Today's Headlines

Bloomberg:

• China’s Open Borders Mark Covid Zero End, Spark Homecoming Rush.
• Apple Begins Hiring Retail Store Employees in India, FT Reports.  
• ‘Spectacular’ Trading Drop Plagues Still-Reeling Crypto Market.  
• Ukraine Latest: Ongoing Fighting in East Despite Christmas Pause.
• Bond Rally Gives Early Win to Wall Street’s 2023 Yield-Curve Bet.  
• Risk Is Inflation Not Falling Back to 2%, Says Fidelity’s Timmer. 
• Charting the Global Economy: Core Inflation in Europe Hits a Record.
• US CPI Will Help Determine Size of Next Fed Rate Hike: Eco Week.

 Wall Street Journal:

• FTX Donations Create Headaches for Nonprofits.
• China’s Myth of Communist Competence. Xi Jinping was preparing to dominate the globe. Instead he faces one crisis after another at home.
• Florida’s Education Model Spreads. Arkansas Gov.-elect Sarah Sanders recruits a Ron DeSantis administration reformer.
• House Speaker Fight Could Preview Months of Turmoil.
• The Future of Car Technology, as Seen at CES 2023.
• The Race to Build the ‘Yellowstone’ Universe.
• Shipping-Container Wall Comes Down in Arizona, Rises in Texas.
• Liquor Brands Bet Thrifty Drinkers Will Keep Making At-Home Cocktails.
• New Alzheimer’s Drug Leqembi Will Be Out of Reach for Most Patients.
• Poultry Farm Says Millions of Chickens Could Starve From Rail Delays.
• Damar Hamlin Gives Thanks for Fans’ Support Since Collapsing.

Barron's:

• Had bullish commentary on (DAL), (PM), (TSLA) and (UAL).
• Had bearish commentary on (META).

Fox News:

• College basketball players reportedly hospitalized after brutal practice session.
• Former congressman panics over Republican lawmakers investigating federal agencies.

CNBC:

• McCarthy pledges to tackle immigration, ‘woke’ school policies and IRS funding.
• Phishing attacks are increasing and getting more sophisticated. Here’s how to avoid them.
• China suspends social media accounts of Covid policy critics. 
• Salesforce co-CEO Marc Benioff hints at more potential layoffs after this week’s job cuts.

Zero Hedge:

• Here Are The Concessions McCarthy Had To Make For Speakership.
• Ron DeSantis Activates National Guard Amid Surge of Illegal Aliens Entering Florida Keys.
• Saudi Arabia's PIF That Owns LIV Golf "Emerging" As "Possible Bidder" For WWE In Entertainment Expansion.
• Tesla Owners Flood Chinese Showrooms To Protest Sharp Price Cuts. 
• Will Universities Ever Admit They Were Wrong About COVID Policy? 
• NYC Subway Crime Spikes 30% Despite Beefed Up Transit Patrols.
• Is The New World Order On The Precipice?
• Media Blackout Over Terror Incident At Vegas Power Plant.
• Fear Of COVID Is The Opiate Of The People.
• "We Don't Do This": Adam Schiff & The Underbelly Of American Censorship.
• Billionaire Jack Ma Cedes Control Of Fintech Giant Ant Group.
• 'A Wonderful Christmas Present': Zelensky Hails Single Biggest US Arms Package At One Time.
• Ontario Governing Body For Psychologists Demands Re-Education For Jordan Peterson.
• The CDC Puts Itself In Charge Of Language Too.
• Russia To Mobilize An Extra 500,000 Conscripts This Month, Ukraine Says.
• A Potent Reminder Of The Need For American Space Independence.
• White House Delays Refill Of Strategic Oil Reserve, Balks At "Too Expensive" Offers.
• West Virginia Law Restricting Sports By Biological Sex Is Constitutional: Judge.
• Kentucky Joins Growing Movement To Blacklist ESG Banks.
• Mother Of Ashli Babbitt Arrested For "Jaywalking" Near Capitol While Protesting.
• Texas Sues Biden Admin Over Public Charge Immigration Rule Change.
• 11 Signs That The Economic "Tipping Point" That Everyone's Been Waiting For Has Arrived.
• 6-Year-Old Shoots Teacher At Virginia Elementary School.
• CBDCs: Digital Wolves In Sheep's Clothing.
• Raytheon Signs $208 Million Deal With Romania For Coastal Anti-Ship Missiles.
• Big Tech, Big Fines.
• McCarthy Elected Speaker Of The House After 15 Rounds.
• What To Expect From The Government In 2023? More Of The Same. 
• For Teachers Unions, Parents & Children Come Last. 
• Diversity Through Obscurity: Applicants Told To Delete Names Of Schools On Their Resumes.

