Stocks Slightly Lower into Final Hour on New Russia Sanctions, Scotland Independence Jitters, Global Growth Fears, Energy/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) 12.91 +.23%

• Euro/Yen Carry Return Index 144.43 +.22%

• Emerging Markets Currency Volatility(VXY) 6.98 -1.69%

• S&P 500 Implied Correlation 48.02 -1.58%

• ISE Sentiment Index 108.0 +12.5%

• Total Put/Call .96 +2.13%

• NYSE Arms .68 -24.91% 

Credit Investor Angst:

• North American Investment Grade CDS Index 59.10 +.80%

• European Financial Sector CDS Index 59.0 -.85%

• Western Europe Sovereign Debt CDS Index 28.80 +.81%
• Asia Pacific Sovereign Debt CDS Index 63.63 +.16%

• Emerging Market CDS Index 248.19 +.89%

• China Blended Corporate Spread Index 305.27 -.95%
• 2-Year Swap Spread 23.5 +.75 basis point

• TED Spread 22.0 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -15.55 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% -1.0 basis point

• Yield Curve 198.0 +1.0 basis point

• China Import Iron Ore Spot $81.90/Metric Tonne -.36%

• Citi US Economic Surprise Index 35.50 -2.9 points

• Citi Emerging Markets Economic Surprise Index -11.70 +.9 basis point

• 10-Year TIPS Spread 2.13 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -50 open in Japan

• DAX Futures: Indicating -6 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long