Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Above Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 16.0 -10.8%
- Euro/Yen Carry Return Index 125.45 +.57%
- Emerging Markets Currency Volatility(VXY) 6.55 -2.8%
- S&P 500 Implied Correlation 38.8 -8.3%
- ISE Sentiment Index 77.0 +3
- Total Put/Call .81 +11.0%
- NYSE Arms .61 -42.5%
Credit Investor Angst:
- North American Investment Grade CDS Index 47.21 -5.61%
- America Energy Sector High-Yield CDS Index 642.0 -.73%
- European Financial Sector CDS Index 51.11 -5.74%
- Italian/German 10Y Yld Spread 135.0 -4.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 54.18 -4.15%
- Emerging Market CDS Index 186.69 -3.94%
- iBoxx Offshore RMB China Corporate High Yield Index 170.01 -.02%
- 2-Year Swap Spread 6.5 +.5 basis point
- TED Spread 19.25 -2.0 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -6.75 +.5 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 65.56 +.35%
- 3-Month T-Bill Yield 1.56% +1.0 basis point
- Yield Curve .17 -3.0 basis points
- China Iron Ore Spot 80.70 USD/Metric Tonne +4.1%
- Citi US Economic Surprise Index 19.40 +3.5 points
- Citi Eurozone Economic Surprise Index 18.30 -.6 point
- Citi Emerging Markets Economic Surprise Index 25.6 +.8 point
- 10-Year TIPS Spread 1.64 +3.0 basis points
- 24.8% chance of Fed April 29th meeting, 43.0% chance of cut at June 10th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +305 open in Japan
- China A50 Futures: Indicating +130 open in China
- DAX Futures: Indicating +1 open in Germany
Portfolio:
- Higher: On gains in my tech/biotech/retail/medical/industrial sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my emerging market shorts
- Market Exposure: Moved to 75% Net Long
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