Monday Watch

Today's Headlines

Bloomberg: 

• India Is Coming for China's World Growth Engine Crown.
• Chinese State Bank Asks Court to Liquidate Developer Shimao.
• China’s Yuan Red Line Response Has Traders Eyeing Monday Fix.
• Japan’s Real Wages Decline Likely to Keep BOJ on Hold for Now.
• Asian Stocks Follow US Gains, Yuan Fix in Focus: Markets Wrap.
• Oil Rally Takes Breather With Israel to Remove Some Gaza Troops.
• The Odds of $100 Oil Are Rising as Supply Shocks Convulse the Market.
• Bond Traders See 4.5% Yields as Next Test as Focus Shifts to CPI.
• Wall Street Is Searching for AI Winners Across Emerging Markets.

Zero Hedge:

• Container Ship Reportedly "Lost Power" In NYC Harbor, Right Before Verrazzano-Narrows Bridge.
• America Is Hurtling Toward A Full-Blown Hot Civil War.
• DOJ Seeks Prison For Ashley Biden 'Showers With Dad' Diary Culprit.
• Appeals Court Vacates 'Disinformation' Monitoring Of Jan. 6 Defendant’s Computer.
• Goldman Warns US Data Resilience Is Reminder "Fed Cuts Are Optional Not Necessary".
• Russia Finally Says 'Nyet' To Continued North Korea Sanctions Enforcement.
• Fast Feud: Shootings At Wendy's, Chipotle Go Viral.
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• Georgia Students Shut Down Congressman In Latest "Deplatforming".
• Iran Threatens Israel's Embassies: "No Longer Safe".
• Elon Musk Says X Will Defy Order From Brazil's Supreme Court After Twitter Files.
• Morgan Stanley: What Happens To Inflation After The Election.
• Millions Of New Illegal Immigrants Mask True State Of US Economy.
• Goldman Offers "Burst Of Bullish Coverage" On Soaring Uranium Stocks.
• People Are Not Inflation Idiots.
• Intel Community Warns Of "Possible Threats To Public Gatherings" Across US.
• Former Hunter Biden Associate Tony Bobulinski Sues Rep. Dan Goldman For Defamation.
• Goldman Hedge Fund Honcho Warns Price Action Is Consistent With A 'Reflation Trade'; Vol-Inducing For Stocks.
• Trump Rakes In $50 Million In One Night, But Israel-Advocate Adelson Still Holding Out.
• Would NATO Really Hang France Out To Dry If Russia Pulverized Its Forces In Ukraine?
• Swiss To Hold Referendum That Will Restrict Population To 10 Million Until 2050.
• A Lack Of Solidarity Within NATO?
• Enjoy It While It Lasts - The "Best Of Times" In Flows Coming To An End.
• Only 59% Of Americans Are 'Satisified' With Their Health.
• Climate-Con & The Media-Censorship Complex – Part 1.
• These Are The World's Deadliest Behavioral Risk Factors.
• Democrat Division Intensifies As Ex-Speaker Pelosi Joins Call For Biden To Stop Arming Israel.
• The Reality Of Vitamin D Supplementation.
• "West Point Mafia" Has "Systematically Destroyed The Nation's Maritime Strength" .
• 'Animal Spirits' Update (Or Reflections On Another Fake Unemployment Report). 
• More Easy Money Will Plunge Us Into Stagflation. 
• Arabica Coffee Prices See Largest Weekly Jump In Nearly Three Years.

Wall Street Journal:

• In Six Months, Everything Has Changed for Israel.
• Mike Johnson Prepares to Unwrap Mystery Ukraine Aid Package.
• What to Know About the Solar Eclipse in North America.
• Big Tech Has a Big Cash Problem.
• Cities Packed Shelters With Migrants. Now They Are Limiting Stays.
• ‘Now They’re Voting Red’: A Fracking Boom Weighs on Biden.

Barron's:

• Had bullish commentary on (CCL), (RDFN), (EXPI), (HOUS) and (DOUG).

CNBC:

• Oracle’s Larry Ellison thinks every government will want to build a ‘sovereign’ AI cloud in future.
• A Southwest Boeing 737 lost engine cover during takeoff, FAA is investigating.
• Big oil is racing to scale up carbon capture to slash emissions but the challenges are immense.
• U.S. and China need ‘tough’ conversations, Yellen tells Chinese Premier Li.