MarketWatch.com:          

• Imported baby formula is about to get expensive again, with tariffs back in place.  
• Opinion: SBF and FTX peddled a crypto fraud that makes scammer Bernie Madoff look like an amateur.  
• Noncompete agreements will be a thing of the past for workers — from hairstylists to executives — if federal regulators have their way.   
• CES 2023: Tech legislation is shifting from antitrust focus to broadband, cybersecurity.

NewsMax:

• Trump Credited With Call to Close Deal for McCarthy.  
• Rep. Claudia Tenney: Dems Will Try to 'Manipulate' New Rules.

TheGatewayPundit.com:

• DeSantis’ Latest Blow Against Woke Ideology- Announces Six Conservative Board Members to Liberal New College of Florida.
• Here Are the WINNERS and LOSERS in House Vote for Speaker.
• Panic: Commercial Plane Filled With Passengers Hit by Gunfire After After Arrest of El Chapo’s Son. 
• DC Comics Latest: Joker Gives Birth to Baby Boy in Latest Batman Comic Book.
• MMA Rising Star Victoria Lee Dead At 18. 
• 16-Year-Old Sophomore Student ‘Collapses and Dies Suddenly’ While Playing Flag Football.
• DeSantis Activates National Guard in Response to Surge in Illegals.
• AUDACIOUS: SBF Demands Bankruptcy Court to Hand Over $450 million in Robinhood Stock to Help Him Pay His Legal Bills.
• Is America Crumbling From Within?
• McCarthy Delivers Cordial and Hopeful Speech After Winning Speakership – Vows to be a Check on Biden’s Policies.
• Tucker Carlson Discusses Relentless Media Lies About Jan 6 Protests on Second Anniversary of Historic Day.
• Update: Only Days After Collapsing on Field, Damar Hamlin Joins Team Meeting By Video.
• Mother of NBA Player Tristan Thompson Dies Suddenly in Toronto. 
• NEVER FORGET: Megan Paradise, the Ray Epps Female Clone, Caught on Megaphone Directing Trump Supporters to US Capitol, Broke into Pelosi’s Office, Filmed the Room, Has Not Been Arrested.

The Epoch Times:

• Taliban Signs First Foreign Deal With China for Oil Extraction Project.  
• Communist China On Track With Plan to Replace US as Superpower: Michael Pillsbury.
• China’s Role in Illicit Fentanyl Running Rampant on US Streets.

Twitter:

• @DineshDSouza - BREAKING: Florida Supreme Court approves DeSantis grand jury to investigate mRNA COVID-19 vaccine manufacturers.
• @IGSquawk - Weekend markets update: #DAX 14638 -0.13% #DOW 33595 -0.05% #NASDAQ 11023 -0.05% #FTSE 7712 -0.06% #HANGSENG 21340 -0.06% #GBPUSD 12088 -0.05% #EURUSD 10644 -0.01% #USDJPY 13210 -0.01%.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 915,411 Reports(+3,337 from prior week) Through December 23rd, 2022. 

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
• Bloomberg.com:  International Travel Restrictions.  Case Graphs by State.
  
