Stocks Reversing Lower into Final Hour on Russia/Ukraine Tensions, Global Growth Fears, Yen Strength, Biotech/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.48 +3.28%

• Euro/Yen Carry Return Index 146.78 -.49%

• Emerging Markets Currency Volatility(VXY) 8.71 -1.47%

• S&P 500 Implied Correlation 55.57 +2.60%

• ISE Sentiment Index 78.0 -17.0%

• Total Put/Call 1.03 +36.0%

• NYSE Arms 1.11 +23.74% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.80 -.91%

• European Financial Sector CDS Index 97.87 -2.99%

• Western Europe Sovereign Debt CDS Index 46.80 +1.40%

• Asia Pacific Sovereign Debt CDS Index 93.23 -.86%

• Emerging Market CDS Index 291.0 -2.93%

• China Blended Corporate Spread Index 368.88 -1.63%

• 2-Year Swap Spread 10.75 -3.25 basis points

• TED Spread 19.75 +.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -2.25 +1.0 basis point

Economic Gauges:

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

• Yield Curve 226.0 -5.0 basis points

• China Import Iron Ore Spot $111.90/Metric Tonne +.09%

• Citi US Economic Surprise Index -31.30 +.4 point

• Citi Emerging Markets Economic Surprise Index -7.0 +.1 point

• 10-Year TIPS Spread 2.15 unch.

Overseas Futures:

• Nikkei Futures: Indicating -60 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

• Slightly Higher: On gains in my medical sector longs and index hedges

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

• Market Exposure: Moved to 25% Net Long