Stocks Slighlty Lower into Afternoon on Rising European/Emerging Markets Debt Angst, Global Growth Fears, Ruaaia-Ukraine/Mideast Tensions, Financial/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Slightly Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 16.73 -1.30%

• Euro/Yen Carry Return Index 143.72 -.01%

• Emerging Markets Currency Volatility(VXY) 6.72 -1.90%

• S&P 500 Implied Correlation 59.54 -2.28%

• ISE Sentiment Index 38.0 -44.93%

• Total Put/Call 1.20 +22.45%

• NYSE Arms .85 +44.38% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.70 +4.39%

• European Financial Sector CDS Index 75.33 +2.92%

• Western Europe Sovereign Debt CDS Index 37.73 +7.23%
• Asia Pacific Sovereign Debt CDS Index 75.07 +.17%

• Emerging Market CDS Index 280.20 +2.84%

• China Blended Corporate Spread Index 309.59 +1.20%
• 2-Year Swap Spread 21.0 +.75 basis point

• TED Spread 21.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -9.5 unch.

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 203.0 unch.

• China Import Iron Ore Spot $95.20/Metric Tonne -.42%

• Citi US Economic Surprise Index -13.0 -.5 point

• Citi Emerging Markets Economic Surprise Index -.40 +2.0 points

• 10-Year TIPS Spread 2.25 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -14 open in Japan

• DAX Futures: Indicating +1 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long