MarketWatch.com:

• Stock-market rally faces key test: Will hot inflation data kill rate-cut hopes?
• Key lawmakers float new legislation that would make privacy a consumer right.
• First-quarter earnings are here. So is the ‘hard part’ in the fight against higher prices.

NewsMax:

• Israel Halts Invasion of Gaza Strip, Withdraws Troops From Southern Gaza.
• Netanyahu: No Gaza Truce Without Release of Hostages.

Fox News:

• Protesters in Michigan chant ‘Death to America!' and 'Death to Israel!’ on last day of Ramadan.
• College presidents lose kid gloves, take a stand against antisemitic mobs on campus.
• Ex-NBA star asks bold question after Dawn Staley’s support for trans athletes.
• Alarming new study reveals dangers of vaping go beyond just the lungs.

TheGatewayPundit.com:

• Rutgers President Abandons Terrified Jewish Students – Flees Town Hall as Pro-Hamas Radicals Shout Anti-Israel Slogans and Calling for an Intifada.
• HORROR: 64-Year-Old New Jersey Man Who Operates Trump RV Beaten with Sledgehammer, Airlifted to Hospital with “Significant Head Injuries”.
• MUST SEE: Chanel Rion on Ashley Biden Diary Investigation: The SDNY Is Biden’s Personal Gestapo – They’re Not Even Hiding It… And Joe Biden Is a Ped*phile (VIDEO).
• Disturbing Poll: Three Out of Four British Muslims Don’t Believe Hamas Committed Rape and Murder During October 7 Terrorist Attacks.
• “Flynn” – The Biopic Film About General Michael Flynn and the Deep State Apparatus Hits NUMBER ONE ON AMAZON Its First Weekend!
• Don Lemon, Who Described White Men as ‘America’s Biggest Terror Threat,’ Marries White Man in New York.
• President Trump SHATTERS Record Fundraising Efforts of Three Presidents Combined – More than $50 Million Raised at Florida Fundraiser.
• BREAKING: Elon Musk Calls on Lawless Brazilian Supreme Court Justice Alexandre de Maraes to Step Down after He Threatens to Ban X in Country – Elon Threatens to Release More Dirt on the Tyrannical Thug.
• Environmentalists Suing to Shut Down Power Plant Providing 9% of State’s Power.
• Woke Body Positive and Anti-Diet Movements Normalizing Obesity.
• Women Gather in Scotland to ‘Test’ New Fascist ‘Hate Crime’ Law Surrounded By Screaming, Hostile Trans Activists.
• TYT’s Cenk Uygur Admits Democrats Rig Elections For ‘Corrupt’ Joe Biden, Now ‘Considering’ Voting For RFK Jr. (VIDEO).
• Elon Musk Warns Biden Regime’s Obsession With Ukraine Joining NATO Risks ‘Nuclear Apocalypse’.
• Switzerland to Hold Referendum on ‘Devastating Consequences’ of Mass Immigration, Could Limit Population to 10 Million.

The Epoch Times:

• US Funding Chinese Communist Party Economic Growth: Experts.
• ‘Embracing Communist China: America’s Greatest Strategic Failure’: Book Review.
• Amidst Growing Resistance, the WHO Turns Up Heat on Members to Sign Pandemic Treaty.

X:

• @elonmusk 

• This psy op is doing real numbers! (graph)

• @WideAwakeMedia

• Millions of birds are killed by wind turbines worldwide, every single year. But keep telling yourself that wind turbines are "environmentally friendly". (video)
• A coal-fired power plant in China's Dai city. China emits more CO2 every year than the rest of the developed world combined—completely cancelling out all the sacrifices you are being forced to make in the farcical pursuit of Net Zero. (video)
• Four years ago, a police van drove through Peckham Rye Park in London dictating "no sunbathing, exercise only" over a loudspeaker. Never forget the totalitarian insanity governments delighted in imposing on their own citizens, on a global scale, in response to a mild case of the sniffles. (video)

• @newstart_2024
  

• The nation's first outdoor test to limit global warming by increasing cloud cover launched Tuesday from the deck of a decommissioned aircraft carrier in the San Francisco Bay. The experiment, which organizers didn't widely announce to avoid public backlash, marks the acceleration of a contentious field of research known as solar radiation modification. The concept involves shooting substances such as aerosols into the sky to reflect sunlight away from the Earth.

