Stocks Slightly Lower into Close on US Economic Data, Oil Decline, Inflation Jitters, Energy/Transport Sector Weakness

 Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 19.9 -.5%
• Bloomberg Global Risk On/Risk Off Index 2,960.0 +11.0 points

• Euro/Yen Carry Return Index 134.21 -.33%

• Emerging Markets Currency Volatility(VXY) 10.6 -.09%

• S&P 500 Implied Correlation 52.1 +6.6%

• ISE Sentiment Index 97.0 -16.0 points
  

• Total Put/Call .88 +17.3%

• NYSE Arms 1.59 +52.9%

Credit Investor Angst:

• North American Investment Grade CDS Index 51.72 -.05%
  

• US Energy High-Yield OAS 475.29 +.90%

• European Financial Sector CDS Index 55.41 -1.19%

• Italian/German 10Y Yld Spread 96.25 +3.5 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 60.18 -.72%
  

• Emerging Market CDS Index 188.76 -.28%
  

• iBoxx Offshore RMB China Corporate High Yield Index 187.07 +.12%

• 2-Year Swap Spread 10.75 +.5 basis point

• TED Spread 17.5 +.5 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -4.0 +.5 basis point
  
• MBS  5/10 Treasury Spread  76.5 +1.5 basis points
  
• IHS Markit CMBX BBB- 6 74.75 -.25 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 61.45 +.05%
• 3-Month T-Bill Yield .01% -2.0 basis points
  

• Yield Curve 144.0 -4.0 basis points
  

• China Iron Ore Spot 159.45 USD/Metric Tonne -.18%

• Citi US Economic Surprise Index 47.5 -37.5 points

• Citi Eurozone Economic Surprise Index 92.3 -.1 point
  

• Citi Emerging Markets Economic Surprise Index 37.1 -9.0 points

• 10-Year TIPS Spread 2.30 +3.0 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 -166 open in Japan 
• China A50 Futures: Indicating +24 open in China

• DAX Futures: Indicating +15 open in Germany

Portfolio:

• Slightly Lower: On losses in my industrial/medical sector longs
  

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

• Market Exposure: Moved to 75% Net Long