Stocks Slightly Lower into Final Hour on Russia/Ukraine Tensions, Global Growth Fears, Technical Selling, Retail/Oil Service Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.58 +1.27%

• Euro/Yen Carry Return Index 147.99 +.04%

• Emerging Markets Currency Volatility(VXY) 8.03 -.50%

• S&P 500 Implied Correlation 55.93 +2.12%

• ISE Sentiment Index 108.0 -10.0%

• Total Put/Call .79 +3.95% 

• NYSE Arms 1.27 +4.06% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.45 +.25%

• European Financial Sector CDS Index 78.74 -.17%

• Western Europe Sovereign Debt CDS Index 34.44 +.39%
• Asia Pacific Sovereign Debt CDS Index 88.09 +.13%

• Emerging Market CDS Index 281.38 +1.03%

• China Blended Corporate Spread Index 351.80 +.72%
• 2-Year Swap Spread 12.5 +.75 basis point

• TED Spread 20.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -4.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 220.0 -4.0 basis points

• China Import Iron Ore Spot $105.40/Metric Tonne n/a

• Citi US Economic Surprise Index -28.70 +3.8 points

• Citi Emerging Markets Economic Surprise Index -25.30 +1.7 points

• 10-Year TIPS Spread 2.19 unch.

Overseas Futures:

• Nikkei Futures: Indicating -25 open in Japan

• DAX Futures: Indicating n/a open in Germany

Portfolio: 

• Higher: On gains in my tech/biotech/medical sector longs and index hedges

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long