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) 31.5 -6.2%
- Euro/Yen Carry Return Index 120.33 +.32%
- Emerging Markets Currency Volatility(VXY) 11.5 -3.2%
- S&P 500 Implied Correlation 67.33 -4.7%
- ISE Sentiment Index 95.0 +19.0 points
- Total Put/Call .98 +2.1%
- NYSE Arms 1.45 +98.6%
Credit Investor Angst:
- North American Investment Grade CDS Index 87.20 -5.6%
- US Energy High-Yield OAS 1,429.98 -1.5%
- European Financial Sector CDS Index 95.50 -5.2%
- Italian/German 10Y Yld Spread 225.25 +5.5 basis points
- Asia Ex-Japan Investment Grade CDS Index 117.50 -1.84%
- Emerging Market CDS Index 326.26 -7.31%
- iBoxx Offshore RMB China Corporate High Yield Index 163.57 -.26%
- 2-Year Swap Spread 13.0 -1.5 basis points
- TED Spread 75.0 -4.0 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap 18.0 -4.25 basis points
- MBS 5/10 Treasury Spread 121.0 +1.0 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 58.74 +1.23%
- 3-Month T-Bill Yield .09% -1.0 basis point
- Yield Curve 44.0 unch.
- China Iron Ore Spot 80.88 USD/Metric Tonne -.98%
- Citi US Economic Surprise Index -117.30 -12.0 points
- Citi Eurozone Economic Surprise Index -239.80 -32.7 points
- Citi Emerging Markets Economic Surprise Index 12.1 +7.0 points
- 10-Year TIPS Spread 1.14 -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 +659 open in Japan
- China A50 Futures: Indicating -65 open in China
- DAX Futures: Indicating +25 open in Germany
Portfolio:
- Higher: On gains in my biotech/tech/medical/industrial sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 75% Net Long
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