Stocks Slightly Higher into Afternoon on Pullback in Inflation Expectations, Yen Weakness, Technical Buying, Metals & Mining/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line:  Slightly Higher
  

• Sector Performance:  Mixed
  

• Volume:  Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 20.5 -.2%
• Bloomberg Global Risk On/Risk Off Index 4,250.0 +2.0 points

• Euro/Yen Carry Return Index 139.5 +.5%

• Emerging Markets Currency Volatility(VXY) 11.3 -1.3%

• CBOE S&P 500 Implied Correlation Index 36.9 +2.6% 

• ISE Sentiment Index 97.0 +4.0 points
  

• Total Put/Call 1.0 +5.2%

• NYSE Arms .83 -68.3%

Credit Investor Angst:

• North American Investment Grade CDS Index 66.39 -.34%
  

• US Energy High-Yield OAS 348.84 -1.5%

• European Financial Sector CDS Index 81.4 +.5%

• Italian/German 10Y Yld Spread 154.0 +5.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 101.8 +1..6%
  

• Emerging Market CDS Index 227.64 +.85%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 29.6 +.01% 
• Ukraine Sovereign Debt Credit Default Swap 2,873.41 +2.9%
  

• 2-Year Swap Spread 20.25 -1.0 basis point
  

• TED Spread 45.5 -4.5 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -20.75 +1.0 basis point
  
• MBS  5/10 Treasury Spread  111.0 +1.0 basis point
  
• iShares CMBS ETF 49.70 -.10%
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 53.57 -.36%
• 3-Month T-Bill Yield .51% +1.0 basis point
  

• Yield Curve -5.5 -7.5 basis points
  

• China Iron Ore Spot 159.8 USD/Metric Tonne -1.0%

• Citi US Economic Surprise Index 46.5 -8.9 points

• Citi Eurozone Economic Surprise Index 32.2 -12.6 points
  

• Citi Emerging Markets Economic Surprise Index 37.2 -2.2 points

• 10-Year TIPS Spread 2.83 -7.0 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:

• 64 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 -92.7%(unch.) from peak 7-day avg. of 1/9/21 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +105 open in Japan 
• China A50 Futures: Indicating -17 open in China

• DAX Futures: Indicating +18 open in Germany

Portfolio:

• Slightly Higher: On gains in my commodity/medical sector longs
  

• Disclosed Trades:  None
  

• Market Exposure:  50% Net Long