Stocks Reversing Lower into Final Hour on Rising Russia/Ukraine Tensions, Yen Strength, Technicnal Selling, Biotech/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Mixed
  

• Volume: Slightly Above Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.88 -1.14%

• Euro/Yen Carry Return Index 146.79 +.52%

• Emerging Markets Currency Volatility(VXY) 8.75 -1.13%

• S&P 500 Implied Correlation 54.52 +3.0%

• ISE Sentiment Index 118.0 -34.35%

• Total Put/Call .75 -16.67%

• NYSE Arms 1.45 +88.49% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.97 +.45%

• European Financial Sector CDS Index 86.55 -2.72%

• Western Europe Sovereign Debt CDS Index 52.33 -1.37%

• Asia Pacific Sovereign Debt CDS Index 101.12 -1.09%

• Emerging Market CDS Index 303.22 -.65%

• China Blended Corporate Spread Index 364.93 +1.08%

• 2-Year Swap Spread 13.0 +.75 basis point

• TED Spread 19.50 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -5.0 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 233.0 +1.0 basis point

• China Import Iron Ore Spot $118.10/Metric Tonne +.08%

• Citi US Economic Surprise Index -13.40 -.2 point

• Citi Emerging Markets Economic Surprise Index 12.50 -2.2 points

• 10-Year TIPS Spread 2.18 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +3 open in Japan

• DAX Futures: Indicating -60 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long