• NYTimes.com:  County Trends and Clusters. Local ICU Occupancy.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity(region).
  
• CovidActNow:  Covid Severity/Infection Rate by Metro Area.
  
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits.  Restaurant Visits. Wearing Masks. (graphs)
  
• Safegraph.com:  Commerce Patterns(graphs).

Evening Headlines

Bloomberg:

• US Cuts Taiwan Transits Even as China Steps Up Military Pressure.  
• China’s Deep-Pocketed Tourists Are Staying Home, For Now.
• McCarthy Deal With "Rebels" Would Heighten Risk of Debt Standoff.
• Signs of Seller Exhaustion Left Stocks Primed for a Big Bounce.
• Crypto Panic at Silvergate Spawns a New Breed of Bank Run.  
• CLO Managers Face Trading Crunch in Downturn.
• Traders Slash Fed Bets After Data; Key Yield Inversion Deepens.
• Dollar Slides as Wall Street Weighs Fed’s Likely Policy Path.
  
• 3M Spends More Than $450 Million in Legal Costs on Earplug Cases.  
• Bed Bath & Beyond Bankruptcy Path Hinges on Its Fading Baby Brand.   
• Qualcomm Touts Phone Chips That Use Satellite Power: CES Update.  
• DeSantis Calls on National Guard to Handle Migrant Flow, Blames Biden.  
• Party City Nears Bankruptcy That Could Hand Reins to Creditors.

 Wall Street Journal: 

• How to Restore Our Dwindling Attention Spans.
• House to Reconvene This Evening as McCarthy Gains Momentum.
• Southwest Holiday Meltdown to Cause Quarterly Loss.
• Damar Hamlin FaceTimes Teammates, Continuing Recovery.
• Beer Sales Drop as Consumers Balk at Prices.

Fox News:

• Struggling Chicago residents livid over mayor's focus on illegal immigrants.
• Victoria's Secret CEO exits as 'woke' controversies strip once-beloved brand.

CNBC:

• McDonald’s plans reorganization, job cuts as it accelerates restaurant openings.
• FDA approves Alzheimer’s drug that slowed cognitive decline in clinical trial.
• Macy’s warns holiday-quarter sales will come in light, citing squeeze on shoppers’ wallets.
• Credit card rates skyrocketed in 2022 — here’s how to protect your wallet in the new year.

Zero Hedge:

• "We're Going To Win": House Adjourns Until 10PM As McCarthy Grows Confident.
• California Law Allowing Private Residents To Sue Gunmakers Takes Effect.
• German Doctor Gets 2 Years In Jail For Illegally Writing Thousands Of Mask Exemptions.
• With Schools Ditching Merit For Diversity, Families Of High Achievers Head For The Door.
• David Stockman On The Flawed Strategy For A So-Called Public Health Crisis.
• The Fabric Of Our Society Is Coming Apart At The Seams Right In Front Of Our Eyes.
• Canada Bans Most Foreigners From Buying Residential Property.
• Dodge Ram Reveals First EV Pickup To Take On Cybertruck.
• January 6: A Day That Will Live In Alchemy.
• Soft wage growth sees markets rejoice amid dovish Fed repricing - Newsquawk US Market Wrap.
• SBF Seeks Access To $450 Million In Seized Robinhood Shares To Pay His Legal Fees.
• Slowing Salaries & Slumping Services Spark Savage Stock/Bond-Buying Spree.
• Spending On Holiday Items Dropped 3.4% In 2022, Led By Lower-Income Households. 
• Inside The "Strong" Jobs Report: Full-Time Workers -1K; Part-Time Workers +679K.

MarketWatch.com:        

• The Fed delivered a message to the stock market: Big rallies will prolong pain.
  
• 6 value stock picks for 2023 from successful money managers.  
• Redfin CEO predicts ‘terrible consolidation’ in the real-estate sector, but says it will ultimately be good for the industry.

