Stocks Falling Slightly into Final Hour on Escalating Russia/Ukraine Tensions, Global Growth Fears, Rising European/Emerging Markets Debt Angst, Commodity/Biotech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.96 +7.22%

• Euro/Yen Carry Return Index 150.90 +.59%

• Emerging Markets Currency Volatility(VXY) 8.08 +.62%

• S&P 500 Implied Correlation 44.65 +6.23%

• ISE Sentiment Index 74.0 -42.64%

• Total Put/Call .94 +17.50%

• NYSE Arms 1.18 -.96% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.21 +1.27%

• European Financial Sector CDS Index 65.26 +3.58%

• Western Europe Sovereign Debt CDS Index 31.29 +1.96%
• Asia Pacific Sovereign Debt CDS Index 64.74 +.47%

• Emerging Market CDS Index 280.98 +1.08%

• China Blended Corporate Spread Index 324.52 +.99%
• 2-Year Swap Spread 22.0 +.75 basis point

• TED Spread 22.25 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -10.25 +.5 basis point

Economic Gauges:

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

• Yield Curve 183.0 +1.0 basis point

• China Import Iron Ore Spot $75.98/Metric Tonne -.29%

• Citi US Economic Surprise Index 13.30 -2.4 points
• Citi Eurozone Economic Surprise Index -29.10 +.6 point

• Citi Emerging Markets Economic Surprise Index -7.3 +.7 point

• 10-Year TIPS Spread 1.90 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +68 open in Japan

• DAX Futures: Indicating -1 open in Germany

Portfolio: 

• Higher: On gains in my tech/medical sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long