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) 39.1 -2.5%
- Euro/Yen Carry Return Index 121.22 -.05%
- Emerging Markets Currency Volatility(VXY) 11.4 -.26%
- S&P 500 Implied Correlation 72.83 -2.5%
- ISE Sentiment Index 73.0 +5.0 points
- Total Put/Call .92 +2.22%
- NYSE Arms .84 -39.6%
Credit Investor Angst:
- North American Investment Grade CDS Index 87.65 -.59%
- America Energy Sector High-Yield CDS Index 1,325.0 +2.7%
- European Financial Sector CDS Index 101.30 -2.79%
- Italian/German 10Y Yld Spread 226.5 -4.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 116.62 -1.39%
- Emerging Market CDS Index 346.20 -1.5%
- iBoxx Offshore RMB China Corporate High Yield Index 160.31 +.24%
- 2-Year Swap Spread 21.50 unch.
- TED Spread 103.0 -2.0 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap 45.0 +4.0 basis points
- MBS 5/10 Treasury Spread 129.0 +1.0 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 58.40 +.30%
- 3-Month T-Bill Yield .11% -1.0 basis point
- Yield Curve 44.0 -.25 basis point
- China Iron Ore Spot 83.20 USD/Metric Tonne +.14%
- Citi US Economic Surprise Index -129.0 +2.1 points
- Citi Eurozone Economic Surprise Index -61.40 unch.
- Citi Emerging Markets Economic Surprise Index -5.60 -19.0 points
- 10-Year TIPS Spread 1.01 -2.0 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 -477 open in Japan
- China A50 Futures: Indicating -106 open in China
- DAX Futures: Indicating -5 open in Germany
Portfolio:
- Slightly Higher: On gains in my tech/biotech/medical/industrial sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 25% Net Long
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