- Slightly Higher: On gains in my tech/biotech/medical/retail/industrial sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 75% Net Long
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