Stocks Slightly Lower into Final Hour on Escalating Russia/Ukraine Tensions, Global Growth Fears, Technical Selling, Transport/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.09 +3.31%

• Euro/Yen Carry Return Index 150.31 +.91%

• Emerging Markets Currency Volatility(VXY) 8.14 -.37%

• S&P 500 Implied Correlation 42.38 +7.15%

• ISE Sentiment Index 67.0 -22.99%

• Total Put/Call .97 -9.35%

• NYSE Arms 1.02 -11.74% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.14 -.56%

• European Financial Sector CDS Index 64.0 -.62%

• Western Europe Sovereign Debt CDS Index 30.62 -3.13%

• Asia Pacific Sovereign Debt CDS Index 64.24 -.16%

• Emerging Market CDS Index 271.88 +.09%

• China Blended Corporate Spread Index 323.55 n/a

• 2-Year Swap Spread 21.25 unch.

• TED Spread 21.75 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -9.75 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 182.0 unch.

• China Import Iron Ore Spot $75.87/Metric Tonne +.09%

• Citi US Economic Surprise Index 15.80 +.2 point

• Citi Eurozone Economic Surprise Index -30.20 +.5 point

• Citi Emerging Markets Economic Surprise Index -11.50 -1.4 points

• 10-Year TIPS Spread 1.94 unch.

Overseas Futures:

• Nikkei Futures: Indicating +110 open in Japan

• DAX Futures: Indicating -15 open in Germany

Portfolio: 

• Slightly Lower: On losses in my retail/tech sector longs and emerging markets shorts

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

• Market Exposure: Moved to 25% Net Long