Stocks Slightly Lower into Final Hour on Global Growth Fears, Russia/Ukraine Tensions, Rising Eurozone/Emerging Markets Debt Angst, Healthcare/Defense Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.42 -1.83%

• Euro/Yen Carry Return Index 148.8 +.05%

• Emerging Markets Currency Volatility(VXY) 8.52 -.12%

• S&P 500 Implied Correlation 43.60 -4.70%

• ISE Sentiment Index 117.0 +19.39%

• Total Put/Call .96 +5.49%

• NYSE Arms .83 -4.83% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.60 +1.03%

• European Financial Sector CDS Index 67.28 +.57%

• Western Europe Sovereign Debt CDS Index 31.89 +2.11%
• Asia Pacific Sovereign Debt CDS Index 64.47 +.65%

• Emerging Market CDS Index 269.53 +1.48%

• China Blended Corporate Spread Index 323.42 +.40%
• 2-Year Swap Spread 21.75 +.25 basis point

• TED Spread 21.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -11.0 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 181.0 -3.0 basis points

• China Import Iron Ore Spot $75.84/Metric Tonne +.61%

• Citi US Economic Surprise Index 15.0 -1.20 point
• Citi Eurozone Economic Surprise Index -32.40 -1.0 point

• Citi Emerging Markets Economic Surprise Index -13.30 -.2 point

• 10-Year TIPS Spread 1.94 unch.

Overseas Futures:

• Nikkei Futures: Indicating -150 open in Japan

• DAX Futures: Indicating -26 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them

• Market Exposure: 50% Net Long