Stocks Slightly Lower into Final Hour on Global Virus Mandate/Lockdown Fears, Dollar Strength, Profit-Taking, Tech/Biotech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line:  Substantially Lower
  

• Sector Performance:  Mixed
  

• Volume:  Light

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 18.2 +2.8%
• Bloomberg Global Risk On/Risk Off Index 3,073.0 +43.0 points

• Euro/Yen Carry Return Index 133.70 -.30%

• Emerging Markets Currency Volatility(VXY) 11.1 +.4%

• CBOE S&P 500 Implied Correlation Index 27.3 +1.9% 

• ISE Sentiment Index 116.0  -21.0 points
  

• Total Put/Call .70 -10.3%

• NYSE Arms 1.2 +25.8%

Credit Investor Angst:

• North American Investment Grade CDS Index 49.68 +1.3%
  

• US Energy High-Yield OAS 390.0 -.32%

• European Financial Sector CDS Index 55.39 -.45%

• Italian/German 10Y Yld Spread 133.0 -4.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 79.25 -.96%
  

• Emerging Market CDS Index 190.60 -.20%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 33.06 unch.

• 2-Year Swap Spread 18.5 -4.5 basis points
  

• TED Spread 16.5 +.25 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -2.75 +.25 basis point
  
• MBS  5/10 Treasury Spread  72.0 +3.25 basis points
  
• IHS Markit CMBX BBB- 6 72.25 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 55.22 -.62%
• 3-Month T-Bill Yield .04% unch.
  

• Yield Curve 73.0 -6.0 basis points
  

• China Iron Ore Spot 117.60 USD/Metric Tonne -1.0%

• Citi US Economic Surprise Index 21.7 -1.2 points

• Citi Eurozone Economic Surprise Index 27.8 +.8 point
  

• Citi Emerging Markets Economic Surprise Index -4.4 -2.3 points

• 10-Year TIPS Spread 2.53 +1.0 basis point
• 39.8%(-1.8 percentage points) chance of no change at March 16th FOMC meeting, 25.7%(-1.2 percentage points) chance of no change at May 4th meeting

US Covid-19:

• 506 new infections/100K people(last 7 days total) +68/100K people
• 95% of Jan. 7th, 2021 peak(highest daily avg. new infections) +13.0 percentage points
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -49 open in Japan 
• China A50 Futures: Indicating +38 open in China

• DAX Futures: Indicating -25 open in Germany

Portfolio:

• Slightly Lower: On losses in my tech/medical sector longs

• Disclosed Trades:  Added to my (IWM)/(QQQ) hedges
  

• Market Exposure:  Moved to 75% Net Long