Stocks Reversing Lower into Final Hour on Russia/Ukraine Tensions, Yen Strength, Technical Selling, Biotech/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Slightly Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.53 +.97%

• Euro/Yen Carry Return Index 146.72 -.83%

• Emerging Markets Currency Volatility(VXY) 7.48 -.93%

• S&P 500 Implied Correlation 57.50 +1.84%

• ISE Sentiment Index 111.0 +37.04%

• Total Put/Call .87 -3.33% 

• NYSE Arms 1.07 +16.79% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.44 -.40%

• European Financial Sector CDS Index 72.08 -4.63%

• Western Europe Sovereign Debt CDS Index 31.92 -3.88%
• Asia Pacific Sovereign Debt CDS Index 83.75 -2.58%

• Emerging Market CDS Index 263.25 -2.09%

• China Blended Corporate Spread Index 358.46 +.90%
• 2-Year Swap Spread 13.50 -.25 basis point

• TED Spread 19.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -4.75 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 222.0 +4.0 basis points

• China Import Iron Ore Spot $103.70/Metric Tonne -1.33%

• Citi US Economic Surprise Index -9.70 +1.5 points

• Citi Emerging Markets Economic Surprise Index -25.20 +2.5 points

• 10-Year TIPS Spread 2.18 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -93 open in Japan

• DAX Futures: Indicating -38 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech/retail sector longs and index hedges

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

• Market Exposure: Moved to 25% Net Long