Stocks Falling into Final Hour on Russia/Ukraine Tensions, Global Growth Fears, Yen Strength, Homebuilding/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.25 +.99%

• Euro/Yen Carry Return Index 145.63 -.40%

• Emerging Markets Currency Volatility(VXY) 7.19 +.14%

• S&P 500 Implied Correlation 56.59 +2.43%

• ISE Sentiment Index 87.0 -26.27%

• Total Put/Call 1.07 +21.59%

• NYSE Arms 1.09 +26.20% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.02 +.97%

• European Financial Sector CDS Index 72.80 +.76%

• Western Europe Sovereign Debt CDS Index 31.94 +.69%
• Asia Pacific Sovereign Debt CDS Index 82.03 -1.09%

• Emerging Market CDS Index 264.64 -1.34%

• China Blended Corporate Spread Index 354.73 -.59%
• 2-Year Swap Spread 13.75 +.25 basis point

• TED Spread 20.5 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -7.0 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 217.0 -6.0 basis points

• China Import Iron Ore Spot $103.50/Metric Tonne +.49%

• Citi US Economic Surprise Index -11.40 +1.3 points

• Citi Emerging Markets Economic Surprise Index -27.10 -.4 point

• 10-Year TIPS Spread 2.17 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -145 open in Japan

• DAX Futures: Indicating -12 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long