Stocks Falling into Final Hour on Russia/Ukraine Tensions, Global Growth Fears, Emerging Markets/European Debt Angst, Healthcare/Homebuilding Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 17.42 +7.46%

• Euro/Yen Carry Return Index 146.93 -.23%

• Emerging Markets Currency Volatility(VXY) 9.09 +9.68%

• S&P 500 Implied Correlation 59.17 +3.88%

• ISE Sentiment Index 92.0 +26.03%

• Total Put/Call .71 -31.73%

• NYSE Arms 1.33 -44.64% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.35 -.40%

• European Financial Sector CDS Index 94.84 -.66%

• Western Europe Sovereign Debt CDS Index 50.01 +2.04%
• Asia Pacific Sovereign Debt CDS Index 102.34 +.20%

• Emerging Market CDS Index 328.95 +.54%

• China Blended Corporate Spread Index 379.16 +1.88%
• 2-Year Swap Spread 14.25 unch.

• TED Spread 19.5 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -4.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 230.0 -1.0 basis point

• China Import Iron Ore Spot $110.10/Metric Tonne -1.26%

• Citi US Economic Surprise Index -32.70 -2.6 points

• Citi Emerging Markets Economic Surprise Index -8.0 -5.8 points

• 10-Year TIPS Spread 2.18 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -120 open in Japan

• DAX Futures: Indicating -23 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long