Broad Equity Market Tone:
- Advance/Decline Line: Around Even
- Sector Performance: Almost Every Sector Rising
- Volume: Above Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 15.5 +8.0%
- Euro/Yen Carry Return Index 125.47 +.47%
- Emerging Markets Currency Volatility(VXY) 6.69 +4.69%
- S&P 500 Implied Correlation 38.18 +3.45%
- ISE Sentiment Index 105.0 -3
- Total Put/Call .82 -1.2%
- NYSE Arms .97 +29.3%
Credit Investor Angst:
- North American Investment Grade CDS Index 45.45 +2.03%
- America Energy Sector High-Yield CDS Index 633.0 -2.5%
- European Financial Sector CDS Index 48.28 +2.1%
- Italian/German 10Y Yld Spread 135.0 -2.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 47.47 +05%
- Emerging Market CDS Index 195.84 +2.04%
- iBoxx Offshore RMB China Corporate High Yield Index 170.70 +.08%
- 2-Year Swap Spread 2.25 -.5 basis point
- TED Spread 12.5 unch.
- 3-Month EUR/USD Cross-Currency Basis Swap -9.25 +.25 basis pointt
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 64.42 -.58%
- 3-Month T-Bill Yield 1.57% unch.
- Yield Curve .14 -1.0 basis point
- China Iron Ore Spot 89.05 USD/Metric Tonne +.67%
- Citi US Economic Surprise Index 61.80 +6.2 points
- Citi Eurozone Economic Surprise Index -30.0 -.1 point
- Citi Emerging Markets Economic Surprise Index 20.8 +1.2 points
- 10-Year TIPS Spread 1.64 -2.0 basis points
- 28.8% chance of Fed April 29th meeting, 40.3% chance of cut at June 10th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +5 open in Japan
- China A50 Futures: Indicating -189 open in China
- DAX Futures: Indicating +39 open in Germany
Portfolio:
- Slightly Higher: On gains in my retail sector longs, index hedges and emerging market shorts
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my emerging market shorts
- Market Exposure: Moved to 50% Net Long
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