Stocks Lower into Final Hour on Rising Global Growth Fears, Ukraine/Russia Tensions, Emerging Markets Debt Angst, Homebuilding/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.58 +3.33%

• Euro/Yen Carry Return Index 149.32 -.11%

• Emerging Markets Currency Volatility(VXY) 8.77 +1.15%

• S&P 500 Implied Correlation 54.67 +.98%

• ISE Sentiment Index 89.0 -26.45%

• Total Put/Call .88 +7.32%

• NYSE Arms 1.42 +54.87% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.38 -.12%

• European Financial Sector CDS Index 87.27 +1.63%

• Western Europe Sovereign Debt CDS Index 48.28 -.82%
• Asia Pacific Sovereign Debt CDS Index 98.69 +2.74%

• Emerging Market CDS Index 312.45 +.68%

• China Blended Corporate Spread Index 354.99 -.13%
• 2-Year Swap Spread 13.75 unch.

• TED Spread 19.25 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.75 -2.0 basis points

Economic Gauges:

• 3-Month T-Bill Yield .04% -1.0 basis point

• Yield Curve 241.0 unch.

• China Import Iron Ore Spot $104.70/Metric Tonne -8.32%

• Citi US Economic Surprise Index -31.60 -.4 point

• Citi Emerging Markets Economic Surprise Index .9 -13.4 points

• 10-Year TIPS Spread 2.22 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +49 open in Japan

• DAX Futures: Indicating +9 open in Germany

Portfolio: 

• Higher: On gains in my biotech sector longs, index hedges and emerging markets shorts

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

• Market Exposure: Moved to 50% Net Long