Stocks Slightly Lower into Final Hour on Russia/Ukraine Tensions, ECB Infighting, Global Growth Fears, Commodity/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.11 +2.58%

• Euro/Yen Carry Return Index 148.89 +.19%

• Emerging Markets Currency Volatility(VXY) 7.97 +.25%

• S&P 500 Implied Correlation 54.53 +1.67%

• ISE Sentiment Index 116.0 +34.90%

• Total Put/Call .92 +10.84%

• NYSE Arms 1.39 +32.29% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.95 +1.12%

• European Financial Sector CDS Index 68.47 +2.32%

• Western Europe Sovereign Debt CDS Index 32.36 +1.54%
• Asia Pacific Sovereign Debt CDS Index 63.30 +2.15%

• Emerging Market CDS Index 252.39 +1.84%

• China Blended Corporate Spread Index 320.27 -.64%
• 2-Year Swap Spread 20.5 -.25 basis point

• TED Spread 22.25 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -11.0 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% +2.0 basis points

• Yield Curve 182.0 -1.0 basis point

• China Import Iron Ore Spot $78.01/Metric Tonne -.79%

• Citi US Economic Surprise Index 16.40 -5.7 points
• Citi Eurozone Economic Surprise Index -28.0 +.8 point

• Citi Emerging Markets Economic Surprise Index -14.70 +.5 point

• 10-Year TIPS Spread 1.92 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +93 open in Japan

• DAX Futures: Indicating +37 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech sector longs and index hedges

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

• Market Exposure: Moved to 50% Net Long