Stocks Slightly Lower into Final Hour on Russia/Ukraine Tensions, Global Growth Fears, European/Emerging Markets Debt Angst, Utilities/Metals & Mining Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.32 -.82%

• Euro/Yen Carry Return Index 146.03 -.54%

• Emerging Markets Currency Volatility(VXY) 7.36 -.27%

• S&P 500 Implied Correlation 56.73 -.27%

• ISE Sentiment Index 100.0 -13.04%

• Total Put/Call .93 unch.

• NYSE Arms 1.45 +41.28% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.0 -.15%

• European Financial Sector CDS Index 74.65 +3.61%

• Western Europe Sovereign Debt CDS Index 32.21 +.61%
• Asia Pacific Sovereign Debt CDS Index 84.85 +1.43%

• Emerging Market CDS Index 269.38 +2.27%

• China Blended Corporate Spread Index 359.77 +.36%
• 2-Year Swap Spread 13.75 +.25 basis point

• TED Spread 19.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -4.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 224.0 +2.0 basis points

• China Import Iron Ore Spot $102.70/Metric Tonne -.96%

• Citi US Economic Surprise Index -9.10 +.6 point

• Citi Emerging Markets Economic Surprise Index -25.40 -.2 point

• 10-Year TIPS Spread 2.18 unch.

Overseas Futures:

• Nikkei Futures: Indicating -40 open in Japan

• DAX Futures: Indicating +21 open in Germany

Portfolio: 

• Higher: On gains in my tech/retail/medical/biotech sector longs 

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long