NewsMax:

• Meet the McCarthy Holdouts.
• Gaetz: Will 'Resign' If Dems Reach Speaker Deal With GOP.

TheGatewayPundit.com:

• Political Prisoner and FBI Target Jeremy Brown Speaks from His Prison Cell on January 6 – Two Years After a Million Patriots Met in Washington DC to Protest The Election – Prayer Vigil Tonight.
• BREAKING: McCarthy Loses 13th Vote For US House Speaker – One More GOP Holdout Flips Vote to McCarthy – House Votes to Adjourn Until 10 PM.
• Police: Six-Year-Old Student Deliberately Shoots Teacher in School in Newport News, Virginia (Life-Threatening Wound).
• Mother of Ashli Babbitt Arrested by Capitol Police (Video) UPDATE: USCP Statement on Arrest.
• WATCH: Incoming AZ Secretary of State Adrian Fontes Gets Triggered, Staffers Escort Him Away From TGP Reporter – Claims Machines DID NOT Fail On Election Day.
• SELLIN: China’s Research with Mosquitos May Lead to Using Mosquitos in a Bioweapon Delivery Platform.
• So… Who Blew Up the Nord Stream Pipeline? And Why Does No One Care?
• Why Do 201 GOP Reps Continue to Vote for Kevin McCarthy Who Gets an “F” Liberty Score from Conservative Review?
  

The Epoch Times:

• Chinese Regime Intends to Have as Many People in China Infected as Possible: Sources.

Twitter:

• @Johnincarlisle - Factors in infection risk https://youtu.be/Rh7I7fKmzT0 via
  @YouTube This study shows the MORE covid vaccines someone has had the MORE likely they are to get covid. Why the heck are the regulators not all over this? (video)
• @VigilantFox - Attention Parents: The Top 8 Reasons Why You Shouldn't Inject Your Child. (video) Coincidence? The Number of Athletes Collapsing and Dying Is Something Society Has Never Seen Before "The average age of the players suffering cardiac arrest is just 23 years old." "Nearly 800 athletes — young, fit people in the prime of [their] life, falling down on the field." (video).
• @_aussie17 - Peter Mccullough’s interview on Tucker. (video)
  

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 915,411 Reports(+3,337 from prior week) Through December 23rd, 2022. 

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
• Bloomberg.com:  International Travel Restrictions.  Case Graphs by State.
  
• NYTimes.com:  County Trends and Clusters. Local ICU Occupancy.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity(region).
  
• CovidActNow:  Covid Severity/Infection Rate by Metro Area.
  
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits.  Restaurant Visits. Wearing Masks. (graphs)
  
• Safegraph.com:  Commerce Patterns(graphs).

Weekly Scoreboard*

S&P 500 3,897.9 +1.3%

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 33,675.6 +1.26%

• NASDAQ 10,590.18 +1.0%

• Russell 2000 1,792.40 +1.51%

• S&P 500 High Beta 64.84 +3.79%

• Goldman 50 Most Shorted 129.40 +.25%

• Wilshire 5000 39,159.0 +1.3%

• Russell 1000 Growth 2,166.55 +.19%

• Russell 1000 Value 1,535.16 +2.32%

• S&P 500 Consumer Staples 794.40 +1.47%

• MSCI Cyclicals-Defensives Spread 993.08 +.45%
  

• NYSE Technology 2,660.4 +4.0%

• Transports 13,879.7 +2.76%

• Utilities 983.06 +.52%

• Bloomberg European Bank/Financial Services 81.6 +7.7%

• MSCI Emerging Markets 39.92 +3.91%

• HFRX Equity Hedge 1,452.3 +.35%

• HFRX Equity Market Neutral 925.8 -.09%

Sentiment/Internals

• NYSE Cumulative A/D Line 447,355 +.37%

• Bloomberg New Highs-Lows Index -45 +231
  

• Crude Oil Commercial Bullish % Net Position -34.9 -2.4%

• CFTC Oil Net Speculative Position 247,618 +3.96%

• CFTC Oil Total Open Interest 1,413,545 +1.28%

• Total Put/Call 1.13 -19.1%

• OEX Put/Call .81 +15.9%

• ISE Sentiment 115.0 +18.0 points
  

• NYSE Arms 1.18 +189.1% 
• Bloomberg Global Risk-On/Risk-Off Index 54.7 -4.9%
• Bloomberg Financial Conditions Index + Bubbles 2.25 +18.0 basis points
  

