Stocks Slightly Lower into Final Hour on Escalating Russia/Ukraine Tensions, Global Growth Fears, European/Emerging Markets Debt Angst, Utility/Energy Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.30 +3.94%

• Euro/Yen Carry Return Index 150.01 -.54%

• Emerging Markets Currency Volatility(VXY) 8.0 -2.66%

• S&P 500 Implied Correlation 43.18 +3.65%

• ISE Sentiment Index 133.0 +64.20%

• Total Put/Call .81 -17.35%

• NYSE Arms 1.27 +30.04% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.16 +.03%

• European Financial Sector CDS Index 64.63 +2.24%

• Western Europe Sovereign Debt CDS Index 30.69 +.20%
• Asia Pacific Sovereign Debt CDS Index 64.85 +.79%

• Emerging Market CDS Index 278.20 +2.32%

• China Blended Corporate Spread Index 323.55 n/a
• 2-Year Swap Spread 21.25 unch.

• TED Spread 21.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -10.75 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 182.0 unch.

• China Import Iron Ore Spot $76.20/Metric Tonne +.43%

• Citi US Economic Surprise Index 15.70 -.1 point
• Citi Eurozone Economic Surprise Index -29.70 +.5 point

• Citi Emerging Markets Economic Surprise Index -8.0 +3.5 points

• 10-Year TIPS Spread 1.92 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +58 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long