Stocks Higher into Final Hour on Russia/Ukraine Ceasefire Hopes, Yen Weakness, Technical Buying, 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: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 22.5 -4.4%
• Bloomberg Global Risk On/Risk Off Index 4,121.0 +169.0 points

• Euro/Yen Carry Return Index 138.53 +.9%

• Emerging Markets Currency Volatility(VXY) 12.3 +.9%

• CBOE S&P 500 Implied Correlation Index 38.6 -5.3% 

• ISE Sentiment Index 110.0 -15.0 points
  

• Total Put/Call .82 -1.2%

• NYSE Arms .85 -6.6%

Credit Investor Angst:

• North American Investment Grade CDS Index 71.48 -.22%
  

• US Energy High-Yield OAS 377.43  -1.64%

• European Financial Sector CDS Index 89.59 +1.08%

• Italian/German 10Y Yld Spread 152.0 unch.
  

• Asia Ex-Japan Investment Grade CDS Index 108.04 -.3%
  

• Emerging Market CDS Index 238.99 -1.7%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 29.32 +.43% 
• Ukraine Sovereign Debt Credit Default Swap 3,389.36 -5.1%
  

• 2-Year Swap Spread 27.5 +3.5 basis points
  

• TED Spread 48.0 +3.0 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -25.5 -4.0 basis points
  
• MBS  5/10 Treasury Spread  111.0 -2.0 basis points
  
• iShares CMBS ETF 49.87 -.18%
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 52.26 -.44%
• 3-Month T-Bill Yield .49% +1.0 basis point
  

• Yield Curve 19.25 +3.0 basis points
  

• China Iron Ore Spot 150.75 USD/Metric Tonne +4.1%

• Citi US Economic Surprise Index 54.3 +5.5 points

• Citi Eurozone Economic Surprise Index 51.0 +12.6 points
  

• Citi Emerging Markets Economic Surprise Index 44.8 -.8 point

• 10-Year TIPS Spread 2.97 +2.0 basis points
  
• 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:

• 76 new infections/100K people(last 7 days total). 4.0%(unch.) of 1/14 peak +5/100K 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 -45 open in Japan 
• China A50 Futures: Indicating -32 open in China

• DAX Futures: Indicating +46 open in Germany

Portfolio:

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

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

• Market Exposure:  Moved to 75% Net Long