• Volatility(VIX) 21.3 -1.0%
• DJIA Intraday % Swing 1.86% +102.2%

• CBOE S&P 500 Implied Correlation Index 41.4 -8.0%

• G7 Currency Volatility (VXY) 10.8 +1.4%
  

• Emerging Markets Currency Volatility (EM-VXY) 10.7 -1.9%

• Smart Money Flow Index 14,150.01 +2.44%
• NAAIM Exposure Index  38.8 -4.7
  

• ICI Money Mkt Mutual Fund Assets $4.814 Trillion +1.7%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows +$2.101 Million

• AAII % Bulls 20.5 -22.6%

• AAII % Bears 42.0 -11.8%

Futures Spot Prices

• CRB Index 263.69 -4.46%

• Crude Oil 73.54 -5.1%

• Reformulated Gasoline 224.71 -3.4%

• Natural Gas 3.76 -18.0%
• Dutch TTF Nat Gas(European benchmark) 69.5 euros/megawatt-hour -4.4%
  

• Heating Oil 300.2 -8.7% 
• Newcastle Coal 372.0 (1,000/metric ton) +.54%
  

• Gold 1,868.72 +2.1%
• Silver 23.88 -.62%
  

• S&P GSCI Industrial Metals Index 438.70 -3.4%

• Copper 391.70 +2.0%

• US No. 1 Heavy Melt Scrap Steel 420.0 USD/Metric Tonne +8.3%

• China Iron Ore Spot 116.60 USD/Metric Tonne +.04%

• Lumber  362.50 -5.8%

• UBS-Bloomberg Agriculture 1,505.70 -2.64%
• US Gulf NOLA Potash Spot 485.0 USD/Short Ton unch.
  

Economy

• Atlanta Fed GDPNow Forecast +3.76% +16.0 basis points
  

• ECRI Weekly Leading Economic Index Growth Rate -7.3% +.3 percentage point
  
• Bloomberg US Recession Probability Next 12 Months 65.0% +2.5 percentage points
  

• NY Fed Real-Time Weekly Economic Index 1.82 -11.2%

• US Economic Policy Uncertainty Index 274.6 +67.6%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 229.9 n/a:  Growth Rate +11.3% n/a, P/E 16.9 n/a

• Citi US Economic Surprise Index -7.3 -4.6 points

• Citi Eurozone Economic Surprise Index 79.0 +2.1 points

• Citi Emerging Markets Economic Surprise Index -22.0 -1.4 points

• Fed Fund Futures imply 0.0%(unch.) chance of no change, 76.2%(+8.5 percentage points) chance of +25.0 basis point hike and 23.8%(-13.8 percentage points) chance of +50.0 basis point hike on 2/1 to 4.75-5.0%
  

• US Dollar Index 103.98 +.03%

• MSCI Emerging Markets Currency Index 1,664.87 +.35%
  

• Bitcoin/USD 16,842.2 +1.3%

• Euro/Yen Carry Return Index 145.5 +.09%
  

• Yield Curve(2s/10s) -70.0 -14.25 basis points
  

• 10-Year US Treasury Yield 3.58% -30.0 basis points
  

• Federal Reserve's Balance Sheet $8.471 Trillion -.51%

• U.S. Sovereign Debt Credit Default Swap 26.17 +4.8%
  

• Illinois Municipal Debt Credit Default Swap 169.4 -7.1%
  

• Italian/German 10Y Yld Spread 202.0 -13.0 basis points
• UK Sovereign Debt Credit Default Swap 27.66 -.38%
  

• China Sovereign Debt Credit Default Swap 63.01 -13.5%
  

• Brazil Sovereign Debt Credit Default Swap 253.58 -.24%
  

• Israel Sovereign Debt Credit Default Swap 46.05 +1.91%

• South Korea Sovereign Debt Credit Default Swap 48.12 -12.0%

• China Corp. High-Yield Bond USD ETF(KHYB) 27.89 +2.97%

• Atlanta Fed Low Skill Wage Growth Tracker YoY +6.7% unch.
  
