Stocks Slightly Lower into Final Hour on Escalating Russia-Ukraine Tensions, Rising Global Growth Fears, Increasing European Debt Angst, Retail/Financial 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) 13.55 +9.10%

• Euro/Yen Carry Return Index 143.14 +.14%

• Emerging Markets Currency Volatility(VXY) 6.86 +2.39%

• S&P 500 Implied Correlation 51.60 +2.79%

• ISE Sentiment Index 74.0 +1.37%

• Total Put/Call 1.0 +2.04%

• NYSE Arms 1.16 +.33% 

Credit Investor Angst:

• North American Investment Grade CDS Index 59.79 +.49%

• European Financial Sector CDS Index 68.97 +4.98%

• Western Europe Sovereign Debt CDS Index 33.88 +1.06%

• Asia Pacific Sovereign Debt CDS Index 71.26 -1.57%

• Emerging Market CDS Index 273.19 +.43%

• China Blended Corporate Spread Index 312.68 -.93%

• 2-Year Swap Spread 22.25 -.75 basis point

• TED Spread 21.0 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -13.50 unch.

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 193.0 -6.0 basis points

• China Import Iron Ore Spot $93.40/Metric Tonne +.21%

• Citi US Economic Surprise Index -5.70 -3.1 points

• Citi Emerging Markets Economic Surprise Index -7.80 -.1 point

• 10-Year TIPS Spread 2.19 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -35 open in Japan

• DAX Futures: Indicating +32 open in Germany

Portfolio: 

• Slightly Higher: On gains in my biotech sector longs and emerging markets shorts

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them

• Market Exposure: 50% Net Long