Stocks Finish Higher on Russia/Ukraine Ceasefire Hopes, Quarter-End Short-Covering, Lower Long-Term Rates, Tech/Consumer Discretionary Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line:  Substantially Higher
  

• Sector Performance:  Most Sectors Rising
  

• Volume:  Above Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 19.0 -3.5%
• Bloomberg Global Risk On/Risk Off Index 4,511.0 +136.0 points

• Euro/Yen Carry Return Index 140.15 -.01%

• Emerging Markets Currency Volatility(VXY) 12.4 unch.

• CBOE S&P 500 Implied Correlation Index 33.5 -.39% 

• ISE Sentiment Index 122.0 +29.0 points
  

• Total Put/Call .96 +11.6%

• NYSE Arms 1.34 +34.0%

Credit Investor Angst:

• North American Investment Grade CDS Index 67.28 -4.7%
  

• US Energy High-Yield OAS 361.18 -.62%

• European Financial Sector CDS Index 80.40 -8.4%

• Italian/German 10Y Yld Spread 148.0 -5.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 101.76 -5.4%
  

• Emerging Market CDS Index 219.65 -5.3%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 29.44 +.60% 
• Ukraine Sovereign Debt Credit Default Swap 2,526.07 -17.1%
  

• 2-Year Swap Spread 20.25 -6.0 basis points
  

• TED Spread 43.0 -3.25 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -23.5 -3.25 basis points
  
• MBS  5/10 Treasury Spread  112.0 -7.0 basis points
  
• iShares CMBS ETF 49.58 +.08%
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 53.57 +1.65%
• 3-Month T-Bill Yield .52% -1.0 basis point
  

• Yield Curve 4.0 -7.5 basis points
  

• China Iron Ore Spot 154.0 USD/Metric Tonne -.1%

• Citi US Economic Surprise Index 59.5 +2.6 points

• Citi Eurozone Economic Surprise Index 33.9 -1.4 points
  

• Citi Emerging Markets Economic Surprise Index 40.7 -.3 point

• 10-Year TIPS Spread 2.88 -8.0 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:

• 62 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 -92.6%(+.3 percentage point) from peak 7-day avg. of 1/9/21 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +108 open in Japan 
• China A50 Futures: Indicating +79 open in China

• DAX Futures: Indicating +35 open in Germany

Portfolio:

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

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

• Market Exposure:  75% Net Long