• @KobeissiLetter

• Change In Price Since 2019, by Food Item: 1. Cocoa: +345% 2. Orange Juice: +260% 3. Olive Oil: +219% 4. Sugar: +120% 5. Fruit Snacks: +77% 6. Cooking Oil: +54% 7. Chocolate Bars: +52% 8. Apple sauce: +51% 9. Beef: +51% 10. Mayonnaise: +50% 11. Loaf of Bread: +42% 12. Eggs: +40% 13. Milk: +40% 14. Cereal: +38% 15. Butter: +24% Inflation has officially been at 3% or higher for exactly 3 years. The Average American is now paying nearly 40% MORE for groceries than what they were paying in 2019. Over 100 food items have seen inflation above 50% since 2019.
• Total credit card debt is skyrocketing as savings rates have crashed. Total revolving credit in the US is now at $1.3 TRILLION, up from ~$960 billion in 2021. Meanwhile, the savings rate has plummeted to just 3.6% as affordability hits record lows. Interest rates on credit card debt are also hitting record highs, near 25%. (graph)
  

• @ChuckCAllesto

• FLASHBACK: Kamala Harris claims to have done a demonstration at the Capitol where they brought in folks that “HACKED ELECTION MACHINES” right before our very eyes.. (video)

• @songpinganq

• Police robots with facial recognition cameras roaming in China's streets. Once they detect people with low social credit score, immediately an alarm sends to authority. People with low social credit score are barred from entering high-end hotels, night clubs, golf courses. (video)

• @TuckerCarlson

• Ep. 90 Here’s the bright side of a dark time: people are starting to notice the lies. The vibe is changing fast. (video)

• @WallStreetApes

• NEW: Things Are About To Get A Lot Worse. Mayor Of Chicago Wants 700,000 More Illegal Migrants To Enter America & Be Sent To The City. He’s Also Asking For Half A Million Work Permits. Goodbye American Citizen Jobs. (video)
• J.J. Carrell, Former US Border Deputy Patrol Agent For 22 Years Confirms With Clayton Morris That Illegals Are Being Paid More Money From Social Security Than Someone Who’s Worked Their Whole Life. “Maximum social security benefit payout”. (video) 
• One Way Or Another, America Will Be Transformed Into The Land Of Renters. NEW Illinois “Extraordinary increases in property tax assessments, leaving the homeowners panicking that they won't be able to afford to stay in their homes.” “Some face increases of nearly 650%”. (video)
• Homeless Black Man Speaks Out At Chicago City Council Meeting. “They feel like you anti-American —The last 120 days that I have suffered, still homeless, countless SR numbers, but I watch individuals who came, who have come from thousands of miles away get preferential treatment. (video)
  

• @stillgray

• It’s absolutely insane how homeowners are required by law in NYC to pay for the utilities and mortgage despite having their homes taken over by squatters whom they’re not even allowed to evict. (video)

• @TheChiefNerd

• “A tidal wave of cancer cases is expected to sweep the globe by 2050, jumping 77 percent between now and then, a new study says. The increase is partly fueled by a mystery rise in cancers among young people that is affecting dozens of nations worldwide.

• @VigilantFox

• Ex-Diddy Producer Says This Scandal ‘Could Be WORSE Than Jeffrey Epstein’. Jesse Watters says, “Every room in Diddy’s mansions were wired with cameras ... And this was used for blackmail material,” citing the lawsuit filed by Rodney “Lil Rod” Jones. (video)

• @rawsalerts

• #BREAKING: Firefighters are battling a massive factory fire at a steel mill plant, with heavy, thick black smoke rising #Pueblo | #Colorado (video)

• @ImMeme0

• When they say that “undocumented migrants can’t vote in the U.S. elections,” think again. Imagine with million of illegals pouring into our country how many will be able to vote in upcoming 2024 presidential elections. 10,000 illegal aliens using the same exact social security number voted on November 3, 2020 in AZ. (video)
• BREAKING: Tuberculosis breaks out at Chicago migrant shelters following measles cases. The confirmed tuberculosis cases come as more than 55 measles cases have now been confirmed in Chicago, with the majority of those cases being reported in the Pilsen migrant shelter on Halsted Street. (video)
  

• @WallStreetSilv

• Nothing to see here ... (pic)
• Pfizer under oath: They PLANNED it all, they know what the covid vaccine was for. They used it as a bio weapon against humanity and against our consent. People will never know the true dangers of the COVID vaccine. (video)
  

• @MdBreathe

• Pfizer's Paxlovid has 44 severe drug interactions, including with statins (most widely prescribed drug in US), contains an HIV drug with a black box warning, toxic to liver and kidneys, poorly tolerated due to metallic taste, 20% incidence of rebound infection, $530 for 5 days… and doesn’t work!

