Broad Equity Market Tone:
- Advance/Decline Line: Modestly Higher
- Sector Performance: Mixed
- Volume: Heavy
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 61.7 -14.4%
- Euro/Yen Carry Return Index 122.77 +.03%
- Emerging Markets Currency Volatility(VXY) 14.2 -5.9%
- S&P 500 Implied Correlation 69.6 -19.4%
- ISE Sentiment Index 78.0 -33
- Total Put/Call 1.17 -23.8%
- NYSE Arms 1.36 +42.1%
Credit Investor Angst:
- North American Investment Grade CDS Index 141.72 +.87%
- America Energy Sector High-Yield CDS Index 1,509.0 -4.2%
- European Financial Sector CDS Index 133.90 -1.34%
- Italian/German 10Y Yld Spread 195.25 +1.75 basis points
- Asia Ex-Japan Investment Grade CDS Index 185.64 +18.61%
- Emerging Market CDS Index 399.22 -9.58%
- iBoxx Offshore RMB China Corporate High Yield Index 170.85 +.07%
- 2-Year Swap Spread 19.5 -1.75 basis points
- TED Spread 113.0 +6.0 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap 0.0 +42.25 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 58.25 +.21%
- 3-Month T-Bill Yield -.03% -1.0 basis point
- Yield Curve .75 unch.
- China Iron Ore Spot 84.65 USD/Metric Tonne -2.3%
- Citi US Economic Surprise Index 45.30 +2.5 points
- Citi Eurozone Economic Surprise Index 2.6 -.2 point
- Citi Emerging Markets Economic Surprise Index -36.3 +3.5 points
- 10-Year TIPS Spread .67 +17.0 basis points
- n/a chance of no change at April 29th meeting, n/a chance of no change at June 10th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +1,058 open in Japan
- China A50 Futures: Indicating -384 open in China
- DAX Futures: Indicating -214 open in Germany
Portfolio:
- Lower: On losses in my tech/industrial/consumer staple/biotech sector longs and emerging market shorts
- Disclosed Trades: None
- Market Exposure: 25% Net Long
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