Stocks Rising into Final Hour on Weak Russia Sanctions, Less Emerging Markets/European Debt Angst, Yen Weakness, Gaming/HMO Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.69 -11.95%

• Euro/Yen Carry Return Index 147.73 +.42%

• Emerging Markets Currency Volatility(VXY) 8.96 -1.32%

• S&P 500 Implied Correlation 55.07 -6.69%

• ISE Sentiment Index 90.0 +12.50%

• Total Put/Call .83 +7.79%

• NYSE Arms .86 -44.12% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.09 -3.79%

• European Financial Sector CDS Index 90.20 -4.26%

• Western Europe Sovereign Debt CDS Index 49.56 -.90%
• Asia Pacific Sovereign Debt CDS Index 98.69 -3.08%

• Emerging Market CDS Index 321.72 -2.09%

• China Blended Corporate Spread Index 379.16 unch.
• 2-Year Swap Spread 13.75 -.5 basis point

• TED Spread 18.75 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -4.0 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% +1.0 basis point

• Yield Curve 233.0 +3.0 basis points

• China Import Iron Ore Spot $109.60/Metric Tonne -.45%

• Citi US Economic Surprise Index -35.80 -3.1 points

• Citi Emerging Markets Economic Surprise Index -8.70 -.7 point

• 10-Year TIPS Spread 2.19 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +203 open in Japan

• DAX Futures: Indicating +11 open in Germany

Portfolio: 

• Slightly Lower: On losses in my index hedges and emerging markets shorts

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

• Market Exposure: Moved to 50% Net Long