• @nicksortor

• #BREAKING: The Biden regime and US military are actively preparing for a “SIGNIFICANT ATTACK” by Iran that could come within the next week. Trump warned that this was going to happen, and this would NOT be happening with Trump in office. Senior US officials say an attack is “INEVITABLE” and will most likely target both Israeli and AMERICAN assets and personnel. ARE WE ACTUALLY ON THE BRINK OF WORLD WAR III?

• @BGatesIsaPsycho

• “It’s ALL out in the open”. “Klaus Schwab demands a World Government under the UN, which has been brought under the control of The WEF”. “Bill Gates for many years has been following in his Fathers footsteps - a convinced Eugenicist - Bill Gates has been talking about the need to DRAMATICALLY REDUCE the Worlds Population”. “Cash will be abolished & moved to a CBDC”. Listen to Reiner Fuellmuch - Lawyer & Co-Founder of the Corona Investigative Committee as he summarises the Globalist Plan. Please share with any disbelievers - people need to know what’s happening to humanity. (video)
• America Solar Eclipse Warning - frequently top up your gas tanks - charge your electric car - have a preparedness kit - items like paper maps, snacks, drinks & a cellphone chargers - have a communications plan - know where to take shelter if there’s an event - having these conversations ahead of time is important. All this for a an Eclipse? Is this just one massive American Psyop or do they know something? (video)
• Climate Scam. In Northumberland, UK - two Diesel Generators are used to power one electric car charging point. Surely you must be realising what an absolute scam this is by now? (video)

• @DavidIRamadan

• @Center4Politics @UVA: Brad Raffensperger, @GaSecofState, @Google's Adelina Cooke, @CISAgov director Jen Easterly & @haddadmedia's Tammy Haddad join discussing the high potential that Artificial Intelligence poses for election interference this year. w @LarrySabato. (pics)
  

• @LibsofTiktok

• SHUT THE WHOLE THING DOWN AND SEND THE “DOCTORS” WHO DID THIS TO PRISON. (pic)

• @DrJBhattacharya

• Pfizer executives violated UK codes by pushing their covid vax efficacy online without mentioning side effects. They did the same in the US. Will the
  @US_FDA hold them accountable like a UK court just did?

• @Liz_churchill10

• They always tell you in advance what they’re going to do. “REVEALED: U.S. is collaborating with Chinese Scientists to make Bird Flu Strains more infectious and deadly as part of $11M project…”

• @robbystarbuck

• Can anyone explain to me why a request for voter registration is the first thing you hear when you call TNCare (Tennessee’s healthcare program)? I tried it myself and this is real. "Non-citizens" call this line for "care"… Anyone have an explanation? (video)

• @realLizUSA

• In December 2020 an “irate” Bill Barr called investigators looking into Jesse Morgan’s claim of hundreds of thousands of completed mail-in ballots hauled across state lines to “STAND DOWN”. “‘I told you you need to stand down on this.’ “[He was] agitated, to say the least.” (video)

• @amuse
  

• OIL: Get ready for higher gas prices. The Akal Bravo maritime oil platform in Mexico is on fire - about 11 million barrels of oil are about to go off line. (video)

• @iamlisalogan

• They’re changing the language again DEI rebranded to “BRIDGE”.

• @ShadowofEzra

• 𝗧𝘄𝗼 𝗪𝗮𝗿𝗻𝗶𝗻𝗴𝘀 𝗼𝗳 𝗔𝘁𝘁𝗮𝗰𝗸𝘀 𝗚𝗶𝘃𝗲𝗻 𝗕𝘆 𝗧𝗵𝗲 𝗗𝗲𝗲𝗽 𝗦𝘁𝗮𝘁𝗲 𝗙𝗜𝗥𝗦𝗧 𝗪𝗔𝗥𝗡𝗜𝗡𝗚: The FBI and Homeland Security are becoming increasingly concerned about potential violence targeting mass gatherings ahead of the eclipse, particularly due to threats from ISIS and "lone wolves" within the U.S. 𝗦𝗘𝗖𝗢𝗡𝗗 𝗪𝗔𝗥𝗡𝗜𝗡𝗚: U.S. intelligence indicates that Iran is planning a significant retaliatory attack following Monday's lethal airstrike by Israel on the Iranian consulate in Damascus, Syria. Two different scenarios have been given. They've already blamed ISIS and Iran in advance. Just remember, if an attack is successful, who benefits? (video)
  

OpenVAERS: 

• VAERS US COVID Vaccine Adverse Event Reports. 1,007,636 Reports(+4,460 from prior report) Through February 23th, 2024.