• Zillow US All Homes Rent Index YoY +8.7% -110.0 basis points
  
• US Urban Consumers Food CPI YoY +10.7% -20.0 basis points
  
• Cleveland Fed Inflation Nowcast Core PCE YoY +4.52% unch.: CPI YoY +6.64% unch.
  
• 10-Year TIPS Spread 2.21% -7.0 basis points

• TED Spread 23.0 -18.5 basis points

• 2-Year Swap Spread 29.75 unch.
  

• 3-Month EUR/USD Cross-Currency Basis Swap -16.0 +3.0 basis points

• N. America Investment Grade Credit Default Swap Index 75.09 -7.29%
  

• America Energy Sector High-Yield Credit Default Swap Index 277.0 -11.8% 
• Bloomberg TRACE # Distressed Bonds Traded 327.0 +46.0
  

• European Financial Sector Credit Default Swap Index 82.65 -8.7%
• Credit Suisse Subordinated 5Y Credit Default Swap 438.76 -2.3%

• Emerging Markets Credit Default Swap Index 230.88 -2.93%
  

• MBS 5/10 Treasury Spread 136.0 -9.0 basis points
  
• Aggregate US CMBS Average OAS 1.15 -5.0 basis points
  
• Avg. Auto ABS OAS .79 -7.0 basis points

• M2 Money Supply YoY % Change 0.0 -130.0 basis points
  

• Commercial Paper Outstanding 1,281.5 +1.6%

• 4-Week Moving Average of Jobless Claims 213,750 -3.1%
  

• Continuing Claims Unemployment Rate 1.2% unch.
  
• Kastle Back-to-Work Barometer(entries in secured buildings) 21.4 -47.6%
  

• Average 30-Year Fixed Home Mortgage Rate 6.63% +2.0 basis points
  

• Weekly Mortgage Applications 184,500 -10.3%

• Weekly Retail Sales +7.80% +60.0 basis points
  
• OpenTable US Seated Diners % Change from 2019 -1.9% -59.7 percentage points
• Box Office Weekly Gross $241.8M +2.4%
  

• Nationwide Gas $3.29/gallon +.11/gallon

• Baltic Dry Index 1,146 -30.6%

• China (Export) Containerized Freight Index 1,271.31 -2.8%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 40.0 -23.8%
• Truckstop.com Market Demand Index 57.93 +27.5%

• Rail Freight Carloads 185,561 -10.4%
• TSA Total Traveler Throughput 2,025,074 +4.8%
• US Covid-19:  119 infections/100K people(last 7 days total). 6.8%(+0.0 percentage points) of peak on 1/14/22(1,740) +0/100K people from prior report
  
• US Covid-19:  New patient hospital admissions per 100K -69.7%(+n/a percentage points) from peak 7-day avg. of 1/9/22-1/15/22
  

Best Performing Style

• Mid-Cap Value +1.8%
  

Worst Performing Style

•  Large-Cap Growth -.8%
  

Leading Sectors

• Gold & Silver +8.2%

• Gambling +7.9%
• Airlines +7.8%
  

• Social Media +6.3%

• Steel +5.2%
  

Lagging Sectors

• Internet -.6%
  

• Shipping -2.6%
  

• Cyber Security -2.7%

• Healthcare Providers -3.3%
  

• Software -4.4%
  

Weekly High-Volume Stock Gainers (17)

