Stocks Falling into Final Hour on Rising Global Growth Worries, Russia-Ukraine/Mideast Tensions, Technical Selling, Homebuilding/Retail Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.53 +2.11%

• Euro/Yen Carry Return Index 142.67 -.07%

• Emerging Markets Currency Volatility(VXY) 6.89 +.15%

• S&P 500 Implied Correlation 56.71 +2.38%

• ISE Sentiment Index 113.0 +13.0%

• Total Put/Call 1.04 +40.54%

• NYSE Arms 1.12 +6.89% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.22 +.16%

• European Financial Sector CDS Index 72.49 +.75%

• Western Europe Sovereign Debt CDS Index 36.12 -1.95%

• Asia Pacific Sovereign Debt CDS Index 73.67 -1.87%

• Emerging Market CDS Index 283.70 -.59%

• China Blended Corporate Spread Index 319.08 -.96%

• 2-Year Swap Spread 23.0 -.5 basis point

• TED Spread 21.0 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -13.25 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 200.0 +1.0 basis point

• China Import Iron Ore Spot $94.0/Metric Tonne -1.36%

• Citi US Economic Surprise Index 3.30 -.8 point

• Citi Emerging Markets Economic Surprise Index -2.0 -4.0 points

• 10-Year TIPS Spread 2.23 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -62 open in Japan

• DAX Futures: Indicating -1 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long