Stocks Surging into Final Hour on Diminishing US Virus Mandate/Lockdown Fears, Seasonal Strength, Oil Gain, Tech/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line:  Substantially Higher
  

• Sector Performance:  Almost Every Sector Rising
  

• Volume:  Light

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 17.7 -1.3%
• Bloomberg Global Risk On/Risk Off Index 3,038.0 +32.0 points

• Euro/Yen Carry Return Index 134.11 +.45%

• Emerging Markets Currency Volatility(VXY) 11.3 +1.3%

• CBOE S&P 500 Implied Correlation Index 27.1 -9.0% 

• ISE Sentiment Index 147.0  +23.0 points
  

• Total Put/Call .74 -6.3%

• NYSE Arms 1.1 +20.2%

Credit Investor Angst:

• North American Investment Grade CDS Index 49.18 -1.2%
  

• US Energy High-Yield OAS 391.41 -1.5%

• European Financial Sector CDS Index 55.71 +.37%

• Italian/German 10Y Yld Spread 137.0 +1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 80.0 -1.4%
  

• Emerging Market CDS Index 190.53 -3.6%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 33.09 -.03%

• 2-Year Swap Spread 23.25 -.75 basis point
  

• TED Spread 16.25 +.5 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -3.0 unch.
  
• MBS  5/10 Treasury Spread  71.25 -.5 basis point
  
• IHS Markit CMBX BBB- 6 72.25 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 55.57 -1.01%
• 3-Month T-Bill Yield .04% -2.0 basis points
  

• Yield Curve 79.0 unch.
  

• China Iron Ore Spot 120.60 USD/Metric Tonne -1.2%

• Citi US Economic Surprise Index 22.9 -1.0 point

• Citi Eurozone Economic Surprise Index 27.0 +.5 point
  

• Citi Emerging Markets Economic Surprise Index -6.7 -1.3 points

• 10-Year TIPS Spread 2.52 +2.0 basis points
• 41.6%(-1.9 percentage points) chance of no change at March 16th FOMC meeting, 26.9%(-3.1 percentage points) chance of no change at May 4th meeting

US Covid-19:

• 438 new infections/100K people(last 7 days total) +86/100K people
• 82% of Jan. 7th, 2021 peak(highest daily avg. new infections) +16.0 percentage points
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +350 open in Japan 
• China A50 Futures: Indicating +101 open in China

• DAX Futures: Indicating +25 open in Germany

Portfolio:

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

• Disclosed Trades:  None
  

• Market Exposure:  100% Net Long