Stocks Slightly Lower into Final Hour on Escalating Russian-Ukraine Tensions, Global Growth Worries, Technical Selling, Commodity/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 12.42 +3.67%

• Euro/Yen Carry Return Index 144.08 +.72%

• Emerging Markets Currency Volatility(VXY) 6.48 +2.05%

• S&P 500 Implied Correlation 52.52 -1.52%

• ISE Sentiment Index 101.0 +10.99%

• Total Put/Call .83 -12.63%

• NYSE Arms 1.07 +19.99% 

Credit Investor Angst:

• North American Investment Grade CDS Index 56.81 +.35%

• European Financial Sector CDS Index 59.89 +.39%

• Western Europe Sovereign Debt CDS Index 30.05 -2.81%
• Asia Pacific Sovereign Debt CDS Index 63.84 -1.07%

• Emerging Market CDS Index 286.17 +1.52%

• China Blended Corporate Spread Index 310.94 unch.
• 2-Year Swap Spread 21.0 -1.5 basis points

• TED Spread 21.25 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -17.25 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 189.0 +4.0 basis points

• China Import Iron Ore Spot $86.70/Metric Tonne -.46%

• Citi US Economic Surprise Index 43.50 +8.9 points

• Citi Emerging Markets Economic Surprise Index -13.20 -.5 point

• 10-Year TIPS Spread 2.16 +3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +108 open in Japan

• DAX Futures: Indicating -13 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/medical sector longs and index hedges

• Disclosed Trades: None

• Market Exposure: 50% Net Long