Stocks Lower into Final Hour on Rising Emerging Markets/European Debt Angst, Ukraine Unrest, US Economic Data, Financial/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.85 +7.07%

• Euro/Yen Carry Return Index 146.75 -.10%

• Emerging Markets Currency Volatility(VXY) 8.65 +.70%

• S&P 500 Implied Correlation 52.58 +3.04%

• ISE Sentiment Index 100.0 +14.94%

• Total Put/Call .90 +16.88%

• NYSE Arms 1.15 -26.79% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.95 +1.19%

• European Financial Sector CDS Index 89.35 +1.29%

• Western Europe Sovereign Debt CDS Index 52.66 +1.27%

• Asia Pacific Sovereign Debt CDS Index 103.95 +2.09%

• Emerging Market CDS Index 341.54 +3.09%

• China Blended Corporate Spread Index 356.92 +.44%

• 2-Year Swap Spread 13.5 +.25 basis point

• TED Spread 18.25 -3.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -5.25 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% +3.0 basis points

• Yield Curve 242.0 +1.0 basis point

• China Import Iron Ore Spot $123.90/Metric Tonne -.4%

• Citi US Economic Surprise Index -4.0 -4.0 points

• Citi Emerging Markets Economic Surprise Index 19.0 -1.2 points

• 10-Year TIPS Spread 2.15 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -12 open in Japan

• DAX Futures: Indicating -32 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/medical/tech sector longs

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 25% Net Long