Stocks Reversing Higher into Final Hour on Diminished Russia-Ukraine Tensions, Greece Hopes, Yen Weakness, Transport/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 17.26 +.17%

• Euro/Yen Carry Return Index 141.92 +.55%

• Emerging Markets Currency Volatility(VXY) 11.24 +2.09%

• S&P 500 Implied Correlation 65.10 -2.75%

• ISE Sentiment Index 85.0 +18.06%

• Total Put/Call 1.05 +9.38%

• NYSE Arms 1.17 +46.62% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.09 +1.21%
• America Energy Sector High-Yield CDS Index 712.0 -.21%

• European Financial Sector CDS Index 68.31 +2.58%

• Western Europe Sovereign Debt CDS Index 26.78 +2.49%
• Asia Pacific Sovereign Debt CDS Index 70.32 +1.46%

• Emerging Market CDS Index 384.23 -.18%

• iBoxx Offshore RMB China Corporates High Yield Index 113.30 -.10%
• 2-Year Swap Spread 26.5 +.25 basis point

• TED Spread 25.25 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -22.0 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 134.0 unch.

• China Import Iron Ore Spot $62.18/Metric Tonne -.32%

• Citi US Economic Surprise Index -29.60 -.8 point
• Citi Eurozone Economic Surprise Index 31.0 -.2 point

• Citi Emerging Markets Economic Surprise Index -9.60 +1.2 points

• 10-Year TIPS Spread 1.69 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +347 open in Japan

• DAX Futures: Indicating +1 open in Germany

Portfolio: 

• Higher: On gains in my tech/retail sector longs and emerging markets shorts

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

• Market Exposure: Moved to 75% Net Long