They fully detailed the patch, which confirmed that certain features got moved out of it, and fully detailed Alex. The only thing we're missing is a trailer for Alex and a date for the March update. If they were as far behind as some people are just assuming, then wouldn't it stand to reason they wouldn't even detail the features that will be in the March Update itself?
Heck, we didn't get those details until the 2nd week of March anyway. And Alex is clearly finished, as I imagine both Guile & Juri are likely as well (the April & May characters, respectively). So theres no reason to not show a trailer for the character, especially if he's been both fully detailed as far as his tool set AND we've seen his in-game assets in pictures. Unless, of course, there is a marketing plan tied to the release of the trailer, which it seems like there is.
Keep in mind, we're talking about Capcom here - a company that absolutely LOVES to stick to its marketing schedule when it comes to their fighting games. Need proof? Laura's entire trailer was leaked days prior to an event held in Brazil for the character. Capcom's response? Pretend like nothing had happened & go radio silent on it for days, then premiere that very same trailer with as straight a face as they could muster. This isn't new to them either - they did the same exact thing TWICE for both MvC3 & UMvC3 when both of those game's entire roster got leaked. And we didn't even have assets back then, just names.