Stocks Slightly Lower into Final Hour on Russia/Ukraine Tensions, Technical Selling, Profit-Taking, Homebuilding/REIT Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.19 +.64%

• Euro/Yen Carry Return Index 146.55 +.02%

• Emerging Markets Currency Volatility(VXY) 8.61 -2.93%

• S&P 500 Implied Correlation 53.73 +.84%

• ISE Sentiment Index 139.0 +14.88%

• Total Put/Call .76 -5.0%

• NYSE Arms .77 +17.32% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.56 +.12%

• European Financial Sector CDS Index 87.10 -1.52%

• Western Europe Sovereign Debt CDS Index 51.0 -1.30%

• Asia Pacific Sovereign Debt CDS Index 96.67 -2.95%

• Emerging Market CDS Index 299.53 -1.02%

• China Blended Corporate Spread Index 361.06 -1.56%

• 2-Year Swap Spread 13.25 -.25 basis point

• TED Spread 18.25 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -6.25 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 236.0 unch.

• China Import Iron Ore Spot $116.80/Metric Tonne -.76%

• Citi US Economic Surprise Index -16.70 +2.0 points

• Citi Emerging Markets Economic Surprise Index 12.0 -.4 point

• 10-Year TIPS Spread 2.19 unch.

Overseas Futures:

• Nikkei Futures: Indicating +1 open in Japan

• DAX Futures: Indicating -2 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long