Stocks Falling into Final Hour on Russia/Ukraine Crisis, Rising Emerging Markets/European Debt Angst, Yen Strength, Tech/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Slightly Above Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.0 +14.29%

• Euro/Yen Carry Return Index 145.30 -.84%

• Emerging Markets Currency Volatility(VXY) 9.10 +4.0%

• S&P 500 Implied Correlation 56.20 +3.31%

• ISE Sentiment Index 109.0 -.91%

• Total Put/Call .90 +9.76%

• NYSE Arms 1.63 +46.45% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.10 +2.59%

• European Financial Sector CDS Index 92.39 +6.82%

• Western Europe Sovereign Debt CDS Index 51.01 -2.52%

• Asia Pacific Sovereign Debt CDS Index 102.94 +1.91%

• Emerging Market CDS Index 320.52 +4.80%

• China Blended Corporate Spread Index 359.99 -1.36%

• 2-Year Swap Spread 13.75 +.75 basis point

• TED Spread 19.0 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -6.25 -1.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .05% +1 basis point

• Yield Curve 229.0 -4.0 basis points

• China Import Iron Ore Spot $117.70/Metric Tonne -.34%

• Citi US Economic Surprise Index -15.30 -1.9 points

• Citi Emerging Markets Economic Surprise Index 12.70 +.2 point

• 10-Year TIPS Spread 2.18 unch.

Overseas Futures:

• Nikkei Futures: Indicating -155 open in Japan

• DAX Futures: Indicating -7 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long