Stocks Surging into Afternoon on US Economic Optimism, Lower Long-Term Rates, Oil Gain, Tech/Commodity Sector Strength

 Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Sector Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 18.1 -6.5%
• Bloomberg Global Risk On/Risk Off Index 3,039.0 +128.0 points

• Euro/Yen Carry Return Index 134.70 +.27%

• Emerging Markets Currency Volatility(VXY) 10.85 -1.3%

• S&P 500 Implied Correlation 50.4 -2.9%

• ISE Sentiment Index 101.0 -4.0 points
  

• Total Put/Call .66 -10.8%

• NYSE Arms 1.65 +1.23%

Credit Investor Angst:

• North American Investment Grade CDS Index 51.70 -4.8%
  

• US Energy High-Yield OAS 474.97 -.29%

• European Financial Sector CDS Index 57.92 -3.2%

• Italian/German 10Y Yld Spread 96.0 unch.
  

• Asia Ex-Japan Investment Grade CDS Index 63.64 -.61%
  

• Emerging Market CDS Index 179.42 -3.39%
  

• iBoxx Offshore RMB China Corporate High Yield Index 188.87 +.02%

• 2-Year Swap Spread 13.25 -.25 basis point

• TED Spread 18.25 -.5 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -2.25 +1.25 basis points
  
• MBS  5/10 Treasury Spread  72.25 unch.
  
• IHS Markit CMBX BBB- 6 72.75 -.5 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 60.30 +.16%
• 3-Month T-Bill Yield .01% -1.0 basis point
  

• Yield Curve 158.0 -1.0 basis point
  

• China Iron Ore Spot 157.20 USD/Metric Tonne -.21%

• Citi US Economic Surprise Index 36.50 +8.4 points

• Citi Eurozone Economic Surprise Index 172.30 -.7 point
  

• Citi Emerging Markets Economic Surprise Index 25.60 -3.3 points

• 10-Year TIPS Spread 2.36 -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 +257 open in Japan 
• China A50 Futures: Indicating +37 open in China

• DAX Futures: Indicating +27 open in Germany

Portfolio:

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my emerging market shorts
  

• Market Exposure: Moved to 100% Net Long