Stocks Rising into Afternoon on Diminished Russia/Ukraine Tensions, Central Bank Hopes, Quarter-End Window-Dressing, Biotech/Gaming Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.80 -4.23%

• Euro/Yen Carry Return Index 148.06 +.36%

• Emerging Markets Currency Volatility(VXY) 8.55 -1.95%

• S&P 500 Implied Correlation 53.52 -2.25%

• ISE Sentiment Index 83.0 -23.05%

• Total Put/Call .96 -2.04%

• NYSE Arms .96 +26.71% 

Credit Investor Angst:

• North American Investment Grade CDS Index 69.36 -1.66%

• European Financial Sector CDS Index 92.62 -2.44%

• Western Europe Sovereign Debt CDS Index 45.90 -3.03%

• Asia Pacific Sovereign Debt CDS Index 90.30 -2.40%

• Emerging Market CDS Index 293.37 -2.29%

• China Blended Corporate Spread Index 362.75 -2.03%

• 2-Year Swap Spread 12.75 +.75 basis point

• TED Spread 20.0 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .03% -1.0 basis point

• Yield Curve 230.0 +4.0 basis points

• China Import Iron Ore Spot $116.80/Metric Tonne +4.01%

• Citi US Economic Surprise Index -32.60 -3.1 points

• Citi Emerging Markets Economic Surprise Index -8.70 -2.3 points

• 10-Year TIPS Spread 2.14 unch.

Overseas Futures:

• Nikkei Futures: Indicating +35 open in Japan

• DAX Futures: Indicating +37 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long