Stocks Rising into Final Hour on Diminished Russia-Ukraine Tensions, Less Eurozone/Emerging Markets Debt Angst, Yen Weakness, Biotech/Healthcare 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) 13.17 -6.79%

• Euro/Yen Carry Return Index 142.97 +.18%

• Emerging Markets Currency Volatility(VXY) 6.86 -.87%

• S&P 500 Implied Correlation 52.88 -4.17%

• ISE Sentiment Index 75.0 -33.63%

• Total Put/Call .95 -11.21%

• NYSE Arms 1.49 +21.85% 

Credit Investor Angst:

• North American Investment Grade CDS Index 60.89 -3.55%

• European Financial Sector CDS Index 68.48 -5.52%

• Western Europe Sovereign Debt CDS Index 34.92 -4.62%
• Asia Pacific Sovereign Debt CDS Index 72.26 -2.32%

• Emerging Market CDS Index 275.49 -2.78%

• China Blended Corporate Spread Index 316.63 -.77%
• 2-Year Swap Spread 23.0 unch.

• TED Spread 20.25 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -12.0 -1.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 200.0 unch.

• China Import Iron Ore Spot $93.20/Metric Tonne -.85%

• Citi US Economic Surprise Index -.30 -3.6 points

• Citi Emerging Markets Economic Surprise Index -5.5 -3.5 points

• 10-Year TIPS Spread 2.23 unch.

Overseas Futures:

• Nikkei Futures: Indicating +94 open in Japan

• DAX Futures: Indicating -10 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long