Broad Equity Market Tone:
- Advance/Decline Line: Modestly Higher
- Sector Performance: Mixed
- Volume: Heavy
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 24.55 -19.3%
- Euro/Yen Carry Return Index 140.17 -.81%
- Emerging Markets Currency Volatility(VXY) 8.85 +.57%
- S&P 500 Implied Correlation 43.49 -3.29%
- ISE Sentiment Index 130.0 +5.7%
- Total Put/Call .85 -14.14%
- NYSE Arms 1.23 +100.1%
Credit Investor Angst:
- North American Investment Grade CDS Index 53.72 +.39%
- America Energy Sector High-Yield CDS Index 353.0 -1.08%
- European Financial Sector CDS Index 45.91 -5.59%
- Italian/German 10Y Yld Spread 120.50 -9.0 basis points
- Asia Pacific Sovereign Debt CDS Index 12.0 -4.95%
- Emerging Market CDS Index 119.23 -.38%
- iBoxx Offshore RMB China Corporate High Yield Index 147.50 +.11%
- 2-Year Swap Spread 22.5 -1.25 basis points
- TED Spread 26.75 -1.0 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -29.75 -.25 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 75.36 -.53%
- 3-Month T-Bill Yield 1.54% +3.0 basis points
- Yield Curve 71.75 +3.5 basis points
- China Iron Ore Spot 74.45 USD/Metric Tonne -.43%
- Citi US Economic Surprise Index 47.50 -.6 point
- Citi Eurozone Economic Surprise Index 41.70 -.2 basis point
- Citi Emerging Markets Economic Surprise Index -1.0 -2.1 basis points
- 10-Year TIPS Spread 2.12 +2.0 basis points
- 100.0% chance of Fed rate hike at May 2 meeting, 100.0% chance at June 13 meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +415 open in Japan
- China A50 Futures: Indicating -62 open in China
- DAX Futures: Indicating -29 open in Germany
Portfolio:
- Slightly Higher: On gains in my retail/biotech sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my emerging market shorts
- Market Exposure: Moved to 50% Net Long
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