Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Light
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 17.0 -9.0%
- Bloomberg Global Risk On/Risk Off Index 3,193.0 +170.0 points
- Euro/Yen Carry Return Index 134.78 +.57%
- Emerging Markets Currency Volatility(VXY) 9.9 -1.1%
- S&P 500 Implied Correlation 50.0 +1.0%
- ISE Sentiment Index 117.0 -18.0 points
- Total Put/Call .77 -3.8%
- NYSE Arms .95 -12.8%
Credit Investor Angst:
- North American Investment Grade CDS Index 51.27 -1.28%
- US Energy High-Yield OAS 452.90 -.94%
- European Financial Sector CDS Index 59.29 -1.6%
- Italian/German 10Y Yld Spread 104.0 +2.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 81.25 +2.25%
- Emerging Market CDS Index 165.14 -1.11%
- China Corp. High-Yield Bond USD ETF(KCCB) 39.23 +.1%.
- 2-Year Swap Spread 12.0 -.25 basis point
- TED Spread 16.0 -.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -3.75 +.25 basis point
- MBS 5/10 Treasury Spread 64.75 +.5 basis point
- IHS Markit CMBX BBB- 6 71.5 unch.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 60.82 unch.
- 3-Month T-Bill Yield .02% unch.
- Yield Curve 141.0 +2.0 basis points
- China Iron Ore Spot 183.6 USD/Metric Tonne +1.4%
- Citi US Economic Surprise Index 43.80 +15.5 points
- Citi Eurozone Economic Surprise Index 144.5 +12.5 points
- Citi Emerging Markets Economic Surprise Index 40.4 +2.3 points
- 10-Year TIPS Spread 2.34 +1.0 basis point
- 89.4% chance of no change at June 16th meeting, 89.4% chance of no change at Sept. 22nd meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +160 open in Japan
- China A50 Futures: Indicating +77 open in China
- DAX Futures: Indicating +23 open in Germany
Portfolio:
- Higher: On gains in my tech/energy/biotech/medical/industrial sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 100% Net Long
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