Stocks Rising into Final Hour on Diminished Russia/Ukraine Tensions, Less Global Growth Fear, Yen Weakness, Tech/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.25 -6.56%

• Euro/Yen Carry Return Index 147.68 +.20%

• Emerging Markets Currency Volatility(VXY) 8.43 -1.17%

• S&P 500 Implied Correlation 55.68 +.65%

• ISE Sentiment Index 94.0 -5.06%

• Total Put/Call .86 -4.44% 

• NYSE Arms .78 -28.37% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.66 -.61%

• European Financial Sector CDS Index 79.97 -.23%

• Western Europe Sovereign Debt CDS Index 34.91 -.54%
• Asia Pacific Sovereign Debt CDS Index 88.08 +.46%

• Emerging Market CDS Index 277.27 -1.09%

• China Blended Corporate Spread Index 354.40 -1.37%
• 2-Year Swap Spread 15.0 unch.

• TED Spread 20.5 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -2.0 unch.

Economic Gauges:

• 3-Month T-Bill Yield .02% -1.0 basis point

• Yield Curve 233.0 +6.0 basis points

• China Import Iron Ore Spot $116.50/Metric Tonne +.26%

• Citi US Economic Surprise Index -26.10 +4.3 points

• Citi Emerging Markets Economic Surprise Index -23.70 -.8 point

• 10-Year TIPS Spread 2.21 +4.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +135 open in Japan

• DAX Futures: Indicating +70 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech/medical sector longs

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

• Market Exposure: Moved to 75% Net Long