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.

Night Trading

• Asian indices are -.5% to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 104.75 +.5 basis point.
  
• China Sovereign CDS 73.5 +.5 basis point.
• China Iron Ore Spot 101.3 USD/Metric Tonne +3.0%.
  
• Bloomberg Emerging Markets Currency Index 39.8 -.03%
• Bloomberg Global Risk-On/Risk Off Index 68.8 +1.2%.
• Volatility Index(VIX) futures 16.3 -1.2%. 
• Euro Stoxx 50 futures +.2%.
• S&P 500 futures +.09%.
• NASDAQ 100 futures +.16%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 50% net long heading into the week.

Weekly Scoreboard*

S&P 500 5,197.8 -1.2%

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 38,895.4 -2.3%

• NASDAQ 16,234.3 -.93%

• Russell 2000 2,063.9 -2.9%

• NYSE FANG+ 10,027.6 +.2% 
• Solactive Roundhill Meme Stock Index 415.8 -7.3%
  

• Goldman 50 Most Shorted 160.5 -5.2%

• Wilshire 5000 51,775.7 -1.2%

• Russell 1000 Growth 3,368.1 -.9%

• Russell 1000 Value 1,740.1 -1.6%

• S&P 500 Consumer Staples 792.0 -2.8%

• Bloomberg Cyclicals/Defensives Pair Index 143.9 +.6%
  

• NYSE Technology 4,771.6 -.7%

• Transports 15,906.7 -1.9%

• Utilities 868.4 -1.6%

• Bloomberg European Bank/Financial Services 103.4 +1.6%
  

• MSCI Emerging Markets 41.3 +.5%

• Credit Suisse AllHedge Long/Short Equity Index 207.9 -.21%

• Credit Suisse AllHedge Equity Market Neutral Index 108.6 -.73%

Sentiment/Internals

• NYSE Cumulative A/D Line 494,526 -.66%
• Nasdaq/NYSE Volume Ratio 9.0 -4.3%

• Bloomberg New Highs-Lows Index 556 -357
  

• Crude Oil Commercial Bullish % Net Position -34.8 +1.1%

• CFTC Oil Net Speculative Position 278,027 +.1%

• CFTC Oil Total Open Interest 1,775,565 +3.6%

• Total Put/Call 1.20 -5.7%

• OEX Put/Call 1.71 -13.3%

• ISE Sentiment 125.0 -2.0 points
  

• NYSE Arms .93 +22.8%
  
• Bloomberg Global Risk-On/Risk-Off Index 67.2 unch.
• Bloomberg US Financial Conditions Index .91 -21.0 basis points
  
• Bloomberg European Financial Conditions Index 1.0 unch.
  

• Volatility(VIX) 16.6 +28.1%
• DJIA Intraday % Swing 1.13 +242.4%

• CBOE S&P 500 3M Implied Correlation Index 18.4 +37.5%

• G7 Currency Volatility (VXY) 6.73 +2.0%
  

• Emerging Markets Currency Volatility (EM-VXY) 6.62 +2.5%

• Smart Money Flow Index 16,514.4 +2.0%
• NAAIM Exposure Index  84.2 -19.7
  

• ICI Money Mkt Mutual Fund Assets $6.111 Trillion +1.2%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows +$6.039 Million

• AAII % Bulls 47.3 -5.4%

• AAII % Bears 22.2 -.9%
• CNN Fear & Greed Index 62.0 (Greed) -8.0

Futures Spot Prices

• CRB Index 296.3 +2.1%

• Crude Oil 86.8/bbl. +5.1%

• Reformulated Gasoline 278.0 +3.2%

• Natural Gas 1.78 +2.8%
• Dutch TTF Nat Gas(European benchmark) 26.6 euros/megawatt-hour -3.7%
  

• Heating Oil 276.0 +6.4% 
• Newcastle Coal 128.9 (1,000/metric ton) -1.6%
  

• Gold 2,325.2 +4.4%
• Silver 27.4 +9.9%
  

• S&P GSCI Industrial Metals Index 445.6 +5.3%

• Copper 423.7 +5.6%

• US No. 1 Heavy Melt Scrap Steel 380.0 USD/Metric Tonne -.5%

• China Iron Ore Spot 97.7 USD/Metric Tonne -4.0%

• CME Lumber  572.5 -2.3%

• UBS-Bloomberg Agriculture 1,518.3 +.7%
• US Gulf NOLA Potash Spot 312.50 USD/Short Ton unch.
  

