Stocks Close Substantially Lower on Regulation/Tax Hike Fears, Dollar Strength, Forced Selling, Alt Energy/Tech Sector Weakness

 Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Heavy

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 29.6 +29.3%
• Bloomberg Global Risk On/Risk Off Index 1,467.0 -523.0 points

• Euro/Yen Carry Return Index 130.41 +.03%

• Emerging Markets Currency Volatility(VXY) 10.4 +.9%

• S&P 500 Implied Correlation 50.0 +.06%

• ISE Sentiment Index 133.0 -5.0 points
  

• Total Put/Call .71 unch.

• NYSE Arms .21 -75.9%

Credit Investor Angst:

• North American Investment Grade CDS Index 54.95 +4.5%
  

• US Energy High-Yield OAS 523.54 +1.36%

• European Financial Sector CDS Index 62.55 +2.89%

• Italian/German 10Y Yld Spread 120.0 +2.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 61.43 +.36%
  

• Emerging Market CDS Index 174.40 +2.61%
  

• iBoxx Offshore RMB China Corporate High Yield Index 185.36 +.07%

• 2-Year Swap Spread 8.0 +.25 basis point

• TED Spread 14.5 -.25 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -4.5 unch.
  
• MBS  5/10 Treasury Spread  66.75 -2.25 basis points
  
• IHS Markit CMBX BBB- 6 73.75 unch.

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 61.91 -.59%
• 3-Month T-Bill Yield .07% +1.0 basis point
  

• Yield Curve 91.75 -.25 basis point
  

• China Iron Ore Spot 159.25 USD/Metric Tonne -3.26%

• Citi US Economic Surprise Index 67.60 -10.6 points

• Citi Eurozone Economic Surprise Index 91.0 -51.0 points
  

• Citi Emerging Markets Economic Surprise Index 54.10 -6.2 points

• 10-Year TIPS Spread 2.06 -1.0 basis point
• 100.0% chance of no change at April 28th meeting, 100.0% chance of no change at June 16th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -410 open in Japan 
• China A50 Futures: Indicating -223 open in China

• DAX Futures: Indicating -89 open in Germany

Portfolio:

• Lower: On losses in my energy/biotech/medical/tech/industrial sector longs
  

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my emerging market shorts
  

• Market Exposure: Moved to 50% Net Long