Stocks Slightly Lower into Final Hour on Greece Worries, Russia-Ukraine Tensions, Oil Decline, Commodity/REIT Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.25 -1.29%

• Euro/Yen Carry Return Index 141.21 -.12%

• Emerging Markets Currency Volatility(VXY) 10.22 -1.02%

• S&P 500 Implied Correlation 64.50 +2.02%

• ISE Sentiment Index 121.0 +40.70%

• Total Put/Call .90 -5.26%

• NYSE Arms 1.23 -.25% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.24 +.33%
• America Energy Sector High-Yield CDS Index 690.0 -1.80%

• European Financial Sector CDS Index 62.03 -1.66%

• Western Europe Sovereign Debt CDS Index 25.66 -3.73%
• Asia Pacific Sovereign Debt CDS Index 65.0 -1.06%

• Emerging Market CDS Index 374.54 +1.37%

• iBoxx Offshore RMB China Corporates High Yield Index 113.71 +.02%
• 2-Year Swap Spread 28.5 +.75 basis point

• TED Spread 24.25 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -22.5 unch.

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 149.0 +1.0 basis point

• China Import Iron Ore Spot $63.44/Metric Tonne n/a

• Citi US Economic Surprise Index -48.30 +.1 point
• Citi Eurozone Economic Surprise Index 46.0 -.6 point

• Citi Emerging Markets Economic Surprise Index -11.90 -.5 point

• 10-Year TIPS Spread 1.75 +3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +106 open in Japan

• DAX Futures: Indicating -9 open in Germany

Portfolio: 

• Higher: On gains in my biotech/tech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long