Economy

• Atlanta Fed GDPNow 1Q Forecast +2.5% +40.0 basis points
  

• ECRI Weekly Leading Economic Index Growth Rate (graph)
  
• US Recession Within 3 Months Probability(3M/18M Forward Yld Curve Spread) 27.0% -1.6 percentage points
  

• NY Fed Real-Time Weekly Economic Index 2.0 +22.4%

• US Economic Policy Uncertainty Index 86.9 +72.2%
• S&P 500 Current Quarter EPS Growth Rate YoY(19 of 500 reporting) +39.5% -4.1 percentage points

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 250.09 +.86:  Growth Rate +12.4% +.3 percentage point, P/E 20.5 -.5
  
• S&P 500 Current Year Estimated Profit Margin 12.84% unch.
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(0 of 10 reporting) n/a
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 311.89 +.29: Growth Rate +29.8% +.1 percentage point, P/E 31.7 -.5
  

• Citi US Economic Surprise Index 41.2 +7.7 points

• Citi Eurozone Economic Surprise Index 36.6 -6.2 points

• Citi Emerging Markets Economic Surprise Index 26.8 +5.7 points

• Fed Fund Futures imply 1.9%(-7.4 percentage points) chance of -25.0 basis point cut to 5.0-5.25%, 98.1%(+7.4 percentage points) chance of no change, 0.0%(unch.) chance of +25.0 basis point hike to 5.5-5.75% on 5/1
  

• US Dollar Index 104.3 -.2%

• MSCI Emerging Markets Currency Index 1,725.8 +.09%
  

• Bitcoin/USD 67,617.1 -4.5%

• Euro/Yen Carry Return Index 178.4 +.64%
  

• Yield Curve(2s/10s) -35.25 +7.25 basis points
  

• 10-Year US Treasury Yield 4.37% +17.0 basis points
  

• Federal Reserve's Balance Sheet $7.403 Trillion -.6%
  
• Federal Reserve's Discount Window Usage $6.105 Billion+.3%
• Federal Reserve's Bank Term Funding Program $130.462 Billion -1.8%
  

• U.S. Sovereign Debt Credit Default Swap 39.0 -2.0%
  

• Illinois Municipal Debt Credit Default Swap 191.7 +1.4%
  

• Italian/German 10Y Yld Spread 142.0 +4.0 basis points
  
• UK Sovereign Debt Credit Default Swap 28.0 +2.3%
  

• China Sovereign Debt Credit Default Swap 73.6 +5.2%
  

• Brazil Sovereign Debt Credit Default Swap 148.1 +7.3%
  

• Israel Sovereign Debt Credit Default Swap 130.0 +10.5%

• South Korea Sovereign Debt Credit Default Swap 38.9 +2.0%

• China Corp. High-Yield Bond USD ETF(KHYB) 24.7 unch.
• China High-Yield Real Estate Total Return Index 90.9 +1.2%
  

• Atlanta Fed Low Skill Wage Growth Tracker YoY +5.6% unch.
  
• Zillow US All Homes Rent Index YoY +3.5% unch.
• US Urban Consumers Food CPI YoY +2.2% unch.
  
• CPI Core Services Ex-Shelter YoY +4.5% unch.
  
• Cleveland Fed Inflation Nowcast Core PCE YoY +2.67% -11.0 basis points: CPI YoY +3.41% unch.
  
