Stocks Higher into Final Hour on Diminished Russia-Ukraine Tensions, Short-Covering, Bargain-Hunting, Utility/Homebuilder Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.75 -5.4%

• Euro/Yen Carry Return Index 142.90 +.32%

• Emerging Markets Currency Volatility(VXY) 7.05 -2.08%

• S&P 500 Implied Correlation 58.14 -2.56%

• ISE Sentiment Index 74.0 -21.28%

• Total Put/Call 1.08 +6.93%

• NYSE Arms .83 -58.01% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.09 -3.74%

• European Financial Sector CDS Index 76.51 -3.13%

• Western Europe Sovereign Debt CDS Index 39.0 -2.69%
• Asia Pacific Sovereign Debt CDS Index 76.59 -.31%

• Emerging Market CDS Index 295.55 -.59%

• China Blended Corporate Spread Index 321.92 +1.38%
• 2-Year Swap Spread 23.75 +1.75 basis points

• TED Spread 21.25 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -11.75 unch.

Economic Gauges:

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

• Yield Curve 198.0 unch.

• China Import Iron Ore Spot $95.70/Metric Tonne -.31%

• Citi US Economic Surprise Index 3.0 +.4 point

• Citi Emerging Markets Economic Surprise Index 2.9 +3.8 points

• 10-Year TIPS Spread 2.24 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +180 open in Japan

• DAX Futures: Indicating +55 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long