Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Most Sectors Rising
- Volume: Below Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 17.8 +2.9%
- Bloomberg Global Risk On/Risk Off Index 3,087.0 -52.0 points
- Euro/Yen Carry Return Index 135.1 +.2%
- Emerging Markets Currency Volatility(VXY) 9.8 -1.0%
- S&P 500 Implied Correlation 49.9 -.9%
- ISE Sentiment Index 130.0 +17.0 points
- Total Put/Call .61 -21.8%
- NYSE Arms .72 -6.5%
Credit Investor Angst:
- North American Investment Grade CDS Index 51.12 -.28%
- US Energy High-Yield OAS 450.42 -.46%
- European Financial Sector CDS Index 58.72 +.6%
- Italian/German 10Y Yld Spread 105.0 +1.0 basis point
- Asia Ex-Japan Investment Grade CDS Index 83.38 +2.74%
- Emerging Market CDS Index 167.43 +1.26%
- China Corp. High-Yield Bond USD ETF(KCCB) 39.31 +.1%.
- 2-Year Swap Spread 11.25 -.75 basis point
- TED Spread 16.75 +.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -3.75 unch.
- MBS 5/10 Treasury Spread 66.75 +2.0 basis points
- IHS Markit CMBX BBB- 6 71.5 unch.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 60.89 +.16%
- 3-Month T-Bill Yield .01% -1.0 basis point
- Yield Curve 141.0 unch.
- China Iron Ore Spot 187.0 USD/Metric Tonne +3.1%
- Citi US Economic Surprise Index 38.40 -5.4 points
- Citi Eurozone Economic Surprise Index 132.1 -12.4 points
- Citi Emerging Markets Economic Surprise Index 35.6 -4.8 points
- 10-Year TIPS Spread 2.36 +2.0 basis points
- 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 +153 open in Japan
- China A50 Futures: Indicating -56 open in China
- DAX Futures: Indicating +7 open in Germany
Portfolio:
- Higher: On gains in my tech/energy/biotech/medical/industrial sector longs
- Disclosed Trades: None
- Market Exposure: 100% Net Long
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