Stocks Rising into Final Hour on Central Bank Hopes, Diminished Russia-Ukraine Tensions, Short-Covering, Utility/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.27 -2.93%

• Euro/Yen Carry Return Index 142.15 -.06%

• Emerging Markets Currency Volatility(VXY) 6.40 -1.23%

• S&P 500 Implied Correlation 48.48 -5.77%

• ISE Sentiment Index 98.0 +16.67%

• Total Put/Call 1.03 +6.19%

• NYSE Arms 1.11 +42.03% 

Credit Investor Angst:

• North American Investment Grade CDS Index 56.46 -.81%

• European Financial Sector CDS Index 56.0 -2.15%

• Western Europe Sovereign Debt CDS Index 26.12 -6.50%

• Asia Pacific Sovereign Debt CDS Index 62.52 -.68%

• Emerging Market CDS Index 226.66 +.17%

• China Blended Corporate Spread Index 306.67 -.15%

• 2-Year Swap Spread 21.75 +.25 basis point

• TED Spread 21.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -19.5 +3.25 basis points

Economic Gauges:

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

• Yield Curve 195.0 +4.0 basis points

• China Import Iron Ore Spot $83.60/Metric Tonne -.83%

• Citi US Economic Surprise Index 37.90 -9.1 points

• Citi Emerging Markets Economic Surprise Index -13.40 -.2 basis point

• 10-Year TIPS Spread 2.16 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -22 open in Japan

• DAX Futures: Indicating +19 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long