Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Most Sectors Rising
- Volume: Above Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 22.4 -6.7%
- Bloomberg Global Risk On/Risk Off Index 2,717.0 +98.0 points
- Euro/Yen Carry Return Index 133.75 +.1%
- Emerging Markets Currency Volatility(VXY) 10.6 -.3
- S&P 500 Implied Correlation 51.4 -.7%
- ISE Sentiment Index 103.0 +2.0 points
- Total Put/Call .70 -23.9%
- NYSE Arms .91 -31.0%
Credit Investor Angst:
- North American Investment Grade CDS Index 53.20 -3.7%
- US Energy High-Yield OAS 480.22 +.39%
- European Financial Sector CDS Index 57.70 -1.85%
- Italian/German 10Y Yld Spread 99.0 -1.0 basis point
- Asia Ex-Japan Investment Grade CDS Index 64.72 +.13%
- Emerging Market CDS Index 193.03 -1.71%
- iBoxx Offshore RMB China Corporate High Yield Index 186.74 +.05%
- 2-Year Swap Spread 9.0 +.5 basis point
- TED Spread 14.75 -.5 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -5.5 +1.25 basis points
- MBS 5/10 Treasury Spread 72.5 +2.0 basis points
- IHS Markit CMBX BBB- 6 75.25 unch.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 61.24 +.78%
- 3-Month T-Bill Yield .03% unch.
- Yield Curve 137.0 -4.0 basis points
- China Iron Ore Spot 159.50 USD/Metric Tonne +.58%
- Citi US Economic Surprise Index 72.50 -7.5 points
- Citi Eurozone Economic Surprise Index 121.6 +2.7 points
- Citi Emerging Markets Economic Surprise Index 52.8 +3.3 points
- 10-Year TIPS Spread 2.26 +5.0 basis points
- 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 +114 open in Japan
- China A50 Futures: Indicating +76 open in China
- DAX Futures: Indicating +11 open in Germany
Portfolio:
- Higher: On gains in my energy/biotech/industrial sector longs
- Disclosed Trades: None
- Market Exposure: 75% Net Long
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