Stocks Slightly Lower into Final Hour on Escalating Russia-Ukraine Tensions, Diminished Central Bank Hopes, Emerging Markets Debt Angst, Commodity/REIT Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 11.85 +.77%

• Euro/Yen Carry Return Index 143.72 -.18%

• Emerging Markets Currency Volatility(VXY) 6.62 -1.05%

• S&P 500 Implied Correlation 45.52 -8.19%

• ISE Sentiment Index 137.0 -3.52%

• Total Put/Call 1.01 +44.29%

• NYSE Arms 1.12 +12.70% 

Credit Investor Angst:

• North American Investment Grade CDS Index 57.60 +2.31%

• European Financial Sector CDS Index 63.33 +.36%

• Western Europe Sovereign Debt CDS Index 31.09 -2.57%
• Asia Pacific Sovereign Debt CDS Index 67.75 -1.18%

• Emerging Market CDS Index 280.36 +2.65%

• China Blended Corporate Spread Index 311.65 -.40%
• 2-Year Swap Spread 22.5 +.25 basis point

• TED Spread 22.0 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -12.50 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% +1.0 basis point

• Yield Curve 191.0 -3.0 basis points

• China Import Iron Ore Spot $90.10/Metric Tonne -1.96%

• Citi US Economic Surprise Index 4.40 +.4 point

• Citi Emerging Markets Economic Surprise Index -14.80 -.2 point

• 10-Year TIPS Spread 2.15 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +1 open in Japan

• DAX Futures: Indicating -5 open in Germany

Portfolio: 

• Higher: On gains in my tech/retail/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