Wednesday Watch

Night Trading 

• Asian equity indices are +.25% to +1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 143.75 -2.5 basis points. 

• China Sovereign CDS 79.0 -3.25 basis points. 
• China Iron Ore Spot 123.7 USD/Metric Tonne +.17%.

• Bloomberg Emerging Markets Currency Index 47.4 +.01%.
• Bloomberg Global Risk-On/Risk Off Index  47.8 -.39%. 
• Bloomberg US Financial Conditions Index -.44 -3.0 basis points.
  
• Volatility Index(VIX) futures 23.0 +1.0%.
• Euro Stoxx 50 futures n/a.

• S&P 500 futures -.01%.

• NASDAQ 100 futures -.04%.  

Morning Preview Links

BOTTOM LINE: Asian indices are modestly higher, boosted by energy and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 50% net long heading into the day.

Stocks Higher into Afternoon on Less European/Emerging Markets/US High-Yield Debt Angst, Dovish US Fed Hopes, Short-Covering, Energy/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume:  Above Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 21.6 -10.8%
• DJIA Intraday % Swing 1.46%
  
• Bloomberg Global Risk On/Risk Off Index 48.02 +13.4%

• Euro/Yen Carry Return Index 148.6 +1.3%

• Emerging Markets Currency Volatility(VXY) 12.0 unch.

• CBOE S&P 500 Implied Correlation Index 37.9 -7.0% 

• ISE Sentiment Index 83.0 -5.0 points
  

• Total Put/Call 1.03 +25.6%

• NYSE Arms .73 +2.8%

Credit Investor Angst:

• North American Investment Grade CDS Index 82.5 -6.8%
  

• US Energy High-Yield OAS 427.4 -5.8%
• Bloomberg TRACE # Distressed Bonds Traded 437.0 -27
  

• European Financial Sector CDS Index 107.57 -10.8% 
• Credit Suisse Subordinated 5Y Credit Default Swap 329.64 -27.4%
  

• Italian/German 10Y Yld Spread 182.0 basis basis points -4.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 142.9 -6.3%
  

• Emerging Market CDS Index 256.1 -3.5%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 26.9 +.04%

• 2-Year Swap Spread 30.25 basis points +4.75 basis points
  

• TED Spread 25.25 basis points -41.0 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -19.25 -9.25 basis points
  
• MBS  5/10 Treasury Spread  160.0 -3.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 643.0 +12.0 basis points
  
• Avg. Auto ABS OAS 81.0 +9.0 basis points
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 47.4 +.11%
• 3-Month T-Bill Yield 4.64% +7.0 basis points
  

• China Iron Ore Spot 123.9 USD/Metric Tonne +.33%
• Dutch TTF Nat Gas(European benchmark) 42.4 euros/megawatt-hour +7.8%

• Citi US Economic Surprise Index 52.7 +2.8 points

• Citi Eurozone Economic Surprise Index 45.1 -1.4 points
  

• Citi Emerging Markets Economic Surprise Index 19.3 -.7 point
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 225.94 -.03:  Growth Rate +1.6% unch., P/E 17.6 +.2
  
• S&P 500 Current Year Estimated Profit Margin 12.29% -7.0 basis points
  
• Bloomberg US Financial Conditions Index -.36 +93.0 basis points
  
• Yield Curve -57.75 basis points (2s/10s) -10.0 basis points
• US Atlanta Fed 1Q GDPNow Forecast +3.25% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +4.73% unch.: CPI YoY +5.22% unch.
  
• 10-Year TIPS Spread 2.23 +8.0 basis points
  
• Highest target rate probability for May 3rd FOMC meeting: 55.4%(+16.1 percentage points) chance of 5.0%-5.25%. Highest target rate probability for June 14th meeting: 45.4%(+38.8 percentage points) chance of 5.0%-5.25%.
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +183 open in Japan 
• China A50 Futures: Indicating +16 open in China

• DAX Futures: Indicating +161 open in Germany

Portfolio:

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

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

• Market Exposure: Moved to 50% Net Long
  

Bear Radar

Style Underperformer:

• Large-Cap Value +.9%
  

Sector Underperformers:

