Broad Equity Market Tone:
- Advance/Decline Line: Substantially Lower
- Sector Performance: Mixed
- Volume: Above Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 22.9 -2.24%
- Bloomberg Global Risk On/Risk Off Index 2,7649.0 +76.0 points
- Euro/Yen Carry Return Index 132.29 +.11%
- Emerging Markets Currency Volatility(VXY) 9.97 -.5%
- S&P 500 Implied Correlation 52.3 -1.89%
- ISE Sentiment Index 108.0 -28.0 points
- Total Put/Call .77 +13.2%
- NYSE Arms .68 -4.2%
Credit Investor Angst:
- North American Investment Grade CDS Index 52.61 -1.5%
- US Energy High-Yield OAS 485.66 +.12%
- European Financial Sector CDS Index 60.65 +1.97%
- Italian/German 10Y Yld Spread 96.0 +2.25 basis points
- Asia Ex-Japan Investment Grade CDS Index 58.35 +1.28%
- Emerging Market CDS Index 171.45 -2.18%
- iBoxx Offshore RMB China Corporate High Yield Index 186.12 +.11%
- 2-Year Swap Spread 9.25 -.5 basis point
- TED Spread 15.5 +.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -3.25 +.25 basis point
- MBS 5/10 Treasury Spread 82.75 +1.25 basis points
- IHS Markit CMBX BBB- 6 75.75 unch.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 62.73 +.05%
- 3-Month T-Bill Yield .03% unch.
- Yield Curve 128.0 unch.
- China Iron Ore Spot 169.5 USD/Metric Tonne -1.1%
- Citi US Economic Surprise Index 75.7 +2.6 points
- Citi Eurozone Economic Surprise Index 153.6 -2.1 points
- Citi Emerging Markets Economic Surprise Index 62.1 -1.6 points
- 10-Year TIPS Spread 2.17 unch.
- 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 -161 open in Japan
- China A50 Futures: Indicating -53 open in China
- DAX Futures: Indicating +30 open in Germany
Portfolio:
- Higher: On gains in my energy/industrial/medical sector longs, index hedges and emerging market shorts
- Disclosed Trades: None
- Market Exposure: 75% Net Long
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