Stocks Higher into Final Hour on Economic Optimism, Oil Gain, Technical Buying, Tech/Financial Sector Strength

 Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.6 -.24%

• Euro/Yen Carry Return Index 126.38 +.37%

• Emerging Markets Currency Volatility(VXY) 66.46 +.11%

• S&P 500 Implied Correlation 41.94 -.31%

• ISE Sentiment Index 69.0 -24
  

• Total Put/Call .80 -1.23%

• NYSE Arms .82 -24.1%

Credit Investor Angst:

• North American Investment Grade CDS Index 44.31 -.68%
  

• America Energy Sector High-Yield CDS Index 548.0 +.15%

• European Financial Sector CDS Index 53.15 -.18%

• Italian/German 10Y Yld Spread 167.25 unch.
  

• Asia Ex-Japan Investment Grade CDS Index 52.90 -.16%
  

• Emerging Market CDS Index 179.73 -1.46%
  

• iBoxx Offshore RMB China Corporate High Yield Index 167.07 -.14%

• 2-Year Swap Spread 8.25 +.5 basis point

• TED Spread 38.75 +2.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -13.0 +.75 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 66.45 +.09%
• 3-Month T-Bill Yield 1.57% +1.0 basis point

• Yield Curve .28 +1.0 basis point

• China Iron Ore Spot 89.30 USD/Metric Tonne -.29%

• Citi US Economic Surprise Index -9.3 +1.1 points

• Citi Eurozone Economic Surprise Index 27.50 +2.0 points

• Citi Emerging Markets Economic Surprise Index -16.7 -.6 basis point

• 10-Year TIPS Spread 1.76 unch.
• 6.1% chance of Fed rate cut at March 18th meeting, 13.2% chance of cut at April 29th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +21 open in Japan 
• China A50 Futures: Indicating +28 open in China

• DAX Futures: Indicating -1 open in Germany

Portfolio:

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

• Disclosed Trades: None

• Market Exposure: 100% Net Long

Bear Radar

Style Underperformer:

• Small-Cap Growth -.1%

Sector Underperformers:

• 1) Homebuilding -.7% 2) Airlines -.5% 3) Medical Equipment -.5%

Stocks Falling on Unusual Volume: 

• SPCE

Stocks With Unusual Put Option Activity:

• 1) CTL 2) SPPI 3) RAD 4) IMMU 5) BBBY

Stocks With Most Negative News Mentions:

• 1) SPPI 2) SBPH 3) QGEN 4) MMSI 5) NAV

Charts:

• ETFs Falling on Unusual Volume
• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Large-Cap Growth +.5%

Sector Outperformers:

• 1) Internet +.9% 2) Shipping +.9% 3) Gold & Silver +.9%

Stocks Rising on Unusual Volume:

• RAD, KRTX, IMMU, OLED, ATNX, IIPR, MTEM, CRWD, CODI, AIMT, AMKR, NBLX, PPC, TTD, GNK, ECHO and AMZN

Stocks With Unusual Call Option Activity:

• 1) ALB 2) HPE 3) IBB 4) COG 5) XHB

Stocks With Most Positive News Mentions:

• 1) RAD 2) GORO 3) BLIN 4) AMZN 5) OSG

Charts:

• ETFs Rising on Unusual Volume
• Stocks Rising on Unusual Volume

Morning Market Internals

NYSE Composite Index:

• Volume Running -40.4% Below 100-Day Average
• 10 Sectors Rising, 1 Sector Declining
• 58.4% of Issues Advancing, 37.8% Declining
• 128 New 52-Week Highs, 2 New Lows
• 64.8% of Issues Above 200-day Moving Average
• Average 14-Day RSI 51.6%
• Vix 12.6 -.2%
• Total Put/Call .80 -1.2%
• TRIN/Arms .79 -26.9%

Stocks Slightly Lower into Final Hour on Economic Data, Profit-Taking, Technical Selling, Defense/Industrial Sector Weakness

 Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.7 +.32%

• Euro/Yen Carry Return Index 125.86 -.05%

• Emerging Markets Currency Volatility(VXY) 6.39 -.47%

• S&P 500 Implied Correlation 43.56 -.82%

• ISE Sentiment Index 93.0 +19
  

• Total Put/Call .81 +1.25%

• NYSE Arms .98 -4.85%

Credit Investor Angst:

• North American Investment Grade CDS Index 44.71 -.79%
  

• America Energy Sector High-Yield CDS Index 548.0 +.07%

• European Financial Sector CDS Index 53.29 -.01%

• Italian/German 10Y Yld Spread 167.25 unch.
  

• Asia Ex-Japan Investment Grade CDS Index 53.18 -.59%
  

• Emerging Market CDS Index 182.22 -.04%
  

• iBoxx Offshore RMB China Corporate High Yield Index 167.27 -.04%

• 2-Year Swap Spread 7.75 +.5 basis point

• TED Spread 36.25 -1.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -13.75 -1.0 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 66.32 +.18%
• 3-Month T-Bill Yield 1.56% +1.0 basis point

• Yield Curve .27 -1.0 basis point

• China Iron Ore Spot 90.0 USD/Metric Tonne +.06%

• Citi US Economic Surprise Index -10.4 -.1 point

• Citi Eurozone Economic Surprise Index 25.50 +.9 point

• Citi Emerging Markets Economic Surprise Index -16.1 -.7 basis point

• 10-Year TIPS Spread 1.76 unch.
• 6.0% chance of Fed rate cut at March 18th meeting, 14.8% chance of cut at April 29th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -35 open in Japan 
• China A50 Futures: Indicating +2 open in China

• DAX Futures: Indicating -1 open in Germany

Portfolio:

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

• Disclosed Trades: None

• Market Exposure: 100% Net Long

Morning Market Internals

NYSE Composite Index:

• Volume Running -38.7% Below 100-Day Average
• 8 Sectors Rising, 3 Sectors Declining
• 54.6% of Issues Advancing, 41.4% Declining
• 116 New 52-Week Highs, 3 New Lows
• 64.8% of Issues Above 200-day Moving Average
• Average 14-Day RSI 51.7%
• Vix 12.7 +.2%
• Total Put/Call .77 -3.8%
• TRIN/Arms .93 -9.7%