Stocks Higher into Final Hour on Stable Long-Term Rates, Technical Buying, Short-Covering, Consumer Discretionary/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance:  Almost Every Sector Rising
  

• Volume:  Around Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 28.5 -3.3%
• Bloomberg Global Risk On/Risk Off Index 3,859.0 +168.0 points

• Euro/Yen Carry Return Index 140.05 -.06%

• Emerging Markets Currency Volatility(VXY) 12.3 +.5%

• CBOE S&P 500 Implied Correlation Index 47.0 -1.5% 

• ISE Sentiment Index 115.0 -2.0 points
  

• Total Put/Call .87 -13.0%

• NYSE Arms .72 -48.2%

Credit Investor Angst:

• North American Investment Grade CDS Index 82.73 -5.1%
  

• US Energy High-Yield OAS 428.77 -3.8%

• European Financial Sector CDS Index 104.76 -2.9%

• Italian/German 10Y Yld Spread 200.0 basis points -1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 123.57 -3.4%
  

• Emerging Market CDS Index 274.90 -4.9%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 28.9 -.28%
  
• Russia Sovereign Debt Credit Default Swap 12,780.40 +26.8%
  

• 2-Year Swap Spread 28.5 basis points -2.5 basis points
  

• TED Spread 47.75 basis points +1.5 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -18.25 basis points +.5 basis point
  
• MBS  5/10 Treasury Spread  118.0 -2.0 basis points
  
• iShares CMBS ETF 48.83 +.58%
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 52.14 -.91%
• 3-Month T-Bill Yield 1.05% unch.
  

• Yield Curve 24.25 basis points (2s/10s) -3.0 basis points
  

• China Iron Ore Spot 130.4 USD/Metric Tonne -.1%

• Citi US Economic Surprise Index -39.6 -2.3 points

• Citi Eurozone Economic Surprise Index 8.1 -2.0 points
  

• Citi Emerging Markets Economic Surprise Index 12.1 +.3 point

• 10-Year TIPS Spread 2.58 unch.
  
• 0.0%(unch.) chance of no change at July 27th FOMC meeting, 0.0%(unch.) chance of no change at September 21st meeting

US Covid-19:

• 217 new infections/100K people(last 7 days total). 13.0%(unch.) of 1/14 peak -1/100K people from prior report.
  
• New Covid-19 patient hospital admissions per 100K population -83.3%(+1.7 points) from peak 7-day avg. of 1/9/21 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +183 open in Japan 
• China A50 Futures: Indicating -7 open in China

• DAX Futures: Indicating +64 open in Germany

Portfolio:

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

• Disclosed Trades:  Covered some of my (IWM)/(QQQ) hedges, then added them back
  

• Market Exposure:  50% Net Long