Stocks Slightly Lower into Final Hour on Russia-Ukraine Tensions, Global Growth Fears, Eurozone Debt Angst, Financial/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 11.86 +1.98%

• Euro/Yen Carry Return Index 143.12 +.03%

• Emerging Markets Currency Volatility(VXY) 6.42 -1.83%

• S&P 500 Implied Correlation 51.33 +2.97%

• ISE Sentiment Index 106.0 +20.45%

• Total Put/Call .92 +!6.46%

• NYSE Arms .94 -4.76% 

Credit Investor Angst:

• North American Investment Grade CDS Index 56.02 +.35%

• European Financial Sector CDS Index 59.52 +1.99%

• Western Europe Sovereign Debt CDS Index 29.47 +2.13%
• Asia Pacific Sovereign Debt CDS Index 66.05 +.17%

• Emerging Market CDS Index 271.80 -1.44%

• China Blended Corporate Spread Index 311.46 +.58%
• 2-Year Swap Spread 20.25 -2.0 basis points

• TED Spread 21.25 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -14.50 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 185.0 -4.0 basis points

• China Import Iron Ore Spot $88.20/Metric Tonne -.79%

• Citi US Economic Surprise Index 27.80 +.5 point

• Citi Emerging Markets Economic Surprise Index -13.70 -.3 point

• 10-Year TIPS Spread 2.14 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -60 open in Japan

• DAX Futures: Indicating -17 open in Germany

Portfolio: 

• Slightly Lower: On losses in my 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