Stocks Slightly Lower into Final Hour on Russia/Ukraine Tensions, Rising European/Emerging Markets Debt Angst, Technical Selling, Biotech/Healthcare Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.70 -.65%

• Euro/Yen Carry Return Index 152.08 +.85%

• Emerging Markets Currency Volatility(VXY) 8.14 +1.12%

• S&P 500 Implied Correlation 43.18 +1.50%

• ISE Sentiment Index 138.0 +35.29%

• Total Put/Call .88 -6.38%

• NYSE Arms .82 -25.82% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.66 +.94%

• European Financial Sector CDS Index 66.68 +2.19%

• Western Europe Sovereign Debt CDS Index 31.41 +.42%
• Asia Pacific Sovereign Debt CDS Index 63.53 -.45%

• Emerging Market CDS Index 283.12 +.95%

• China Blended Corporate Spread Index 323.84 -.18%
• 2-Year Swap Spread 21.75 -.25 basis point

• TED Spread 22.75 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -9.25 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 181.0 -2.0 basis points

• China Import Iron Ore Spot $75.47/Metric Tonne -.67%

• Citi US Economic Surprise Index 15.40 +2.1 points
• Citi Eurozone Economic Surprise Index -26.40 +2.7 points

• Citi Emerging Markets Economic Surprise Index -5.10 +2.2 points

• 10-Year TIPS Spread 1.90 unch.

Overseas Futures:

• Nikkei Futures: Indicating -30 open in Japan

• DAX Futures: Indicating -23 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/medical sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long