Broad Equity Market Tone:
- Advance/Decline Line: Modestly Lower
- Sector Performance: Mixed
- Volume: Around Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 14.1 +2.6%
- Euro/Yen Carry Return Index 123.52 -.55%
- Emerging Markets Currency Volatility(VXY) 6.76 +.3%
- S&P 500 Implied Correlation 36.5 +3.1%
- ISE Sentiment Index 76.0 -27
- Total Put/Call .75 +5.6%
- NYSE Arms 1.38 +66.3%
Credit Investor Angst:
- North American Investment Grade CDS Index 43.99 -.21%
- America Energy Sector High-Yield CDS Index 617.0 -1.5%
- European Financial Sector CDS Index 47.77 +.95%
- Italian/German 10Y Yld Spread 129.25 +.25 basis point
- Asia Ex-Japan Investment Grade CDS Index 49.81 +1.54%
- Emerging Market CDS Index 193.75 +.94%
- iBoxx Offshore RMB China Corporate High Yield Index 169.97 +.05%
- 2-Year Swap Spread 3.25 -1.0 basis point
- TED Spread 13.5 -.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -7.75 -.75 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 65.03 -.09%
- 3-Month T-Bill Yield 1.58%+1.0 basis point
- Yield Curve .18 unch.
- China Iron Ore Spot 85.55 USD/Metric Tonne +.3%
- Citi US Economic Surprise Index 45.10 -1.2 points
- Citi Eurozone Economic Surprise Index -19.4 -.1 point
- Citi Emerging Markets Economic Surprise Index 22.6 +1.5 points
- 10-Year TIPS Spread 1.67 unch.
- 26.7% chance of Fed April 29th meeting, 42.0% chance of cut at June 10th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -57 open in Japan
- China A50 Futures: Indicating -70 open in China
- DAX Futures: Indicating +5 open in Germany
Portfolio:
- Higher: On gains in my tech/medical sector longs and emerging market shorts
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 100% Net Long
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