Broad Equity Market Tone:
- Advance/Decline Line: Substantially lower
- Sector Performance: Every Sector Declining
- Volume: Heavy
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 47.37 +19.5%
- Euro/Yen Carry Return Index 123.63 -.11%
- Emerging Markets Currency Volatility(VXY) 8.6 +5.9%
- S&P 500 Implied Correlation 66.3 +20.5%
- ISE Sentiment Index 80.0 -3
- Total Put/Call 1.06 +19.1%
- NYSE Arms 1.57 -11.3%
Credit Investor Angst:
- North American Investment Grade CDS Index 84.0 +14.4%
- America Energy Sector High-Yield CDS Index 832.0 +6.9%
- European Financial Sector CDS Index 91.01 +14.85%
- Italian/German 10Y Yld Spread 178.25 +13.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 75.31 +9.55%
- Emerging Market CDS Index 265.48 +8.82%
- iBoxx Offshore RMB China Corporate High Yield Index 171.70 +.23%
- 2-Year Swap Spread 11.75 +5.5 basis points
- TED Spread 59.0 +14.75 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -14.0 -28.0 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 63.50 -.24%
- 3-Month T-Bill Yield .46% -44.0 basis points
- Yield Curve .33 -4.0 basis points
- China Iron Ore Spot 85.09 USD/Metric Tonne -1.53%
- Citi US Economic Surprise Index 68.90 +13.2 points
- Citi Eurozone Economic Surprise Index 8.2 +4.3 points
- Citi Emerging Markets Economic Surprise Index -20.9 -6.4 points
- 10-Year TIPS Spread 1.30 -15.0 basis points
- 49.3% chance of 50.0 basis point Fed rate cut at April 29th meeting, 49.7% chance of 50.0 basis point cut at June 10th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -479 open in Japan
- China A50 Futures: Indicating -348 open in China
- DAX Futures: Indicating -60 open in Germany
Portfolio:
- Slightly Lower: On losses in my tech/industrial/biotech/medical/retail sector longs
- Disclosed Trades: None
- Market Exposure: 25% Net Long
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