Stocks Rising into Final Hour on Diminished Russia-Ukraine Tensions, Buyout Speculation, Diminishing Global Growth Fears, Homebuilding/Retail Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.11 -1.70%

• Euro/Yen Carry Return Index 143.10 +.01%

• Emerging Markets Currency Volatility(VXY) 6.67 -1.48%

• S&P 500 Implied Correlation 48.43 -1.08%

• ISE Sentiment Index 139.0 +37.62%

• Total Put/Call .88 -1.12%

• NYSE Arms .62 -28.88% 

Credit Investor Angst:

• North American Investment Grade CDS Index 57.0 -.14%

• European Financial Sector CDS Index 64.12 -2.60%

• Western Europe Sovereign Debt CDS Index 31.92 -6.12%
• Asia Pacific Sovereign Debt CDS Index 69.35 -1.58%

• Emerging Market CDS Index 266.39 -1.05%

• China Blended Corporate Spread Index 312.36 -1.17%
• 2-Year Swap Spread 23.0 -.25 basis point

• TED Spread 21.25 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -14.25 +.5 basis point

Economic Gauges:

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

• Yield Curve 197.0 unch.

• China Import Iron Ore Spot $93.0/Metric Tonne -.32%

• Citi US Economic Surprise Index -1.80 +.2 point

• Citi Emerging Markets Economic Surprise Index -12.30 unch.

• 10-Year TIPS Spread 2.18 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +55 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 75% Net Long