• 1) Gold & Silver -4.2% 2) Utilities -3.4% 3) REITs -.9%

Stocks Falling on Unusual Volume: 

• DWAC, CLDX, KRTX and ACDC
  

Stocks With Unusual Put Option Activity:

• 1) BKU 2) FRC 3) OZK 4) PACW 5) FITB
  

Stocks With Most Negative News Mentions:

• 1) ALT 2) CTRN 3) HUYA 4) TME 5) KERN
  

Charts:

• ETFs Falling on Unusual Volume
• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Mid-Cap Value +1.6%
  

Sector Outperformers:

• Regional Banks +5.3% 2) Alt Energy +4.6% 3) Oil Service +3.0%

Stocks Rising on Unusual Volume:

• FRC, WAL, PACW, NOVA, VBTX, RUN, DO, EWBC, KEY, ALLY, PNFP, SPWR, USB, SNV, HLIT, ENPH, COLB, FL, ZION, HRI, FFBC, KNX, CMA, EQH, BOH, SCHW, FTDR, TFC, APA, HBAN, ALKT, SFNC, CERT, MTB, TKR, SJT, KRC, URI, SKT, FLT, DEI, BXMT, CUZ, RF, FITB, RNG, EBC, SLG, BAC and HBNC
  

Stocks With Unusual Call Option Activity:

• 1) PACW 2) FRC 3) FHN 4) KRE 5) NYCB

Stocks With Most Positive News Mentions:

• 1) WAL 2) CISO 3) ONON 4) WTTR 5) PACW
  

Charts:

• ETFs Rising on Unusual Volume
• Stocks Rising on Unusual Volume

Tomorrow's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open: 

• (OLLI)/.79
• (WOOF)/.24
• (WGO)/1.25
  

After the Close: 

• (CHWY)/-.10
• (KBH)/1.12
• (SCS)/.11
• (WOR)/.73
  

Economic Releases

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,556,000 barrels versus a +1,550,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,852,000 barrels versus a -2,061,000 barrel decline the prior week. Distillate inventories are estimated to fall by -1,702,430 barrels versus a -2,537,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise +.43% versus a +2.2% gain prior.
  

2:00 pm EST

• The FOMC is expected to raise the benchmark Fed Funds Rate +25.0 basis points to 4.75%-5.0%.

Upcoming Splits

• (GCBC) 2-for-1
• (FCUV) 3-for-2
  

Other Potential Market Movers

• The Fed press conference, weekly MBA Mortgage Applications report, Sidoti Small Cap Conference, (HSY) investor day and the (ADSK) investor day could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running +21.4% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 6.6 -.5
  
• 4 Sectors Declining, 7 Sectors Rising
• 76.3% of Issues Advancing, 21.2% Declining
• 16 New 52-Week Highs, 26 New Lows
• 40.8%(+8.1%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 41.0 +4.0
  
• Bloomberg Global Risk-On/Risk-Off Index 47.3 +11.6%
  
• Russell 1000: Growth/Value 15,814.8 -.46%
  
• Vix 22.5 -6.9%
• Total Put/Call 1.04 +26.8%
• TRIN/Arms .76 +7.0%
  

Tuesday Watch

Night Trading 

• Asian equity indices are -.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 146.25 +9.25 basis points. 

• China Sovereign CDS 82.25 +6.25 basis points. 
• China Iron Ore Spot 124.8 USD/Metric Tonne -.56%.

• Bloomberg Emerging Markets Currency Index 47.3 +.01%.
• Bloomberg Global Risk-On/Risk Off Index  42.4 -.04%. 
• Bloomberg US Financial Conditions Index -1.11 +18.0 basis points.
  
• Volatility Index(VIX) futures 24.8 -.8%.
• Euro Stoxx 50 futures +.64%.

• S&P 500 futures +.22%.

• NASDAQ 100 futures +.16%.  

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 25% net long heading into the day.

