Stocks Slightly Higher into Final Hour on Diminishing Trade War Fears, Less US/European/Emerging Markets Debt Angst, Short-Covering, Transport/Retail Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 18.09 -3.42%

• Euro/Yen Carry Return Index 137.21 +.57%

• Emerging Markets Currency Volatility(VXY) 7.91 -1.37%

• S&P 500 Implied Correlation 40.84 +1.14%

• ISE Sentiment Index 95.0 +4.4%
  

• Total Put/Call .92 -7.07%

• NYSE Arms 1.05 +81.41%

Credit Investor Angst:

• North American Investment Grade CDS Index 55.84 +.58%
  

• America Energy Sector High-Yield CDS Index 383.0 -2.08%

• European Financial Sector CDS Index 52.68 -5.87%

• Italian/German 10Y Yld Spread 132.25 -3.75 basis points
  

• Asia Pacific Sovereign Debt CDS Index 11.80 -1.83%

• Emerging Market CDS Index 118.61 -.43%
  

• iBoxx Offshore RMB China Corporate High Yield Index 148.0 -.01%

• 2-Year Swap Spread 27.75 +.75 basis point

• TED Spread 37.25 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -30.0 +1.75 basis points

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 75.40 +.07%
• 3-Month T-Bill Yield 1.66% unch.
  

• Yield Curve 63.25 -1.25 basis points

• China Iron Ore Spot 74.02 USD/Metric Tonne +.64%

• Citi US Economic Surprise Index 38.10 -.8 point

• Citi Eurozone Economic Surprise Index -7.2 +.4 point

• Citi Emerging Markets Economic Surprise Index 12.30 -.2 point

• 10-Year TIPS Spread 2.13 -1.0 basis point
  
• 100.0% chance of Fed rate hike at May 2 meeting, 100.0% chance at June 13 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +167 open in Japan 
• China A50 Futures: Indicating +30 open in China

• DAX Futures: Indicating +41 open in Germany

Portfolio: 

• Higher: On gains in my medical/tech/retail/industrial sector longs

• Disclosed Trades: None

• Market Exposure: 100% Net Long