Stocks Falling into Final Hour on Surging Eurozone Debt Angst, Escalating Russia-Ukraine Tensions, Global Growth Fears, Transport/Healthcare Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 18.74 +8.39%

• Euro/Yen Carry Return Index 140.15 -.37%

• Emerging Markets Currency Volatility(VXY) 10.90 +.09%

• S&P 500 Implied Correlation 65.54 -1.01%

• ISE Sentiment Index 87.0 +38.10%

• Total Put/Call 1.05 +1.94%

• NYSE Arms .87 +18.89% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.60 +.22%
• America Energy Sector High-Yield CDS Index 710.0 -3.0%

• European Financial Sector CDS Index 67.85 +7.85%

• Western Europe Sovereign Debt CDS Index 26.38 +3.53%
• Asia Pacific Sovereign Debt CDS Index 69.03 +2.58%

• Emerging Market CDS Index 379.55 +.52%

• iBoxx Offshore RMB China Corporates High Yield Index 113.43 -.18%
• 2-Year Swap Spread 26.25 -.5 basis point

• TED Spread 24.0 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -20.55 -1.5 basis points

Economic Gauges:

• 3-Month T-Bill Yield .01% -1.0 basis point

• Yield Curve 131.0 +1.0 basis point

• China Import Iron Ore Spot $61.20/Metric Tonne -2.06%

• Citi US Economic Surprise Index -26.10 -.8 point
• Citi Eurozone Economic Surprise Index 29.20 +4.4 points

• Citi Emerging Markets Economic Surprise Index -11.60 -6.3 points

• 10-Year TIPS Spread 1.71 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -162 open in Japan

• DAX Futures: Indicating -35 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long