Stocks Rising into Afternoon on China Market Support Measures, Stable Long-Term Rates, Short-Covering, Tech/Alt Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line:  Substantially Higher
  

• Sector Performance:  Most Sectors Rising
  

• Volume:  Above Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 24.3 -5.5%
• Bloomberg Global Risk On/Risk Off Index 3,453.0 +16.0 points

• Euro/Yen Carry Return Index 135.62 +.14%

• Emerging Markets Currency Volatility(VXY) 12.4 unch.

• CBOE S&P 500 Implied Correlation Index 44.4 -.4% 

• ISE Sentiment Index 106.0 +16.0 points
  

• Total Put/Call .78 -13.3%

• NYSE Arms 1.21 +3.4%

Credit Investor Angst:

• North American Investment Grade CDS Index 64.63 -1.4%
  

• US Energy High-Yield OAS 392.0  -1.3%

• European Financial Sector CDS Index 80.01 +1.4%

• Italian/German 10Y Yld Spread 152.0 unch.
  

• Asia Ex-Japan Investment Grade CDS Index 102.86 -5.6%
  

• Emerging Market CDS Index 278.31 +3.5%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 28.5 +.64% 
• Ukraine Sovereign Debt Credit Default Swap 3,921.15 +3.9%
  

• 2-Year Swap Spread 25.0 +.5 basis point
  

• TED Spread 53.25 unch.
  

• 3-Month EUR/USD Cross-Currency Basis Swap -24.0 -.5 basis point
  
• MBS  5/10 Treasury Spread  109.0 -6.0 basis points
  
• iShares CMBS ETF 50.27 +.02%
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 51.84 -.72%
• 3-Month T-Bill Yield .39% +2.0 basis points
  

• Yield Curve 25.25 +2.25 basis points
  

• China Iron Ore Spot 153.80 USD/Metric Tonne +4.5%

• Citi US Economic Surprise Index 47.0 -.8 point

• Citi Eurozone Economic Surprise Index 40.3 -.3 point
  

• Citi Emerging Markets Economic Surprise Index 48.7 -2.6 points

• 10-Year TIPS Spread 2.9 +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:

• 72 new infections/100K people(last 7 days total). 4.0%(unch.) of 1/14 peak -3/100K people from prior report.
  
• New Covid-19 patient hospital admissions per 100K population -89.0%(unch.) from peak 7-day avg. of 1/9/21 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +203 open in Japan 
• China A50 Futures: Indicating +130 open in China

• DAX Futures: Indicating +47 open in Germany

Portfolio:

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

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

• Market Exposure:  Moved to 75% Net Long