Stocks Slightly Lower into Final Hour on Russia-Ukraine/Mideast Tensions, European/Emerging Markets Debt Angst, Global Growth Worries, Healthcare/Restaurant 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) 12.75 +5.72%

• Euro/Yen Carry Return Index 143.11 +.02%

• Emerging Markets Currency Volatility(VXY) 5.94 -.34%

• S&P 500 Implied Correlation 51.76 +3.41%

• ISE Sentiment Index 94.0 unch.

• Total Put/Call .88 -2.22%

• NYSE Arms .86 -12.36% 

Credit Investor Angst:

• North American Investment Grade CDS Index 59.56 +1.91%

• European Financial Sector CDS Index 71.0 +2.73%

• Western Europe Sovereign Debt CDS Index 35.46 -2.56%

• Asia Pacific Sovereign Debt CDS Index 72.77 +1.58%

• Emerging Market CDS Index 245.11 +2.94%

• China Blended Corporate Spread Index 306.13 -.48%

• 2-Year Swap Spread 20.0 +.75 basis point

• TED Spread 21.75 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -10.0 unch.

Economic Gauges:

• 3-Month T-Bill Yield .02% +1.0 basis point

• Yield Curve 198.0 -2.0 basis points

• China Import Iron Ore Spot $96.0/Metric Tonne -.62%

• Citi US Economic Surprise Index -18.0 unch.

• Citi Emerging Markets Economic Surprise Index -4.80 unch.

• 10-Year TIPS Spread 2.22 unch.

Overseas Futures:

• Nikkei Futures: Indicating +73 open in Japan

• DAX Futures: Indicating +22 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long