Stocks Falling Substantially into Final Hour on Russia/Ukraine Tensions, Rising Global Growth Fears, Yen Strength, Biotech/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Every Sector Declining
  

• Volume: Slightly Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 15.47 +11.94%

• Euro/Yen Carry Return Index 147.07 -.26%

• Emerging Markets Currency Volatility(VXY) 8.21 -.24%

• S&P 500 Implied Correlation 55.54 +5.95%

• ISE Sentiment Index 58.0 -34.09%

• Total Put/Call .93 +52.46% 

• NYSE Arms 1.54 +45.93% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.58 +3.22%

• European Financial Sector CDS Index 81.16 -1.01%

• Western Europe Sovereign Debt CDS Index 42.36 -.43%
• Asia Pacific Sovereign Debt CDS Index 86.36 -.11%

• Emerging Market CDS Index 270.10 -.23%

• China Blended Corporate Spread Index 351.33 -.76%
• 2-Year Swap Spread 13.5 unch.

• TED Spread 19.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -1.75 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 228.0 -4.0 basis points

• China Import Iron Ore Spot $119.10/Metric Tonne -.25%

• Citi US Economic Surprise Index -41.80 +3.4 points

• Citi Emerging Markets Economic Surprise Index -10.20 -7.1 points

• 10-Year TIPS Spread 2.14 unch.

Overseas Futures:

• Nikkei Futures: Indicating -260 open in Japan

• DAX Futures: Indicating -50 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech/retail/biotech/medical sector longs

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

• Market Exposure: Moved to 25% Net Long