Stocks Slightly Higher into Final Hour on Diminishing Global Lockdown/Mandate Fears, Technical Buying, Short-Covering, Commodity/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line:  Substantially Higher
  

• Sector Performance: Mixed
  

• Volume:  Above Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 23.5 -5.5%
• Bloomberg Global Risk On/Risk Off Index 3,236.0 +98.0 points

• Euro/Yen Carry Return Index 132.97 -.23%

• Emerging Markets Currency Volatility(VXY) 9.3 -1.2%

• CBOE S&P 500 Implied Correlation Index 39.8 -2.4% 

• ISE Sentiment Index 84.0  -4.0 points
  

• Total Put/Call .92 -12.4%

• NYSE Arms .76 -25.5%

Credit Investor Angst:

• North American Investment Grade CDS Index 58.4 -1.3%
  

• US Energy High-Yield OAS 406.71 -2.1%

• European Financial Sector CDS Index 65.76 -2.0%

• Italian/German 10Y Yld Spread 138.0 +10.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 91.18 -.04%
  

• Emerging Market CDS Index 212.32 +.03%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 31.71 +.32% 
• Ukraine Sovereign Debt Credit Default Swap 770.99 -2.2%
  

• 2-Year Swap Spread 15.5 unch.
  

• TED Spread 10.5 -3.75 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -12.75 unch.
  
• MBS  5/10 Treasury Spread  87.0 +3.75 basis points
  
• IHS Markit CMBX BBB- 6 74.75 +.25 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 54.47 +.04%
• 3-Month T-Bill Yield .20% +2.0 basis points
  

• Yield Curve 60.5 +1.0 basis point
  

• China Iron Ore Spot 138.90 USD/Metric Tonne +.3%

• Citi US Economic Surprise Index -5.4 +1.3 points

• Citi Eurozone Economic Surprise Index 46.7 -4.7 points
  

• Citi Emerging Markets Economic Surprise Index 31.70 -1.2 points

• 10-Year TIPS Spread 2.46 +1.0 basis point
  
• 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:

• 983 new infections/100K people(last 7 days total). 57.0%(-6.0 percentage points) of 1/14 peak -105/100K people from prior report.
  
• New Covid-19 patient hospital admissions per 100K population -20.8%(-3.1 percentage points) from peak 7-day avg. of 1/9/21 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -18 open in Japan 
• China A50 Futures: Indicating +121 open in China

• DAX Futures: Indicating -18 open in Germany

Portfolio:

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

• Disclosed Trades:  None
  

• Market Exposure:  75% Net Long