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

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.26 +.08%

• Euro/Yen Carry Return Index 148.02 -.04%

• Emerging Markets Currency Volatility(VXY) 7.76 -3.0%

• S&P 500 Implied Correlation 57.17 +2.99%

• ISE Sentiment Index 120.0 +17.65%

• Total Put/Call .97 +19.75% 

• NYSE Arms .91 -29.19% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.22 unch.

• European Financial Sector CDS Index 78.16 -.74%

• Western Europe Sovereign Debt CDS Index 34.11 -.96%
• Asia Pacific Sovereign Debt CDS Index 87.48 +.11%

• Emerging Market CDS Index 279.16 -.88%

• China Blended Corporate Spread Index 353.35 +.44%
• 2-Year Swap Spread 12.5 unch.

• TED Spread 20.75 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.5 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 216.0 -4.0 basis points

• China Import Iron Ore Spot $106.0/Metric Tonne +.57%

• Citi US Economic Surprise Index -18.90 +8.8 points

• Citi Emerging Markets Economic Surprise Index -26.60 -1.3 points

• 10-Year TIPS Spread 2.19 unch.

Overseas Futures:

• Nikkei Futures: Indicating -67 open in Japan

• DAX Futures: Indicating +3 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech sector longs and emerging markets shorts

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

• Market Exposure: Moved to 25% Net Long