Stocks Rising into Final Hour on Muted Global Response to Russia, Earnings Optimism, Short-Covering, Yen Weakness, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 12.29 -15.47%

• Euro/Yen Carry Return Index 143.14 +.19%

• Emerging Markets Currency Volatility(VXY) 5.96 -3.09%

• S&P 500 Implied Correlation 49.47 -8.64%

• ISE Sentiment Index 84.0 -9.68%

• Total Put/Call .92 -7.07%

• NYSE Arms 1.07 -19.12% 

Credit Investor Angst:

• North American Investment Grade CDS Index 58.25 -3.79%

• European Financial Sector CDS Index 69.30 -2.57%

• Western Europe Sovereign Debt CDS Index 36.39 +3.38%

• Asia Pacific Sovereign Debt CDS Index 73.89 +2.06%

• Emerging Market CDS Index 237.92 -3.31%

• China Blended Corporate Spread Index 307.60 +1.45%

• 2-Year Swap Spread 19.25 unch.

• TED Spread 22.25 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -10.0 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 200.0 -1.0 basis point

• China Import Iron Ore Spot $96.60/Metric Tonne -.92%

• Citi US Economic Surprise Index -18.0 -1.3 points

• Citi Emerging Markets Economic Surprise Index -4.80 -.3 point

• 10-Year TIPS Spread 2.22 unch.

Overseas Futures:

• Nikkei Futures: Indicating +139 open in Japan

• DAX Futures: Indicating +19 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long