Stocks Slightly Lower into Final Hour on Escalating Russia-Ukraine/Mideast Tensions, Fed Rate Hike Worries, Technical Selling, Road & Rail/Homebuilding Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.92 +2.87%

• Euro/Yen Carry Return Index 142.97 +.05%

• Emerging Markets Currency Volatility(VXY) 6.05 +1.17%

• S&P 500 Implied Correlation 55.59 +1.02%

• ISE Sentiment Index 109.0 +6.86%

• Total Put/Call .83 -10.75%

• NYSE Arms 1.10 +2.24% 

Credit Investor Angst:

• North American Investment Grade CDS Index 59.86 +.62%

• European Financial Sector CDS Index 67.64 +1.66%

• Western Europe Sovereign Debt CDS Index 33.78 +1.78%

• Asia Pacific Sovereign Debt CDS Index 71.26 +.71%

• Emerging Market CDS Index 257.23 +.56%

• China Blended Corporate Spread Index 299.91 -.77%

• 2-Year Swap Spread 17.0 -3.75 basis points

• TED Spread 21.50 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -8.25 -.25 basis point

Economic Gauges:

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

• Yield Curve 192.0 -6.0 basis points

• China Import Iron Ore Spot $95.30/Metric Tonne +1.06%

• Citi US Economic Surprise Index -18.0 +2.7 points

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

• 10-Year TIPS Spread 2.27 unch.

Overseas Futures:

• Nikkei Futures: Indicating +42 open in Japan

• DAX Futures: Indicating -1 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long