Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Most Sectors Declining
- Volume: Around Average
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 14.4 +1.4%
- Euro/Yen Carry Return Index 123.48 -.03%
- Emerging Markets Currency Volatility(VXY) 6.63 -1.49%
- S&P 500 Implied Correlation 38.0 +5.2%
- ISE Sentiment Index 82.0 +6
- Total Put/Call .76 -6.2%
- NYSE Arms 1.45 +11.0%
Credit Investor Angst:
- North American Investment Grade CDS Index 44.17 +.87%
- America Energy Sector High-Yield CDS Index 623.0 +.87%
- European Financial Sector CDS Index 47.22 -1.15%
- Italian/German 10Y Yld Spread 132.25 +3.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 49.18 -1.12%
- Emerging Market CDS Index 189.66 -2.32%
- iBoxx Offshore RMB China Corporate High Yield Index 170.11 +.08%
- 2-Year Swap Spread 2.75 -.5 basis point
- TED Spread 12.0 -1.5 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -8.5 -.5 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 65.06 +.1%
- 3-Month T-Bill Yield 1.57% -1.0 basis point
- Yield Curve .17 -1.0 basis point
- China Iron Ore Spot 85.45 USD/Metric Tonne -.72%
- Citi US Economic Surprise Index 45.30 +.2 point
- Citi Eurozone Economic Surprise Index -22.3 -2.9 points
- Citi Emerging Markets Economic Surprise Index 22.1 -.5 point
- 10-Year TIPS Spread 1.67 unch.
- 28.4% chance of Fed April 29th meeting, 45.8% chance of cut at June 10th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -182 open in Japan
- China A50 Futures: Indicating -94 open in China
- DAX Futures: Indicating -25 open in Germany
Portfolio:
- Higher: On gains in my tech/medical/biotech sector longs 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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