Stocks Reversing Lower into Final Hour on Emerging Markets Debt Angst, Russia/Ukraine Tensions, Yen Strength, Financial/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.57 +2.61%

• Euro/Yen Carry Return Index 148.91 -.37%

• Emerging Markets Currency Volatility(VXY) 8.85 +.80%

• S&P 500 Implied Correlation 55.13 +1.58%

• ISE Sentiment Index 81.0 -25.69%

• Total Put/Call .84 +1.20%

• NYSE Arms 1.20 -8.15% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.07 +1.04%

• European Financial Sector CDS Index 86.92 -.40%

• Western Europe Sovereign Debt CDS Index 47.75 -1.11%
• Asia Pacific Sovereign Debt CDS Index 97.37 -1.34%

• Emerging Market CDS Index 318.43 +2.06%

• China Blended Corporate Spread Index 363.62 +2.43%
• 2-Year Swap Spread 13.75 unch.

• TED Spread 19.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -4.0 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 239.0 -2.0 basis points

• China Import Iron Ore Spot $104.90/Metric Tonne +.19%

• Citi US Economic Surprise Index -33.60 -2.0 points

• Citi Emerging Markets Economic Surprise Index 3.0 +2.1 points

• 10-Year TIPS Spread 2.21 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -214 open in Japan

• DAX Futures: Indicating -23 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 25% Net Long