Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Most Sectors Rising
- Volume: Heavy
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 35.0 -12.8%
- Euro/Yen Carry Return Index 125.0 +1.1%
- Emerging Markets Currency Volatility(VXY) 8.4 +3.3%
- S&P 500 Implied Correlation 53.6 +9.2%
- ISE Sentiment Index 72.0 -17
- Total Put/Call 1.32 +3.94%
- NYSE Arms 1.41 +125.4%
Credit Investor Angst:
- North American Investment Grade CDS Index 68.30 +1.85%
- America Energy Sector High-Yield CDS Index 611.0 +.03%
- European Financial Sector CDS Index 79.53 +5.51%
- Italian/German 10Y Yld Spread 176.0 +1.75 basis points
- Asia Ex-Japan Investment Grade CDS Index 68.5 -3.12%
- Emerging Market CDS Index 238.05 -3.18%
- iBoxx Offshore RMB China Corporate High Yield Index 171.32 +.06%
- 2-Year Swap Spread 6.25 +.5 basis point
- TED Spread 19.5 -9.75 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -24.75 -9.5 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 63.83 +.78%
- 3-Month T-Bill Yield 1.17% -10.0 basis points
- Yield Curve .31 +6.0 basis points
- China Iron Ore Spot 85.53 USD/Metric Tonne -.57%
- Citi US Economic Surprise Index 57.0 +.8 point
- Citi Eurozone Economic Surprise Index 3.1 +2.7 points
- Citi Emerging Markets Economic Surprise Index -15.1 -30.5 points
- 10-Year TIPS Spread 1.41 -5.0 basis points
- 75.0% chance of 75.0 basis point Fed rate cut at April 29th meeting, 50.7% chance of 75.0 basis point cut at June 10th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating -279 open in Japan
- China A50 Futures: Indicating -43 open in China
- DAX Futures: Indicating -37 open in Germany
Portfolio:
- Higher: On gains in my tech/industrial/biotech/medical sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 50% Net Long
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