Stocks Reversing Slightly Lower into Final Hour on Escalating Rate Hike Worries, Russia-Ukraine/Mideast Tensions, Rising Emerging Markets Debt Angst, Homebuilding/Utility Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 13.49 +1.66%

• Euro/Yen Carry Return Index 143.73 +.55%

• Emerging Markets Currency Volatility(VXY) 6.37 +4.43%

• S&P 500 Implied Correlation 55.16 -2.63%

• ISE Sentiment Index 99.0 -6.60%

• Total Put/Call .99 +19.28%

• NYSE Arms .71 -46.58% 

Credit Investor Angst:

• North American Investment Grade CDS Index 60.41 +.23%

• European Financial Sector CDS Index 68.0 -1.10%

• Western Europe Sovereign Debt CDS Index 34.09 +.92%
• Asia Pacific Sovereign Debt CDS Index 70.85 -1.01%

• Emerging Market CDS Index 262.32 +1.99%

• China Blended Corporate Spread Index 303.72 +1.27%
• 2-Year Swap Spread 18.0 +1.0 basis point

• TED Spread 20.50 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -9.25 -1.0 basis point

Economic Gauges:

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

• Yield Curve 200.0 +8.0 basis points

• China Import Iron Ore Spot $95.90/Metric Tonne +.63%

• Citi US Economic Surprise Index -5.20 +12.8 points

• Citi Emerging Markets Economic Surprise Index -2.20 -1.6 points

• 10-Year TIPS Spread 2.27 unch.

Overseas Futures:

• Nikkei Futures: Indicating +104 open in Japan

• DAX Futures: Indicating +8 open in Germany

Portfolio: 

• Higher: On gains in my retail/biotech/medical/tech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long