Stocks Slightly Lower into Final Hour on Russia/Ukraine Tensions, Yen Strength, Earnings Concerns, Financial/Energy Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.13 +2.09%

• Euro/Yen Carry Return Index 141.14 -.69%

• Emerging Markets Currency Volatility(VXY) 10.44 -1.51%

• S&P 500 Implied Correlation 63.98 +.02%

• ISE Sentiment Index 83.0 +9.21%

• Total Put/Call .97 +3.19%

• NYSE Arms 1.14 +94.88% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.95 -1.95%
• America Energy Sector High-Yield CDS Index 698.0 -.82%

• European Financial Sector CDS Index 63.08 -6.26%

• Western Europe Sovereign Debt CDS Index 26.75 -3.17%
• Asia Pacific Sovereign Debt CDS Index 65.90 -1.24%

• Emerging Market CDS Index 368.58 -.11%

• iBoxx Offshore RMB China Corporates High Yield Index 113.68 +.04%
• 2-Year Swap Spread 27.75 unch.

• TED Spread 24.5 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -22.5 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% +1.0 basis point

• Yield Curve 148.0 +2.0 basis points

• China Import Iron Ore Spot $63.44/Metric Tonne +.67%

• Citi US Economic Surprise Index -48.40 -3.0 points
• Citi Eurozone Economic Surprise Index 46.60 -.6 point

• Citi Emerging Markets Economic Surprise Index -11.40 -2.4 points

• 10-Year TIPS Spread 1.72 unch.

Overseas Futures:

• Nikkei Futures: Indicating +100 open in Japan

• DAX Futures: Indicating +8 open in Germany

Portfolio: 

• Slightly Higher: On gains in my biotech/medical sector longs shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long