Stocks Falling into Final Hour on Russia Sanction Concerns, Global Growth Fears, Terrorism Worries, Healthcare/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Every Sector Declining
  

• Volume: Slightly Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 15.93 +20.05%

• Euro/Yen Carry Return Index 144.67 -.59%

• Emerging Markets Currency Volatility(VXY) 7.62 +4.53%

• S&P 500 Implied Correlation 54.93 +14.49%

• ISE Sentiment Index 70.0 -32.04%

• Total Put/Call 1.13 +29.89%

• NYSE Arms 1.54 +110.31% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.20 +4.37%

• European Financial Sector CDS Index 60.66 +3.38%

• Western Europe Sovereign Debt CDS Index 28.39 +2.05%
• Asia Pacific Sovereign Debt CDS Index 64.54 +1.33%

• Emerging Market CDS Index 257.84 +3.21%

• China Blended Corporate Spread Index 308.18 -.66%
• 2-Year Swap Spread 22.5 +.75 basis point

• TED Spread 22.50 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -8.5 unch.

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 195.0 -3.0 basis points

• China Import Iron Ore Spot $78.60/Metric Tonne -1.01%

• Citi US Economic Surprise Index 26.90 unch.

• Citi Emerging Markets Economic Surprise Index -17.20 -.1 point

• 10-Year TIPS Spread 2.01 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -240 open in Japan

• DAX Futures: Indicating -22 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech/biotech/medical/retail sector longs

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my (EEM) short

• Market Exposure: Moved to 25% Net Long