Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Most Sectors Rising
- Volume: Around Average
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 23.2 -9.2%
- Bloomberg Global Risk On/Risk Off Index 2,098.0 +197.0 points
- Euro/Yen Carry Return Index 130.69 -.08%
- Emerging Markets Currency Volatility(VXY) 10.1 -.98%
- S&P 500 Implied Correlation 50.1 -2.4%
- ISE Sentiment Index 149.0 +43.0 points
- Total Put/Call .84 +7.7%
- NYSE Arms .56 -67.8%
Credit Investor Angst:
- North American Investment Grade CDS Index 52.51 -1.2%
- US Energy High-Yield OAS 502.10 -1.34%
- European Financial Sector CDS Index 59.23 -2.59%
- Italian/German 10Y Yld Spread 105.0 -9.0 basis points
- Asia Ex-Japan Investment Grade CDS Index 59.88 -2.63%
- Emerging Market CDS Index 160.69 -3.16%
- iBoxx Offshore RMB China Corporate High Yield Index 185.57 +.09%
- 2-Year Swap Spread 8.5 +.75 basis point
- TED Spread 15.25 unch.
- 3-Month EUR/USD Cross-Currency Basis Swap -4.5 +.25 basis point
- MBS 5/10 Treasury Spread 65.75 -.75 basis point
- IHS Markit CMBX BBB- 6 74.75 +1.0 basis point
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 62.43 +.03%
- 3-Month T-Bill Yield .04% unch.
- Yield Curve 101.5 +3.25 basis points
- China Iron Ore Spot 147.15 USD/Metric Tonne +2.37%
- Citi US Economic Surprise Index 67.90 +7.4 points
- Citi Eurozone Economic Surprise Index 150.9 +25.5 points
- Citi Emerging Markets Economic Surprise Index 67.40 -1.3 points
- 10-Year TIPS Spread 2.17 +3.0 basis points
- 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 -56 open in Japan
- China A50 Futures: Indicating -81 open in China
- DAX Futures: Indicating +25 open in Germany
Portfolio:
- Slightly Higher: On gains in my energy/tech/industrial sector longs
- Disclosed Trades: Added to my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 75% Net Long
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