Stocks Higher into Final Hour on Russia/Ukraine Ceasefire Hopes, Yen Weakness, Short-Covering, Tech/Consumer Discretionary Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line:  Substantially Higher
  

• Sector Performance:  Almost Every Sector Rising
  

• Volume:  Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 22.9 -2.7%
• Bloomberg Global Risk On/Risk Off Index 3,996.0 +268.0 points

• Euro/Yen Carry Return Index 137.12 +1.2%

• Emerging Markets Currency Volatility(VXY) 12.2 -.9%

• CBOE S&P 500 Implied Correlation Index 41.3 -.9% 

• ISE Sentiment Index 104.0 -356.0 points
  

• Total Put/Call .97 +12.8%

• NYSE Arms .66 -27.5%

Credit Investor Angst:

• North American Investment Grade CDS Index 70.70 -1.8%
  

• US Energy High-Yield OAS 377.53  +.04%

• European Financial Sector CDS Index 86.50 -.93%

• Italian/German 10Y Yld Spread 152.0 -2.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 110.19 +1.5%
  

• Emerging Market CDS Index 235.29 +.78%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 29.2 +1.3% 
• Ukraine Sovereign Debt Credit Default Swap 4,114.65 +2.1%
  

• 2-Year Swap Spread 24.0 -2.25 basis points
  

• TED Spread 45.0 -11.5 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -21.5 -.5 basis point
  
• MBS  5/10 Treasury Spread  113.0 +2.0 basis points
  
• iShares CMBS ETF 49.79 -.08%
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 52.03 +.22%
• 3-Month T-Bill Yield .48% +7.0 basis points
  

• Yield Curve 16.25 -9.0 basis points
  

• China Iron Ore Spot 144.8 USD/Metric Tonne -3.1%

• Citi US Economic Surprise Index 48.8 +2.6 points

• Citi Eurozone Economic Surprise Index 38.4 -.8 point
  

• Citi Emerging Markets Economic Surprise Index 45.6 -.7 point

• 10-Year TIPS Spread 2.95 +1.0 basis point
  
• 0.0%(unch.) chance of no change at June 15th FOMC meeting, 0.0%(unch.) chance of no change at July 27th meeting

US Covid-19:

• 71 new infections/100K people(last 7 days total). 4.0%(unch.) of 1/14 peak -1/100K people from prior report.
  
• New Covid-19 patient hospital admissions per 100K population -90.2%(n/a) from peak 7-day avg. of 1/9/21 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +216 open in Japan 
• China A50 Futures: Indicating +55 open in China

• DAX Futures: Indicating +16 open in Germany

Portfolio:

• Slightly Higher: On gains in my industrial/medical/consumer discretionary/tech sector longs

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

• Market Exposure:  Moved to 75% Net Long