Stocks Rising into Afternoon on Russia/Ukraine Ceasefire Hopes, Sector Rotation, Short-Covering, Tech/Consumer Discretionary Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line:  Higher
  

• Sector Performance:  Mixed
  

• Volume:  Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 19.2 -2.1%
• Bloomberg Global Risk On/Risk Off Index 4,330.0 -8.0 points

• Euro/Yen Carry Return Index 138.6 -.68%

• Emerging Markets Currency Volatility(VXY) 11.1 -1.7%

• CBOE S&P 500 Implied Correlation Index 33.6 -6.6% 

• ISE Sentiment Index 134.0 +34.0 points
  

• Total Put/Call .76 -25.5%

• NYSE Arms .79 +12.9%

Credit Investor Angst:

• North American Investment Grade CDS Index 64.86 -2.7%
  

• US Energy High-Yield OAS 343.59 -.52%

• European Financial Sector CDS Index 79.84 -1.9%

• Italian/German 10Y Yld Spread 156.0 +2.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 99.0 -2.7%
  

• Emerging Market CDS Index 221.72 -1.8%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 29.6 +.07% 
• Ukraine Sovereign Debt Credit Default Swap 2,871.5 -.07%
  

• 2-Year Swap Spread 22.0 -1.75 basis points
  

• TED Spread 45.25 -.25 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -20.75 unch.
  
• MBS  5/10 Treasury Spread  108.0 -3.0 basis points
  
• iShares CMBS ETF 49.63 +.06%
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 53.75 +.25%
• 3-Month T-Bill Yield .55% +4.0 basis points
  

• Yield Curve -4.5 +1.0 basis point
  

• China Iron Ore Spot 163.7 USD/Metric Tonne +1.8%

• Citi US Economic Surprise Index 50.1 +3.6 points

• Citi Eurozone Economic Surprise Index 30.5 -1.7 points
  

• Citi Emerging Markets Economic Surprise Index 35.3 -1.9 points

• 10-Year TIPS Spread 2.83 unch.
  
• 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:

• 63 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 -93.3%(-.6 percentage point) from peak 7-day avg. of 1/9/21 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +68 open in Japan 
• China A50 Futures: Indicating +58 open in China

• DAX Futures: Indicating +28 open in Germany

Portfolio:

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

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

• Market Exposure:  Moved to 75% Net Long