Stocks Slightly Lower into Afternoon on Escalating Russia-Ukraine Tensions, Rising European/Emerging Markets Debt Angst, Technical Selling, Retail/Commodity Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.24 +3.90%

• Euro/Yen Carry Return Index 142.77 -.22%

• Emerging Markets Currency Volatility(VXY) 6.49 +1.41%

• S&P 500 Implied Correlation 52.19 +2.88%

• ISE Sentiment Index 91.0 -20.87%

• Total Put/Call 1.05 +17.98%

• NYSE Arms 1.37 +40.38% 

Credit Investor Angst:

• North American Investment Grade CDS Index 56.60 +1.16%

• European Financial Sector CDS Index 60.49 +1.0%

• Western Europe Sovereign Debt CDS Index 30.98 +5.12%
• Asia Pacific Sovereign Debt CDS Index 66.76 +.76%

• Emerging Market CDS Index 278.77 +2.67%

• China Blended Corporate Spread Index 310.77 -.22%
• 2-Year Swap Spread 21.25 +1.0 basis point

• TED Spread 21.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -15.75 -1.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 183.0 -2.0 basis points

• China Import Iron Ore Spot $87.30/Metric Tonne -1.02%

• Citi US Economic Surprise Index 32.90 +5.1 points

• Citi Emerging Markets Economic Surprise Index -13.60 +.1 point

• 10-Year TIPS Spread 2.14 unch.

Overseas Futures:

• Nikkei Futures: Indicating -60 open in Japan

• DAX Futures: Indicating +1 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech sector longs, index hedges and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long