• WEE, DCT, FGEN, RCM, IRDM, BTU, DCPH, DCP, COLL, XPOF, ATEC, MOS, USFD, VOYA, LOVE, ELF and LW
  

Weekly High-Volume Stock Losers (5)

• DHR, ZI, ENPH, FUTU and SI
  

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Surging into Afternoon on Weak US Economic Data, Lower Fed Rate-Hike Odds, Dollar Weakness, Tech/Commodity Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume:  Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 21.3 -5.3%
• DJIA Intraday % Swing 1.68%
  
• Bloomberg Global Risk On/Risk Off Index 54.8 -.64%

• Euro/Yen Carry Return Index 145.51 +.15%

• Emerging Markets Currency Volatility(VXY) 10.7 -.4%

• CBOE S&P 500 Implied Correlation Index 41.2 -4.2% 

• ISE Sentiment Index 112.0 +22.0 points
  

• Total Put/Call 1.03 +.98%

• NYSE Arms 1.32 +28.2%

Credit Investor Angst:

• North American Investment Grade CDS Index 75.2 -4.3%
  

• US Energy High-Yield OAS 386.55 +.17%
• Bloomberg TRACE # Distressed Bonds Traded 327.0 +12.0
  

• European Financial Sector CDS Index 90.11 -4.6% 
• Credit Suisse Subordinated 5Y Credit Default Swap 438.76 +.27%
  

• Italian/German 10Y Yld Spread 202.0 basis points unch.
  

• Asia Ex-Japan Investment Grade CDS Index 118.5 -1.3%
  

• Emerging Market CDS Index 231.62 -1.7%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 27.89 +1.09%

• 2-Year Swap Spread 29.75 basis points +1.0 basis point
  

• TED Spread 20.25 basis points -4.75 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -16.0 basis points unch.
  
• MBS  5/10 Treasury Spread  137.0 -9.0 basis points
  
• Bloomberg US Agg CMBS Avg OAS 115.0 -1.0 basis point
  
• Avg. Auto ABS OAS .79 -2.0 basis points
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 47.8 +.62%
• 3-Month T-Bill Yield 4.60% unch.
  

• China Iron Ore Spot 116.8 USD/Metric Tonne -.87%
• Dutch TTF Nat Gas(European benchmark) 69.5 euros/megawatt-hour -3.99%

• Citi US Economic Surprise Index -7.3 -16.4 points

• Citi Eurozone Economic Surprise Index 79.0 +3.1 points
  

• Citi Emerging Markets Economic Surprise Index -22.0 +2.1 points
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 229.91 -.15:  Growth Rate +11.3% -.1 percentage point, P/E 16.9 +.3
  
• Bloomberg US Financial Conditions Index -.22 +1.0 basis point
  
• Yield Curve -70.75 basis points (2s/10s) +2.75 basis points
• US Atlanta Fed GDPNow Forecast +3.76% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +4.52% unch.: CPI YoY +6.64% unch.
  
• 10-Year TIPS Spread 2.20 -2.0 basis points
  
• Highest target rate probability for March 22nd FOMC meeting: 67.1%(+8.1 percentage points) chance of 4.75%-5.0%. Highest target rate probability for May 3rd meeting: 46.1%(+8.9 percentage points) chance of 4.75%-5.0%.
  

US Covid-19:

• 140 new infections/100K people(last 7 days total). 8.0%(+1.2 percentage points) of 1/14/22 peak(1,740) +21/100K people from prior report.
  
• New Covid-19 patient hospital admissions per 100K population -69.7%(+.2 percentage points) from peak 7-day avg. of 1/9/22 - 1/15/22
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +138 open in Japan 
• China A50 Futures: Indicating +174 open in China

• DAX Futures: Indicating +69 open in Germany

Portfolio:

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

• Disclosed Trades:  Covered some of my (IWM)/(QQQ) hedges and some of my emerging market shorts
  

• Market Exposure: Moved to 75% Net Long