Stocks Higher into Final Hour on Diminished Global Bank Contagion Fears, Dovish Fed Hopes, Dollar Weakness, Commodity/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume:  Heavy

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 24.7 -3.3%
• DJIA Intraday % Swing 1.46%
  
• Bloomberg Global Risk On/Risk Off Index 41.6 -1.6%

• Euro/Yen Carry Return Index 146.9 +.17%

• Emerging Markets Currency Volatility(VXY) 12.0 +2.0%

• CBOE S&P 500 Implied Correlation Index 41.7 -3.1% 

• ISE Sentiment Index 82.0 -3.0 points
  

• Total Put/Call .77 -23.8%

• NYSE Arms 1.0 -46.6%

Credit Investor Angst:

• North American Investment Grade CDS Index 88.2 +1.4%
  

• US Energy High-Yield OAS 453.85 -.28%
• Bloomberg TRACE # Distressed Bonds Traded 464.0 +18
  

• European Financial Sector CDS Index 120.55 -6.2% 
• Credit Suisse Subordinated 5Y Credit Default Swap 453.7 -56.9%
  

• Italian/German 10Y Yld Spread 186.0 basis basis points -9.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 152.5 +11.3%
  

• Emerging Market CDS Index 266.2 +.25%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 26.9 -.28%

• 2-Year Swap Spread 25.5 basis points -1.25 basis points
  

• TED Spread 66.25 basis points +14.75 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -28.5 +1.75 basis points
  
• MBS  5/10 Treasury Spread  163.0 +6.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 631.0 -3.0 basis points
  
• Avg. Auto ABS OAS 72.0 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 47.3 +.15%
• 3-Month T-Bill Yield 4.57% +20.0 basis points
  

• China Iron Ore Spot 125.7 USD/Metric Tonne +.16%
• Dutch TTF Nat Gas(European benchmark) 39.3 euros/megawatt-hour -8.2%

• Citi US Economic Surprise Index 49.5 -1.2 points

• Citi Eurozone Economic Surprise Index 46.5 -1.9 points
  

• Citi Emerging Markets Economic Surprise Index 20.0 -.8 point
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 225.97 +.14:  Growth Rate +1.6% +.1 percentage point, P/E 17.4 +.1
  
• S&P 500 Current Year Estimated Profit Margin 12.36% unch.
  
• Bloomberg US Financial Conditions Index -1.11 -15.0 basis points
  
• Yield Curve -47.75 basis points (2s/10s) +5.75 basis points
• US Atlanta Fed 1Q GDPNow Forecast +3.25% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +4.73% unch.: CPI YoY +5.22% unch.
  
• 10-Year TIPS Spread 2.15 +1.0 basis point
  
• Highest target rate probability for May 3rd FOMC meeting: 47.6%(-6.4 percentage points) chance of 4.75%-5.0%. Highest target rate probability for June 14th meeting: 42.7%(+23.7 percentage points) chance of 4.75%-5.0%.
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -10 open in Japan 
• China A50 Futures: Indicating +78 open in China

• DAX Futures: Indicating +176 open in Germany

Portfolio:

• Higher:  On gains in my industrial/utility/medical/tech sector longs
  

• Disclosed Trades:  None
  

• Market Exposure: 50% Net Long
  

Bear Radar

Style Underperformer:

• Large-Cap Growth +.2%
  

Sector Underperformers:

• 1) Software -1.5% 2) Digital Health -.9% 3) Internet -.4%

Stocks Falling on Unusual Volume: 

• WMS, PTA, DICE, FL, KRTX, BTAI, PDD and FRC
  

Stocks With Unusual Put Option Activity:

• 1) RWM 2) FRC 3) DPST 4) FITB 5) OZK
  

Stocks With Most Negative News Mentions:

• 1) FRC 2) BBBY 3) CYTH 4) LPSN 5) PDD
  

Charts:

• ETFs Falling on Unusual Volume
• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Mid-Cap Value +1.6%
  

Sector Outperformers:

• Oil Service +3.3% 2) Insurance +2.7% 3) Regional Banks +2.6%

Stocks Rising on Unusual Volume:

• FRG, PACW, TALO, ABR, ALLY, FITB, FLT, CERE, USB, SNV, CFG and SLG
  

Stocks With Unusual Call Option Activity:

• 1) PACW 2) FRC 3) NYCB 4) DPST 5) CPRX

Stocks With Most Positive News Mentions:

• 1) TALO 2) PACW 3) NVGS 4) ENPH 5) UNM
  

Charts:

• ETFs Rising on Unusual Volume
• Stocks Rising on Unusual Volume

Tomorrow's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open: 

• (CSIQ)/.96
• (ONON)/.06
  

After the Close: 

• (AIR)/.70
• (GME)/-.13
• (NKE)/.55
  

Economic Releases

8:30 am EST

• Philly Fed Non-Manufacturing Activity for March.
  

