Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Most Sectors Declining
- Volume: Above-Average
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- Volatility(VIX) 41.6 +9.1%
- Euro/Yen Carry Return Index 121.28 +.05%
- Emerging Markets Currency Volatility(VXY) 11.4 -.09%
- S&P 500 Implied Correlation 76.1 +7.6%
- ISE Sentiment Index 81.0 +8.0 points
- Total Put/Call .88 -3.3%
- NYSE Arms 1.18 +57.33%
Credit Investor Angst:
- North American Investment Grade CDS Index 92.41 +5.8%
- America Energy Sector High-Yield CDS Index 1,368.0 +3.02%
- European Financial Sector CDS Index 107.82 +6.44%
- Italian/German 10Y Yld Spread 238.75 +12.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 116.99 +.21%
- Emerging Market CDS Index 346.20 +1.12%
- iBoxx Offshore RMB China Corporate High Yield Index 166.14 n/a
- 2-Year Swap Spread 22.50 +1.0 basis point
- TED Spread 102.0 -1.0 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap 45.50 +.5 basis point
- MBS 5/10 Treasury Spread 136.0 +7.0 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 58.21 -.42%
- 3-Month T-Bill Yield .07% -4.0 basis points
- Yield Curve 43.0 -1.0 basis point
- China Iron Ore Spot 83.50 USD/Metric Tonne -.49%
- Citi US Economic Surprise Index -133.10 -4.1 points
- Citi Eurozone Economic Surprise Index -61.70 -.3 point
- Citi Emerging Markets Economic Surprise Index -8.30 -2.7 points
- 10-Year TIPS Spread .94 -7.0 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 -264 open in Japan
- China A50 Futures: Indicating -140 open in China
- DAX Futures: Indicating -130 open in Germany
Portfolio:
- Higher: On gains in my biotech/medical sector longs, index hedges and emerging market shorts
- Disclosed Trades: None
- Market Exposure: 25% Net Long
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