Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Heavy
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 44.5 -5.0%
- Euro/Yen Carry Return Index 122.13 +.29%
- Emerging Markets Currency Volatility(VXY) 12.77 -.39%
- S&P 500 Implied Correlation 71.7 +.7%
- ISE Sentiment Index 69.0 +31.0 points
- Total Put/Call .97 9.4%
- NYSE Arms .86 +53.6%
Credit Investor Angst:
- North American Investment Grade CDS Index 118.68 -6.1%
- America Energy Sector High-Yield CDS Index 1,480.0 +3.52%
- European Financial Sector CDS Index 118.06 -9.38%
- Italian/German 10Y Yld Spread 191.5 -7.5 basis points
- Asia Ex-Japan Investment Grade CDS Index 143.70 -3.95%
- Emerging Market CDS Index 363.43 -6.54%
- iBoxx Offshore RMB China Corporate High Yield Index 156.14 +.01%
- 2-Year Swap Spread 22.75 -2.75 basis points
- TED Spread 133.0 +2.0 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap 54.5 -12.0 basis points
- MBS 5/10 Treasury Spread 122.0 -8.0 basis points
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 57.95 +.75%
- 3-Month T-Bill Yield .08% +1.0 basis point
- Yield Curve .40 +3.0 basis points
- China Iron Ore Spot 79.61 USD/Metric Tonne -.33%
- Citi US Economic Surprise Index -44.3 -3.0 points
- Citi Eurozone Economic Surprise Index -72.70 -.3 point
- Citi Emerging Markets Economic Surprise Index -1.9 -.6 point
- 10-Year TIPS Spread 1.03 +1.0 basis point
- 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 +314 open in Japan
- China A50 Futures: Indicating +244 open in China
- DAX Futures: Indicating +14 open in Germany
Portfolio:
- Slightly Higher: On gains in my consumer staple/industrial/tech/biotech/medical sector long
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my emerging market shorts
- Market Exposure: Moved to 75% Net Long
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