Stocks Slightly Higher into Final Hour on Diminished US Virus Mandate/Lockdown Fears, Oil Gain, Technical Buying, Consumer Discretionary/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line:  Lower
  

• Sector Performance:  Mixed
  

• Volume:  Light

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 17.1 -2.3%
• Bloomberg Global Risk On/Risk Off Index 3,202.0 +105.0 points

• Euro/Yen Carry Return Index 134.39 +.33%

• Emerging Markets Currency Volatility(VXY) 11.1 +.3%

• CBOE S&P 500 Implied Correlation Index 25.6 -2.6% 

• ISE Sentiment Index 147.0  +30.0 points
  

• Total Put/Call .92 +26.0%

• NYSE Arms 1.52 +24.6%

Credit Investor Angst:

• North American Investment Grade CDS Index 49.46 +.20%
  

• US Energy High-Yield OAS 384.90 -.98%

• European Financial Sector CDS Index 55.75 +.75%

• Italian/German 10Y Yld Spread 134.0 +1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 78.82 -.56%
  

• Emerging Market CDS Index 189.52 -.8%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 32.86 +.02%

• 2-Year Swap Spread 19.5 +1.0 basis point
  

• TED Spread 17.5 +1.0 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -5.0 -2.25 basis points
  
• MBS  5/10 Treasury Spread  68.25 -3.75 basis points
  
• IHS Markit CMBX BBB- 6 72.0 -.25 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 54.44 -1.55%
• 3-Month T-Bill Yield .04% unch.
  

• Yield Curve 73.75 +.75 basis point
  

• China Iron Ore Spot 119.50 USD/Metric Tonne +3.1%

• Citi US Economic Surprise Index 20.0 -1.7 points

• Citi Eurozone Economic Surprise Index 28.2 +.4 point
  

• Citi Emerging Markets Economic Surprise Index -4.0 +.4 point

• 10-Year TIPS Spread 2.55 +2.0 basis points
• 39.8%(unch.) chance of no change at March 16th FOMC meeting, 25.7%(unch.) chance of no change at May 4th meeting

US Covid-19:

• 550 new infections/100K people(last 7 days total) +44/100K people
• 100% of Jan. 7th, 2021 peak(highest daily avg. new infections) +5.0 percentage points
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -7 open in Japan 
• China A50 Futures: Indicating +16 open in China

• DAX Futures: Indicating +9 open in Germany

Portfolio:

• Slightly Higher: On gains in my consumer discretionary/transport/medical/industrial sector longs

• Disclosed Trades:  None
  

• Market Exposure:  75% Net Long