Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Almost Every Sector Declining
- Volume: Heavy
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 24.4 +22.8%
- Euro/Yen Carry Return Index 135.46 -.02%
- Emerging Markets Currency Volatility(VXY) 8.23 +2.24%
- S&P 500 Implied Correlation 42.94 +1.9%
- ISE Sentiment Index 65.0 -21.69%
- Total Put/Call 1.28 +19.6%
- NYSE Arms 1.40 -14.4%
Credit Investor Angst:
- North American Investment Grade CDS Index 57.59 +2.85%
- America Energy Sector High-Yield CDS Index 389.0 +3.79%
- European Financial Sector CDS Index 54.17 +2.51%
- Italian/German 10Y Yld Spread 130.25 -1.5 basis points
- Asia Pacific Sovereign Debt CDS Index 12.11 -.21%
- Emerging Market CDS Index 126.79 +3.91%
- iBoxx Offshore RMB China Corporate High Yield Index 147.95 +.02%
- 2-Year Swap Spread 26.0 -2.5 basis points
- TED Spread 36.25 +3.25 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -33.75 -.25 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 75.17 -.11%
- 3-Month T-Bill Yield 1.62% -4.0 basis points
- Yield Curve 60.0 -1.25 basis points
- China Iron Ore Spot 75.75 USD/Metric Tonne -1.98%
- Citi US Economic Surprise Index 39.50 +6.6 points
- Citi Eurozone Economic Surprise Index .2 -2.2 points
- Citi Emerging Markets Economic Surprise Index 7.30 -.6 point
- 10-Year TIPS Spread 2.10 -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 -624 open in Japan
- China A50 Futures: Indicating -229 open in China
- DAX Futures: Indicating -151 open in Germany
Portfolio:
- Slightly Lower: On losses in my biotech/industrial/medical/tech/retail sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them
- Market Exposure: 50% Net Long
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