10:00 am EST

• Existing Home Sales for Feb. is estimated to rise to 4.2M versus 4.0M in Jan.

Upcoming Splits

• (GCBC) 2-for-1
• (FCUV) 3-for-2
  

Other Potential Market Movers

• The Eurozone Construction spending report, 20Y T-Bond auction, weekly US retail sales reports, BofA Industrials Conference, DA Davidson Consumer Growth Conference, KeyBanc Life Sciences/MedTech Investor Forum and the (NVDA) financial analyst Q&A could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Morning Market Internals

NYSE Composite Index:

• Volume Running +42.9% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 7.1 +4.4
  
• 1 Sector Declining, 10 Sectors Rising
• 72.7% of Issues Advancing, 24.5% Declining
• 8 New 52-Week Highs, 57 New Lows
• 38.1%(+4.8%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 37.0 +8.0
  
• Bloomberg Global Risk-On/Risk-Off Index 41.9 -.9%
  
• Russell 1000: Growth/Value 15,811.1 -1.16%
  
• Vix 25.1 -1.6%
• Total Put/Call .78 -22.8%
• TRIN/Arms .94 -50.3%
  

Monday Watch

Today's Headlines

Bloomberg:                     

• Xi’s Embrace of Putin Dents His Chances of Playing Peacemaker on Ukraine.  
• China’s Surprise RRR Cut Puts Focus on Bank Lending Rates.
• Fed and Five Central Banks Announce Move to Boost Dollar Funding.
• UBS to Buy Credit Suisse in $3.3 Billion Deal to End Crisis.
• The One Big Winner and Many Losers of UBS’s Credit Suisse Rescue.
• Here Are Key Takeaways From UBS’s Historic Credit Suisse Deal.
• Latest Updates on UBS Deal to Buy Credit Suisse.
• Vulcan Facility Seizure Adds to Tension Between US and Mexico.
• Currency Markets Wobble After CS Deal as Fed Remains Acid Test.
• Asia Bank Bonds So Far Avoided Scale of Stress in US, Europe.
• El-Erian Says Credit Suisse Deal ‘Not Clean’ But Best Option.
• Credit Suisse’s Riskiest Bonds Jump Amid Optimism Over UBS Talks.
  
• Europe’s Green Protectionism Will Worsen its Energy Security. 
• US Futures Climb, Dollar Slips as Sentiment Turns: Markets Wrap.
• Oil Steadies at Week’s Open After Moves to Ease Banking Crisis.
• Tom Barrack Playing Key Role in Talks to Save First Republic.
• New York Community Bancorp to Pursue Deal for Signature.
• El-Erian Urges 25 Basis-Point Hike Saying Fed Shouldn’t Blink. 
• ‘Everybody’s in Limbo’: Bank Chaos Leaves Crypto With Dwindling Options. 
• The Scourge of Vaping Is Hiding in Plain Sight.
• Inside Apple’s Companywide Cost-Cutting Push to Avoid Layoffs. 
• Rising Rates Are Reshaping Once-Lucrative Commodity Trades. 
• Anxious Traders Map Out Strategies for Monday Market Drama.
• Five Key Charts to Watch in Global Commodity Markets This Week.

