Stocks Slightly Higher into Afternoon on Russia/Ukraine Ceasefire Hopes, US Economic Optimism, Technical Buying, Energy/Utilities Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line:  Substantially Lower
  

• Sector Performance:  Mixed
  

• Volume:  Around Average

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 21.9 +1.2%
• Bloomberg Global Risk On/Risk Off Index 4,238.0 +40.0 points

• Euro/Yen Carry Return Index 138.13 -.34%

• Emerging Markets Currency Volatility(VXY) 12.2 unch.

• CBOE S&P 500 Implied Correlation Index 38.4 +.6% 

• ISE Sentiment Index 102.0 -3.0 points
  

• Total Put/Call .85 +4.9%

• NYSE Arms .82 +26.2%

Credit Investor Angst:

• North American Investment Grade CDS Index 72.0 +1.5%
  

• US Energy High-Yield OAS 364.19  -2.5%

• European Financial Sector CDS Index 88.76 -.7%

• Italian/German 10Y Yld Spread 150.0 -2.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 107.84 unch.
  

• Emerging Market CDS Index 239.05 +.21%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 29.23 -.31% 
• Ukraine Sovereign Debt Credit Default Swap 3,316.99 -5.5%
  

• 2-Year Swap Spread 26.0 -1.5 basis points
  

• TED Spread 45.75 -2.25 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -26.75 -1.25 basis points
  
• MBS  5/10 Treasury Spread  115.0 +4.0 basis points
  
• iShares CMBS ETF 49.5 -.74%
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 52.45 +.33%
• 3-Month T-Bill Yield .53% +4.0 basis points
  

• Yield Curve 21.0 +1.75 basis points
  

• China Iron Ore Spot 153.4 USD/Metric Tonne +.4%

• Citi US Economic Surprise Index 56.4 +2.1 points

• Citi Eurozone Economic Surprise Index 36.4 -14.6 points
  

• Citi Emerging Markets Economic Surprise Index 45.3 +.5 point

• 10-Year TIPS Spread 2.98 +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:

• 64 new infections/100K people(last 7 days total). 4.0%(unch.) of 1/14 peak -12/100K people from prior report.
  
• New Covid-19 patient hospital admissions per 100K population -91.5%(-1.3 percentage points) from peak 7-day avg. of 1/9/21 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -121 open in Japan 
• China A50 Futures: Indicating -2 open in China

• DAX Futures: Indicating +65 open in Germany

Portfolio:

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

• Disclosed Trades:  None
  

• Market Exposure:  50% Net Long