Stocks Falling into Final Hour on Escalating Russia-Ukraine/Mideast Tensions, Earnings Worries, Emerging Markets Debt Angst, Homebuilding/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.59 +6.33%

• Euro/Yen Carry Return Index 142.73 -.25%

• Emerging Markets Currency Volatility(VXY) 5.89 +1.55%

• S&P 500 Implied Correlation 55.47 +2.32%

• ISE Sentiment Index 103.0 +11.96%

• Total Put/Call .92 +1.10%

• NYSE Arms .95 +32.88% 

Credit Investor Angst:

• North American Investment Grade CDS Index 59.14 +.41%

• European Financial Sector CDS Index 67.50 +1.34%

• Western Europe Sovereign Debt CDS Index 33.77 -3.13%
• Asia Pacific Sovereign Debt CDS Index 70.96 +1.31%

• Emerging Market CDS Index 247.66 +3.36%

• China Blended Corporate Spread Index 309.69 -.91%
• 2-Year Swap Spread 20.25 unch.

• TED Spread 20.75 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -8.75 -2.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .03% +1.0 basis point

• Yield Curve 198.0 -4.0 basis points

• China Import Iron Ore Spot $94.30/Metric Tonne +.75%

• Citi US Economic Surprise Index -24.50 +1.5 points

• Citi Emerging Markets Economic Surprise Index -.6 +.1 point

• 10-Year TIPS Spread 2.27 +3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -10 open in Japan

• DAX Futures: Indicating -5 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long