Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Most Sectors Declining
- Volume: Heavy
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 28.3 +1.5%
- Euro/Yen Carry Return Index 124.63 +.18%
- Emerging Markets Currency Volatility(VXY) 7.21 +.84%
- S&P 500 Implied Correlation 52.7 -5.19%
- ISE Sentiment Index 86.0 +7
- Total Put/Call 1.14 -14.9%
- NYSE Arms 1.42 +24.6%
Credit Investor Angst:
- North American Investment Grade CDS Index 57.23 +4.17%
- America Energy Sector High-Yield CDS Index 732.0 +4.56%
- European Financial Sector CDS Index 59.44 +1.47%
- Italian/German 10Y Yld Spread 150.0 unch.
- Asia Ex-Japan Investment Grade CDS Index 54.50 +3.18%
- Emerging Market CDS Index 214.04 +1.27%
- iBoxx Offshore RMB China Corporate High Yield Index 171.0 -.02%
- 2-Year Swap Spread 4.5 +3.0 basis points
- TED Spread 12.5 -.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -10.0 -1.25 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 64.05 -.26%
- 3-Month T-Bill Yield 1.51% -2.0 basis points
- Yield Curve .15 +3.0 basis points
- China Iron Ore Spot 85.0 USD/Metric Tonne -.25%
- Citi US Economic Surprise Index 49.30 +4.5 points
- Citi Eurozone Economic Surprise Index -3.60 -1.3 point
- Citi Emerging Markets Economic Surprise Index 17.4 +1.2 points
- 10-Year TIPS Spread 1.54 +1.0 basis point
- 52.0% chance of 25.0 basis point Fed rate cut at April 29th meeting, 40.7% chance of 25.0 basis point cut at June 10th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -176 open in Japan
- China A50 Futures: Indicating -31 open in China
- DAX Futures: Indicating -159 open in Germany
Portfolio:
- Slightly Higher: On gains in my biotech longs, index hedges and emerging market shorts
- Disclosed Trades: None
- Market Exposure: 25% Net Long
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