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) 60.0 -2.7%
- Euro/Yen Carry Return Index 124.41 +.58%
- Emerging Markets Currency Volatility(VXY) 13.5 -6.7%
- S&P 500 Implied Correlation 66.8 +70%
- ISE Sentiment Index 60.0 -14
- Total Put/Call .86 -21.8%
- NYSE Arms .82 -12.8%
Credit Investor Angst:
- North American Investment Grade CDS Index 108.44 -15.5%
- America Energy Sector High-Yield CDS Index 1,553.0 -.31%
- European Financial Sector CDS Index 108.87 -16.3%
- Italian/German 10Y Yld Spread 188.75 -6.75 basis points
- Asia Ex-Japan Investment Grade CDS Index 187.69 -11.9%
- Emerging Market CDS Index 360.18 -13.7%
- iBoxx Offshore RMB China Corporate High Yield Index 170.09 +.10%
- 2-Year Swap Spread 12.75 -6.25 basis points
- TED Spread 125.0 +1.0 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -.75 +10.75 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 58.19 +1.1%
- 3-Month T-Bill Yield -.04% -1.0 basis point
- Yield Curve .50 -4.0 basis points
- China Iron Ore Spot 81.39 USD/Metric Tonne +.63%
- Citi US Economic Surprise Index 62.30 +15.2 points
- Citi Eurozone Economic Surprise Index -54.80 -56.8 points
- Citi Emerging Markets Economic Surprise Index -28.7 -.3 point
- 10-Year TIPS Spread .97 +15.0 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 +1,128 open in Japan
- China A50 Futures: Indicating +143 open in China
- DAX Futures: Indicating -142 open in Germany
Portfolio:
- Slightly Higher: On gains in my tech/biotech/industrial/medical sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 50% Net Long
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