Broad Equity Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Heavy
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 49.5 -9.1%
- Euro/Yen Carry Return Index 123.72 +1.8%
- Emerging Markets Currency Volatility(VXY) 10.0 -5.8%
- S&P 500 Implied Correlation 67.49 +20.0%
- ISE Sentiment Index 72.0 -20
- Total Put/Call 1.14 -37.4%
- NYSE Arms .43 -71.1%
Credit Investor Angst:
- North American Investment Grade CDS Index 104.40 -1.93%
- America Energy Sector High-Yield CDS Index 1,056.0 -2.26%
- European Financial Sector CDS Index 115.94 -5.37%
- Italian/German 10Y Yld Spread 211.50 -13.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 93.80 -8.73%
- Emerging Market CDS Index 319.91 -5.7%
- iBoxx Offshore RMB China Corporate High Yield Index 171.68 -.15%
- 2-Year Swap Spread 5.75 -8.25 basis points
- TED Spread 50.75 +6.25 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -18.25 +9.75 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 62.63 +.54%
- 3-Month T-Bill Yield .41% +5.0 basis points
- Yield Curve .22 +2.0 basis points
- China Iron Ore Spot 89.20 USD/Metric Tonne +.47%
- Citi US Economic Surprise Index 72.10 +2.5 points
- Citi Eurozone Economic Surprise Index 11.3 +2.7 points
- Citi Emerging Markets Economic Surprise Index -18.3 +.1 point
- 10-Year TIPS Spread 1.02 +2.0 basis points
- 51.6% chance of 75.0 basis point Fed rate cut at April 29th meeting, 51.2% chance of 75.0 basis point cut at June 10th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +138 open in Japan
- China A50 Futures: Indicating +161 open in China
- DAX Futures: Indicating +323 open in Germany
Portfolio:
- Slightly Higher: On gains in my tech/biotech/medical/retail/industrial sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my emerging market shorts
- Market Exposure: Moved to 50% Net Long
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