Broad Equity Market Tone:
- Advance/Decline Line: Higher
- Sector Performance: Most Sectors Rising
- Volume: Around Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 21.3 +.4%
- Bloomberg Global Risk On/Risk Off Index 2,451.0 +42.0 points
- Euro/Yen Carry Return Index 131.01 -.12%
- Emerging Markets Currency Volatility(VXY) 9.91 +.41%
- S&P 500 Implied Correlation 52.9 +2.3%
- ISE Sentiment Index 126.0 -23.0 points
- Total Put/Call .62 -8.8%
- NYSE Arms 1.54 +45.3%
Credit Investor Angst:
- North American Investment Grade CDS Index 50.62 +.62%
- US Energy High-Yield OAS 505.29 unch.
- European Financial Sector CDS Index 58.05 +.58%
- Italian/German 10Y Yld Spread 96.0 +.75 basis point
- Asia Ex-Japan Investment Grade CDS Index 57.53 -.64%
- Emerging Market CDS Index 161.37 +2.52%
- iBoxx Offshore RMB China Corporate High Yield Index 185.17 -.07%
- 2-Year Swap Spread 8.75 -.75 basis point
- TED Spread 16.5 -.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -.75 +3.0 basis points
- MBS 5/10 Treasury Spread 65.0 +1.25 basis points
- IHS Markit CMBX BBB- 6 75.75 +.25 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 62.76 +.15%
- 3-Month T-Bill Yield .03% +1.0 basis point
- Yield Curve 105.0 -3.0 basis points
- China Iron Ore Spot 158.0 USD/Metric Tonne -.35%
- Citi US Economic Surprise Index 72.90 +.8 point
- Citi Eurozone Economic Surprise Index 142.2 -.5 point
- Citi Emerging Markets Economic Surprise Index 65.10 +.7 point
- 10-Year TIPS Spread 2.21 +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 -40 open in Japan
- China A50 Futures: Indicating -20 open in China
- DAX Futures: Indicating +10 open in Germany
Portfolio:
- Higher: On gains in my industrial/tech sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 100% Net Long
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