Stocks Reversing Slightly Lower into Final Hour on Profit-Taking, Oil Weakness, Technical Selling, Bank/Energy Sector Weakness

 Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Above Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.4 +.3%

• Euro/Yen Carry Return Index 127.19 +.15%

• Emerging Markets Currency Volatility(VXY) 6.31 -.63%

• S&P 500 Implied Correlation 37.26 -4.2%

• ISE Sentiment Index 96.0 +8
  

• Total Put/Call .72 -5.26%

• NYSE Arms 1.25 +19.1%

Credit Investor Angst:

• North American Investment Grade CDS Index 44.48 -.32%
  

• America Energy Sector High-Yield CDS Index 539.0 -1.19%

• European Financial Sector CDS Index 51.52 +.8%

• Italian/German 10Y Yld Spread 160.0 +3.25 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 52.62 -.65%
  

• Emerging Market CDS Index 179.58 -1.32%
  

• iBoxx Offshore RMB China Corporate High Yield Index 168.88 +.03%

• 2-Year Swap Spread 7.25 +1.5 basis points

• TED Spread 27.25 -2.0 basis points

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

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 66.53 -.1%
• 3-Month T-Bill Yield 1.56% +1.0 basis point

• Yield Curve .24 -3.0 basis points

• China Iron Ore Spot 94.82 USD/Metric Tonne +.7%

• Citi US Economic Surprise Index -5.4 +.4 point

• Citi Eurozone Economic Surprise Index 40.50 -1.0 point

• Citi Emerging Markets Economic Surprise Index -3.30 -.7 basis point

• 10-Year TIPS Spread 1.75 -1.0 basis point
• .7% chance of Fed rate cut at March 18th meeting, 10.2% chance of cut at April 29th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +24 open in Japan 
• China A50 Futures: Indicating +12 open in China

• DAX Futures: Indicating -27 open in Germany

Portfolio:

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long