• 1-Year TIPS Spread 4.13% +17.0 basis points
  

• Treasury Repo 3M T-Bill Spread 5.75 basis points +2.5 basis points
  
• 2-Year SOFR Swap Spread -9.5 -.75 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -4.0 +.5 basis point
  

• N. America Investment Grade Credit Default Swap Index 52.8 +1.9%
  

• America Energy Sector High-Yield Credit Default Swap Index 117.0 -6.4% 
• Bloomberg TRACE # Distressed Bonds Traded 257.0 -30.0
  

• European Financial Sector Credit Default Swap Index 63.3 +.13%
• Deutsche Bank Subordinated 5Y Credit Default Swap 185.1 -.16%

• Emerging Markets Credit Default Swap Index 170.5 +1.1%
  

• MBS 5/10 Treasury Spread 138.0 -1.0 basis point
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 779.0 -6.0 basis points
  
• Avg. Auto ABS OAS .60 -1.0 basis point
  

• M2 Money Supply YoY % Change -1.7% unch.
  

• Commercial Paper Outstanding $1,336.7B -1.0%

• 4-Week Moving Average of Jobless Claims 214,250 +1.3%
  

• Continuing Claims Unemployment Rate 1.2% unch.
  
• Kastle Back-to-Work Barometer(entries in secured buildings) 51.2 -.2%
  

• Average 30-Year Fixed Home Mortgage Rate 7.28% +8.0 basis points
  

• Weekly Mortgage Applications 195,600 -.6%

• Weekly Retail Sales +3.9% +50.0 basis points
  
• OpenTable US Seated Diners % Change YoY -2.0% +3.0 percentage points
  
• Box Office Weekly Gross $126.8M n/a
  

• Nationwide Gas $3.58/gallon +.04/gallon

• Baltic Dry Index 1,669.0 -9.5%
• Drewry World Container Freight Index $2,929.0/40 ft Box -2.7%
  

• China (Export) Containerized Freight Index 2,835.5 -3.2%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 40.0 -5.9%
  
• Truckstop.com Market Demand Index 54.8 -2.3%

• Rail Freight Carloads 253,918 -.6%
• TSA Total Traveler Throughput 2,619,443 +12.9%
  

Best Performing Style

• Large-Cap Growth -1.0%
  

Worst Performing Style

•  Small-Cap Growth -3.1%

Leading Sectors

• Gold & Silver +7.6%

• Energy +5.0%
• Oil Service +4.3%
  

• Shipping +1.9%
  

• Gambling +.8%
  

Lagging Sectors

• Alt Energy -4.2%
  

• Regional Banks -4.4%
  

• Healthcare Providers -4.8%

• Airlines -5.4%
  

• Retail -5.7%
  

Weekly High-Volume Stock Gainers (18)

• ROOT, TGS, AMRK, GEO, TMDX, RARE, VST, PAM, PAAS, CEPU, NEM, MDB, CEG, GE, VRT, VITL, STAA and PEN
  

Weekly High-Volume Stock Losers (9)

• TSLA, CNXC, STVN, DAY, ENPH, EXLS, HDSN, CSIQ and ZGN
  

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Higher into Afternoon on US Economic Data, Short-Covering, Technical Buying, Tech/Transport Sector Strength

Economic Gauges:

• S&P 500 Current Quarter EPS Growth Rate YoY(19 of 500 reporting) +39.5% unch.
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 250.95 +.06:  Growth Rate +12.4% unch., P/E 20.8 -.1
  
• S&P 500 Current Year Estimated Profit Margin 12.84% -1.0 basis point
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(0 of 10 reporting) +n/a
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 311.89 +.10: Growth Rate +29.8% unch., P/E 32.3 -.3
  
• Bloomberg US Financial Conditions Index .91 -16.0 basis points
  
• Bloomberg Euro-Zone Financial Conditions Index 1.0 -6.0 basis points
  
• US Yield Curve -35.0 basis points (2s/10s) -.5 basis point
  
• US Atlanta Fed 1Q GDPNow Forecast +2.5% unch.
  
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 52.1% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.67% unch.: CPI YoY +3.41% unch.
  
• 10-Year TIPS Spread 2.38 +3.0 basis points
  
• Highest target rate probability for June 12th FOMC meeting: 50.6%(-8.5 percentage points) chance of 5.0%-5.25%. Highest target rate probability for July 31st meeting: 48.9%(+.6 percentage point) chance of 5.0%-5.25%.
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +368 open in Japan 
• China A50 Futures: Indicating +2 open in China

• DAX Futures: Indicating +243 open in Germany

Portfolio:

• Slightly Higher:  On gains in my consumer discretionary/tech/transport/financial/industrial sector longs
  

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
  

• Market Exposure: Moved to 75% Net Long