Stocks Surging into Afternoon on Dovish FOMC Commentary, Stimulus Hopes, Oil Gain, Commodity/Transport Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Above Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 21.8 -5.9%
• Bloomberg Global Risk On/Risk Off Index 2,7789.0 +52.0 points

• Euro/Yen Carry Return Index 133.08 +.61%

• Emerging Markets Currency Volatility(VXY) 9.96 +.81%

• S&P 500 Implied Correlation 50.0 -3.8%

• ISE Sentiment Index 135.0 +27.0 points
  

• Total Put/Call .71 -5.3%

• NYSE Arms .64 -1.5%

Credit Investor Angst:

• North American Investment Grade CDS Index 52.26 -1.1%
  

• US Energy High-Yield OAS 481.40 -.83%

• European Financial Sector CDS Index 59.93 -1.19%

• Italian/German 10Y Yld Spread 100.0 +4.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 57.97 -.67%
  

• Emerging Market CDS Index 167.71 -1.94%
  

• iBoxx Offshore RMB China Corporate High Yield Index 186.25 +.07%

• 2-Year Swap Spread 8.25 -1.0 basis point

• TED Spread 15.0 -.5 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -3.75 -.5 basis point
  
• MBS  5/10 Treasury Spread  84.5 +1.75 basis points
  
• IHS Markit CMBX BBB- 6 75.5 -.25 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 62.73 +.01%
• 3-Month T-Bill Yield .03% unch.
  

• Yield Curve 122.0 -6.0 basis points
  

• China Iron Ore Spot 167.6 USD/Metric Tonne -1.2%

• Citi US Economic Surprise Index 80.3 +4.6 points

• Citi Eurozone Economic Surprise Index 154.4 +.8 point
  

• Citi Emerging Markets Economic Surprise Index 60.7 -1.4 points

• 10-Year TIPS Spread 2.18 +1.0 basis point
• 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 +420 open in Japan 
• China A50 Futures: Indicating +136 open in China

• DAX Futures: Indicating +31 open in Germany

Portfolio:

• Higher: On gains in my energy/industrial/medical/biotech/tech sector longs and emerging market shorts
  

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 100% Net Long