Stocks Reversing Lower into Final Hour on Escalating Russia-Ukraine Tensions, Technical Selling, Profit-Taking, Commodity/Biotech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.24 -.97%

• Euro/Yen Carry Return Index 142.19 -1.18%

• Emerging Markets Currency Volatility(VXY) 6.41 +.31%

• S&P 500 Implied Correlation 50.54 -1.0%

• ISE Sentiment Index 98.0 +11.36%

• Total Put/Call .93 -7.92%

• NYSE Arms .84 +2.72% 

Credit Investor Angst:

• North American Investment Grade CDS Index 57.19 +.55%

• European Financial Sector CDS Index 56.15 -4.73%

• Western Europe Sovereign Debt CDS Index 27.75 -6.65%
• Asia Pacific Sovereign Debt CDS Index 63.05 +1.35%

• Emerging Market CDS Index 228.41 -18.39%

• China Blended Corporate Spread Index 306.67 -1.0%
• 2-Year Swap Spread 21.50 +.5 basis point

• TED Spread 21.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -22.75 -5.5 basis points

Economic Gauges:

• 3-Month T-Bill Yield .03% +1.0 basis point

• Yield Curve 191.0 +2.0 basis points

• China Import Iron Ore Spot $84.30/Metric Tonne -1.63%

• Citi US Economic Surprise Index 47.0 +3.5 points

• Citi Emerging Markets Economic Surprise Index -13.20 unch.

• 10-Year TIPS Spread 2.17 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +59 open in Japan

• DAX Futures: Indicating -13 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long