Stocks Falling Substantially into Final Hour on Dem Senate Control Fears, Diminished Vaccine Hopes/Lockdown Worries, Valuation Concerns, Transport/Consumer Cyclical Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Above Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 26.9 +!8.2%
• Bloomberg Global Risk On/Risk Off Index 1,165.0 -313.0 points

• Euro/Yen Carry Return Index 130.75 +.20%

• Emerging Markets Currency Volatility(VXY) 10.8 +.6%

• S&P 500 Implied Correlation 49.3 +2.3%

• ISE Sentiment Index 96.0 -17.0 points
  

• Total Put/Call .88 +7.3%

• NYSE Arms .67 -36.2%

Credit Investor Angst:

• North American Investment Grade CDS Index 51.47 +2.0%
  

• US Energy High-Yield OAS 559.41 +.07%

• European Financial Sector CDS Index 59.03 +.36%

• Italian/German 10Y Yld Spread 115.0 +4.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 55.96 -1.54%
  

• Emerging Market CDS Index 151.59 +.51%
  

• iBoxx Offshore RMB China Corporate High Yield Index 184.45 +.02%

• 2-Year Swap Spread 7.25 -.5 basis point

• TED Spread 18.0 +1.0 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -1.0 +2.25 basis points
  
• MBS  5/10 Treasury Spread  71.0 unch.
  
• IHS Markit CMBX BBB- 6 73.25 unch.

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 62.97 +.08%
• 3-Month T-Bill Yield .07% +1.0 basis point
  

• Yield Curve 81.75 +1.0 basis point
  

• China Iron Ore Spot 160.0 USD/Metric Tonne -.74%

• Citi US Economic Surprise Index 47.80 -.4 point

• Citi Eurozone Economic Surprise Index 176.50 -12.0 points
  

• Citi Emerging Markets Economic Surprise Index 71.80 +1.9 points

• 10-Year TIPS Spread 2.01 +2.0 basis points
• 100.0% chance of no change at March 17th meeting, 100.0% chance of no change at April 28th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -93 open in Japan 
• China A50 Futures: Indicating -106 open in China

• DAX Futures: Indicating +48 open in Germany

Portfolio:

• Slightly Lower: On losses in my tech/biotech/medical/industrial/consumer staple sector longs and emerging market shorts
  

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

• Market Exposure: Moved to 25% Net Long