Stocks Higher into Final Hour on Weak Russia Sanctions, Yen Weakness, Short-Covering, Drug/Retail Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.29 +1.64%

• Euro/Yen Carry Return Index 148.10 +.41%

• Emerging Markets Currency Volatility(VXY) 8.27 -1.43%

• S&P 500 Implied Correlation 56.71 -2.83%

• ISE Sentiment Index 81.0 unch.

• Total Put/Call .90 -20.36% 

• NYSE Arms 1.29 -15.45% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.46 -1.25%

• European Financial Sector CDS Index 83.03 -.78%

• Western Europe Sovereign Debt CDS Index 35.19 -.37%

• Asia Pacific Sovereign Debt CDS Index 88.88 unch.

• Emerging Market CDS Index 290.01 -.97%

• China Blended Corporate Spread Index 354.89 +1.43%

• 2-Year Swap Spread 11.5 +.75 basis point

• TED Spread 22.0 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -2.0 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 226.0 +3.0 basis points

• China Import Iron Ore Spot $108.60/Metric Tonne -2.16%

• Citi US Economic Surprise Index -21.40 +3.9 points

• Citi Emerging Markets Economic Surprise Index -26.10 -.5 point

• 10-Year TIPS Spread 2.19 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +114 open in Japan

• DAX Futures: Indicating +11 open in Germany

Portfolio: 

• Higher: On gains in my tech/medical/retail sector longs and index hedges 

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long