Stocks Falling into Final Hour on Escalating Russia-Ukraine/Mideast Tensions, Surging Emerging Markets Debt Angst, Global Growth Fears, Energy/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.70 +10.45%

• Euro/Yen Carry Return Index 143.18 -.40%

• Emerging Markets Currency Volatility(VXY) 6.82 +3.18%

• S&P 500 Implied Correlation 61.23 +8.37%

• ISE Sentiment Index 106.0 +17.78%

• Total Put/Call 1.10 -5.17%

• NYSE Arms 1.32 +111.64% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.25 +3.77%

• European Financial Sector CDS Index 70.67 -2.42%

• Western Europe Sovereign Debt CDS Index 36.78 +1.27%

• Asia Pacific Sovereign Debt CDS Index 72.87 +.03%

• Emerging Market CDS Index 292.54 +5.73%

• China Blended Corporate Spread Index 312.48 +.49%

• 2-Year Swap Spread 22.25 +1.5 basis points

• TED Spread 21.75 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -10.75 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 202.0 unch.

• China Import Iron Ore Spot $95.50/Metric Tonne +.1%

• Citi US Economic Surprise Index -6.20 +6.5 points

• Citi Emerging Markets Economic Surprise Index -.7 -2.1 points

• 10-Year TIPS Spread 2.23 unch.

Overseas Futures:

• Nikkei Futures: Indicating -125 open in Japan

• DAX Futures: Indicating -96 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long