Wall Street Journal:

• The Outlook: Smaller Banks’ Economic Role Means Distress Raises Recession Risks
• How Did SVB’s Management Get It So Wrong?
• Signature Bank’s Quirky Customer Mix Hastened Fall.
• The Panic Spreads to Credit Suisse. The financial trouble is exposing many myths of the mania years.  
• Hospital ‘Black Boxes’ Put Surgical Practices Under the Microscope.
• Live Updates: Fate of Credit Suisse’s Riskiest Bonds.
• The Outlook: Banking Mess Raises Recession Risks.
• Escalating Demand for Soybean Oil Hits Possible Slowdown.
• Putin Makes First Known Trip to Seized Mariupol.
• TikTok’s Chinese Parent Has Another Wildly Popular App in the U.S.
• U.K. Billionaire Bidding for Manchester United Plots a U.S. Expansion.
• Biden’s ‘Go It Alone’ Trade Deals Draw Criticism.
• Twenty Years After U.S. Invaded Iraq, Congress Wants Its War Powers Back.
• Ford, GM in China Price War as Car Sales Slump.
• The Banking Sector Turmoil in Charts.
• Violent Protests in France Continue Over Pension Overhaul.

• How Biden Bailed Out California and New York. The real motivation lies in the states’ budgets, which depend on the success of green startups.

Fox News:

• Anti-capitalist teacher promotes anarchy, students having ‘no respect for authority’.
• DA's case against Trump hinges on witnesses with 'credibility problems': Andy McCarthy.
• North Korea claims 800,000 join army in a single day to fight the US.
• Robots are replacing security guards — and they could soon be capable of deadly force. 
• Blue city leader decries lack of police officers after voting to defund them.

CNBC:

• UBS offers to buy Credit Suisse for up to $1 billion, the Financial Times reports.
• General Motors’ China business is hurting, and it’s not just because of Covid.
• The top 10 most popular dog breeds in the U.S.
• FDIC announces agreement to sell Signature Bank assets to New York Community Bancorp subsidiary.
• S&P cuts First Republic deeper into junk, says $30 billion infusion may not solve problems.
• SVB collapse is double-whammy for tech startups already navigating brutal market.
• Top Wall Street analysts pick these five stocks for the long term.

Zero Hedge:    

• Fed Panics, Announces "Coordinated" Daily US Dollar Swap Lines To Ease Banking Crisis.
• UBS To Buy CS For $3 Billion As AT1 Bonds Get Wiped Out In Record Bail-In; Swiss Govt Grants CHF9BN Guarantee; SNB Offers $100 Billion Liquidity Backstop.
• Were The Bank Bailouts The Result Of Rising Wealth Concentration?
• Mike Wilson: "Why On Earth Did US Stocks Rally Last Week?".
• Musk Blasts Biden After Prez Lies Twice About '3% Billionaire Tax'.
• The Longer It Takes The Fed To "Go Big", The Deeper The Damage Will Be, And The Bigger The "Big" Will Be.
• Gold, Stocks, Bonds, & Bitcoin All Higher After Fed, SNB Panic. 
• TME Weekend: Not 2011, yet.
• "True Stories... Could Fuel Hesitancy": Stanford Project Worked To Censor Even True Stories On Social Media.
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• Liz Warren Makes War On Powell, And How 'Woke' SF Fed Chief Failed On SVB.
• 'Not QE' As Fed Trapped Between A 'Rock And A Hard Place'.
• Leftist Parents Flee Florida As Gender Treatments For Children Made Illegal.
• Mega-cap Tech is the new Safe Haven.
• 'Occupy Wall Street' Redux.
• The Comex Is In Far Worse Shape Than SVB If The Run On Physical Accelerates.
• "The New Normal": New York To Lower Math And English Proficiency Standards Due To Poor Test Result.
• FDIC Prepares To Break Up Silicon Valley Bank, Report Says.
• How The Fed's 2008 Mortgage Experiment Fueled Today's Housing Crisis.
• Florida Beaches Hit With Toxic 'Red Tide' As Giant Seaweed Blob Nears.
• GOP Headed For Showdown On Social Security And Medicare.
• Stoltenberg Vows Sweden 'Will Soon' Join NATO Despite Turkish Rejection.
• SBF, SVB...who is next?
• Oxfam 'Inclusivity' Guide Tells Staff To Avoid Using 'Offensive' Words Like 'Mother', 'People' and 'Headquarters'.
• Is The US Funding An Experiment In Digital Control In Ukraine?
• Watchdog Group Launches Investigation Into Biden’s 'Woke Army'.
• 'Conspiracy At Its Height': Fauci Responds To Message Saying He 'Prompted' Anti-Lab Leak Paper.
• FBI Is Now A 'Weaponized Apparatchik' Of The Presidential Administration: Whistleblower.
• Biden In Touch With Buffett On Bank Crisis.
• GOP Compromise Unintentionally Creates Universal Firearm Background Checks.

