Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Every Sector Declining
- Volume: Heavy
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 53.5 +13.0%
- Euro/Yen Carry Return Index 122.53 -.8%
- Emerging Markets Currency Volatility(VXY) 10.06 +3.60%
- S&P 500 Implied Correlation 72.9 +8.5%
- ISE Sentiment Index 52.0 -20
- Total Put/Call 1.36 +14.3%
- NYSE Arms 2.39 +670.1%
Credit Investor Angst:
- North American Investment Grade CDS Index 115.76 +9.44%
- America Energy Sector High-Yield CDS Index 1,273.0 +23.3%
- European Financial Sector CDS Index 116.31 +.32%
- Italian/German 10Y Yld Spread 191.75 -20.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 101.50 +7.0%
- Emerging Market CDS Index 348.13 +11.9%
- iBoxx Offshore RMB China Corporate High Yield Index 171.19 -.29%
- 2-Year Swap Spread 1.5 -4.25 basis points
- TED Spread 38.5 -12.25 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -18.5 -.25 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 62.0 -.93%
- 3-Month T-Bill Yield .41% unch.
- Yield Curve .22 unch.
- China Iron Ore Spot 86.45 USD/Metric Tonne -.49%
- Citi US Economic Surprise Index 72.30 +.2 point
- Citi Eurozone Economic Surprise Index 11.7 +.4 point
- Citi Emerging Markets Economic Surprise Index -20.2 -1.9 points
- 10-Year TIPS Spread .94 -8.0 basis points
- 50.1% chance of 75.0 basis point Fed rate cut at April 29th meeting, 54.3% chance of 75.0 basis point cut at June 10th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -351 open in Japan
- China A50 Futures: Indicating -80 open in China
- DAX Futures: Indicating -140 open in Germany
Portfolio:
- Lower: On losses in my tech/biotech/medical/retail/industrial sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my emerging market shorts
- Market Exposure: Moved to 25% Net Long
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