Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Mixed
- Volume: Below Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 16.7 -1.4%
- Bloomberg Global Risk On/Risk Off Index 3,131.0 +2.0 points
- Euro/Yen Carry Return Index 134.69 unch.
- Emerging Markets Currency Volatility(VXY) 10.2 -1.9%
- S&P 500 Implied Correlation 48.3 -.5%
- ISE Sentiment Index 147.0 +26.0 points
- Total Put/Call .66 -9.6%
- NYSE Arms 1.0 -15.3%
Credit Investor Angst:
- North American Investment Grade CDS Index 51.24 +.51%
- US Energy High-Yield OAS 460.68 +.78%
- European Financial Sector CDS Index 58.99 +.77%
- Italian/German 10Y Yld Spread 105.0 +2.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 80.67 +11.6%
- Emerging Market CDS Index 177.64 -.85%
- iBoxx Offshore RMB China Corporate High Yield Index 189.32 +.02%
- 2-Year Swap Spread 11.75 unch.
- TED Spread 17.25 -.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -3.5 -.25 basis point
- MBS 5/10 Treasury Spread 66.0 +.25 basis point
- IHS Markit CMBX BBB- 6 72.5 -.75 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 60.60 +.28%
- 3-Month T-Bill Yield .02% +1.0 basis point
- Yield Curve 152.0 +3.0 basis points
- China Iron Ore Spot 166.20 USD/Metric Tonne +.04%
- Citi US Economic Surprise Index 39.70 +4.3 points
- Citi Eurozone Economic Surprise Index 146.50 -3.6 points
- Citi Emerging Markets Economic Surprise Index 20.2 -2.8 points
- 10-Year TIPS Spread 2.33 unch.
- 94.4% chance of no change at June 16th meeting, 94.4% chance of no change at Sept. 22nd meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +83 open in Japan
- China A50 Futures: Indicating +9 open in China
- DAX Futures: Indicating +29 open in Germany
Portfolio:
- Slightly Higher: On gains in my biotech/tech/medical sector longs
- Disclosed Trades: None
- Market Exposure: 100% Net Long
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