Stocks Higher into Final Hour on De-escalating Russia/Ukraine Tensions, Lower Long-Term Rates, Earnings Optimism, Healthcare/Homebuilding Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line:  Substantially Lower
  

• Sector Performance: Mixed
  

• Volume:  Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 21.3 -2.9%
• Bloomberg Global Risk On/Risk Off Index 3,438.0 +103.0 points

• Euro/Yen Carry Return Index 133.30 +.03%

• Emerging Markets Currency Volatility(VXY) 9.2 -.5%

• CBOE S&P 500 Implied Correlation Index 34.7 -2.0% 

• ISE Sentiment Index 84.0  -3.0 points
  

• Total Put/Call .96 +1.0%

• NYSE Arms 1.06 +19.1%

Credit Investor Angst:

• North American Investment Grade CDS Index 59.1 +.6%
  

• US Energy High-Yield OAS 399.04 -1.2%

• European Financial Sector CDS Index 65.12 -.9%

• Italian/German 10Y Yld Spread 139.0 +1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 91.10 -.08%
  

• Emerging Market CDS Index 204.92 -2.5%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 31.65 -.06% 
• Ukraine Sovereign Debt Credit Default Swap 730.94 -5.2%
  

• 2-Year Swap Spread 16.0 +.5 basis point
  

• TED Spread 12.25 +1.75 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -12.0 +.75 basis point
  
• MBS  5/10 Treasury Spread  86.25 -.75 basis point
  
• IHS Markit CMBX BBB- 6 74.75 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 54.47 -.04%
• 3-Month T-Bill Yield .18% -2.0 basis points
  

• Yield Curve 63.0 +2.5 basis points
  

• China Iron Ore Spot 141.60 USD/Metric Tonne +2.0%

• Citi US Economic Surprise Index -6.8 -1.2 points

• Citi Eurozone Economic Surprise Index 66.40 +19.3 points
  

• Citi Emerging Markets Economic Surprise Index 29.60 -2.1 points

• 10-Year TIPS Spread 2.43 -3.0 basis points
  
• 0.0%(unch.) chance of no change at May 4th FOMC meeting, 0.0%(unch.) chance of no change at June 15th meeting

US Covid-19:

• 924 new infections/100K people(last 7 days total). 54.0%(-3.0 percentage points) of 1/14 peak -59/100K people from prior report.
  
• New Covid-19 patient hospital admissions per 100K population -22.7%(-1.9 percentage points) 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 +162 open in China

• DAX Futures: Indicating +21 open in Germany

Portfolio:

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

• Disclosed Trades:  None
  

• Market Exposure:  100% Net Long