Stocks Slightly Higher into Final Hour on Earnings Optimism, Less European/Emerging Markets/US High-Yield Debt Angst, Technical Buying, Tech/Restaurant Sector Strength

 Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 20.33 -2.16%

• Euro/Yen Carry Return Index 129.66 +.41%

• Emerging Markets Currency Volatility(VXY) 9.01 -.99%

• S&P 500 Implied Correlation 47.89 -1.3%

• ISE Sentiment Index 52.0 -14.74%
  

• Total Put/Call 1.19 +30.8%

• NYSE Arms 1.06 -41.99%

Credit Investor Angst:

• North American Investment Grade CDS Index 74.82 -.38%
  

• America Energy Sector High-Yield CDS Index 725.0 +1.95%

• European Financial Sector CDS Index 92.90 -3.04%

• Italian/German 10Y Yld Spread 252.75 +2.25 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 86.77 +.79%
  

• Emerging Market CDS Index 179.55 -2.73%
  

• iBoxx Offshore RMB China Corporate High Yield Index 154.78 +.24%

• 2-Year Swap Spread 15.25 unch.

• TED Spread 35.75 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.25 -.25 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 67.93 +.38%
• 3-Month T-Bill Yield 2.40% unch.

• Yield Curve 16.5 +1.0 basis point

• China Iron Ore Spot 74.45 USD/Metric Tonne +.81%

• Citi US Economic Surprise Index -6.10 -.3 point

• Citi Eurozone Economic Surprise Index -70.0 +1.0 point

• Citi Emerging Markets Economic Surprise Index -11.3 -.7 point

• 10-Year TIPS Spread 1.79 unch.
• 2.6% chance of Fed rate hike at March 20th meeting, 6.6% chance at May 1st meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -73 open in Japan 
• China A50 Futures: Indicating +19 open in China

• DAX Futures: Indicating -26 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and then covered some

• Market Exposure: 50% Net Long