MarketWatch.com:  

• Braced for Monday: Markets and investors on edge as UBS moves closer to reported $1 billion all-share deal for Credit Suisse. 
• Banks under pressure: How to maximize your FDIC protection. 
• Bitcoin surges past $28,000 after UBS deal to buy Credit Suisse.

NewsMax:

• Norquist: SVB Collapse Attributable to Biden.
• Pence: Trump N.Y. Indictment Smells Just Like 'Russian Hoax'.

TheGatewayPundit.com: 

• HUGE NEWS for Election Integrity! TWO MORE States Cut Ties with ERIC Voter Roll Systems – OHIO and IOWA Are Out!
• Senator Josh Hawley and Missouri AG Andrew Bailey Respond to Potential Malpractice Regarding Minors at The Washington University Transgender Center at St. Louis Children’s Hospital.
• Dollar Tree Stops Selling Eggs Because They Are Too Expensive Now.
• Biden’s Bailout of Silicon Valley Bank Saved Chinese Investors, Democrat Gavin Newsom, Buzzfeed, VOX and BLM.
• Minnesota Aims to Become Third State to Adopt Ranked Choice Voting to Favor the Left.
• 25-Year-Old NFL Player Announces Sudden Retirement from Football – ‘My Health Is Above Anything’.
• BIDEN ECONOMY: Ed Dowd Issues Dire Warning, “We’re at the End and It’s Imploding on Itself” (VIDEO).
• Silicon Valley Bank Was on Federal Reserve’s Radar For More Than a Year – Fed Reserve of San Francisco Issued Six Citations and Flagged Bank as Ticking Time Bomb.
• Horror: CBS Meteorologist Collapses on Live TV Broadcast (VIDEO).
• Mark Levin on Democrat DA’s Indictment of President Trump: “This Is Soft Tyranny – Their Goal is to Destroy Civil Society” (VIDEO).
• African Country Burundi Detects Polio Outbreak Linked to Polio Oral Vaccine – Vaccine-Induced Polio is Now More Prevalent than the Wild Type.
• Advice to Trump Supporters Considering Protesting His Expected Arrest Next Week, from an Experienced Conservative Street Activist.
• Calls Grow on the Left for Trump to Be Held Without Bail – For a Misdemeanor.
• Two-Tiered Justice System: FEC Fined Hillary Clinton For Lying About Funding of Fake Russia Dossier…Was Never Threatened with Cuffs.

The Epoch Times:

• CCP-Backed Media in US Exploits Legal Loophole to Continue Anti-America Campaign.
• Tesco to Phase Out Chinese Surveillance Cameras Over Security, Human Rights Concerns.

Twitter:

• @Mayhem4Markets - CTAs: from buyers to sellers. (graph)
• @songpinganq - China's massive facial-recognition camera networks were hailed as a benign aid to residents that would let them pay subway fares. And it’s being deployed to crush dissents. (video)

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 943,911 Reports(+5,736 from prior week) Through March 10th, 2023.
  

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Night Trading

• Asian indices are -.5% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 137.0 +2.0 basis points.
• China Sovereign CDS 76.0 unch.
• China Iron Ore Spot 129.50 USD/Metric Tonne -1.0%
  
• Bloomberg Emerging Markets Currency Index 47.2 +.02%.
• Bloomberg Global Risk-On/Risk Off Index 42.2 +.1%.
• Bloomberg US Financial Conditions Index -1.11 -15.0 basis points. 
  
• Volatility Index(VIX) futures 25.3 -3.2%. 
• Euro Stoxx 50 futures +1.1%.
• S&P 500 futures +.73%.
• NASDAQ 100 futures +.59%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by commodity and consumer shares in the region. I expect US stocks to open modestly higher and to maintain gains into the afternoon.  The Portfolio is 50% net long heading into the week.