Stocks Rising into Afternoon on Diminished Russia/Ukraine Tensions, Greece Hopes, Oil Bounce, Commodity/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) 15.71 -7.37%

• Euro/Yen Carry Return Index 141.66 -.65%

• Emerging Markets Currency Volatility(VXY) 11.16 -1.41%

• S&P 500 Implied Correlation 63.33 -3.05%

• ISE Sentiment Index 154.0 +81.18%

• Total Put/Call .86 -10.42%

• NYSE Arms .70 -36.0% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.04 -1.04%
• America Energy Sector High-Yield CDS Index 716.0 +.31%

• European Financial Sector CDS Index 65.81 -3.85%

• Western Europe Sovereign Debt CDS Index 27.0 +1.54%
• Asia Pacific Sovereign Debt CDS Index 69.22 -.27%

• Emerging Market CDS Index 376.17 -1.97%

• iBoxx Offshore RMB China Corporates High Yield Index 113.29 -.01%
• 2-Year Swap Spread 26.75 +.25 basis point

• TED Spread 25.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -20.75 +1.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 136.0 +2.0 basis points

• China Import Iron Ore Spot $62.27/Metric Tonne +.14%

• Citi US Economic Surprise Index -36.90 -7.3 points
• Citi Eurozone Economic Surprise Index 31.10 +.1 point

• Citi Emerging Markets Economic Surprise Index -8.20 +1.4 points

• 10-Year TIPS Spread 1.67 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -65 open in Japan

• DAX Futures: Indicating +33 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long