Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Heavy
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 60.1 -6.3%
- Euro/Yen Carry Return Index 125.33 -.23%
- Emerging Markets Currency Volatility(VXY) 12.41 -.16%
- S&P 500 Implied Correlation 68.23 +10.3%
- ISE Sentiment Index 68.0 -7
- Total Put/Call .93 -2.11%
- NYSE Arms 1.36 +22.5%
Credit Investor Angst:
- North American Investment Grade CDS Index 97.95 -5.24%
- America Energy Sector High-Yield CDS Index 1,399.0 -5.62%
- European Financial Sector CDS Index 98.05 -3.52%
- Italian/German 10Y Yld Spread 158.75 -21.75 basis points
- Asia Ex-Japan Investment Grade CDS Index 132.0 -12.9%
- Emerging Market CDS Index 293.0 -5.2%
- iBoxx Offshore RMB China Corporate High Yield Index 169.79 -.10%
- 2-Year Swap Spread 23.25 +3.75 basis points
- TED Spread 133.0 +8.0 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap 24.5 +17.0 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 59.41 +1.14%
- 3-Month T-Bill Yield -.09% -2.0 basis points
- Yield Curve .48 -1.0 basis point
- China Iron Ore Spot 83.65 USD/Metric Tonne -1.72%
- Citi US Economic Surprise Index 1.0 -60.7 points
- Citi Eurozone Economic Surprise Index -58.50 -3.6 points
- Citi Emerging Markets Economic Surprise Index -44.4 +4.2 points
- 10-Year TIPS Spread 1.08 +3.0 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 +835 open in Japan
- China A50 Futures: Indicating +207 open in China
- DAX Futures: Indicating -71 open in Germany
Portfolio:
- Higher: On gains in my tech/biotech/industrial/medical/consumer staple sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and emerging market shorts, then added some back
- Market Exposure: Moved to 50% Net Long
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