Stocks Falling into Final Hour on Russia/Ukraine Tensions, Rising Global Growth Fears, Technical Selling, Biotech/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 15.03 +.2%

• Euro/Yen Carry Return Index 147.61 +.28%

• Emerging Markets Currency Volatility(VXY) 8.93 -.56%

• S&P 500 Implied Correlation 54.97 +1.16%

• ISE Sentiment Index 81.0 -28.32%

• Total Put/Call .96 +7.87%

• NYSE Arms .95 -25.24% 

Credit Investor Angst:

• North American Investment Grade CDS Index 71.51 +1.20%

• European Financial Sector CDS Index 100.82 +2.88%

• Western Europe Sovereign Debt CDS Index 47.34 +1.28%

• Asia Pacific Sovereign Debt CDS Index 95.45 -.42%

• Emerging Market CDS Index 312.41 -1.41%

• China Blended Corporate Spread Index 379.91 -.16%

• 2-Year Swap Spread 13.75 unch.

• TED Spread 19.0 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.0 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 229.0 -3.0 basis points

• China Import Iron Ore Spot $110.50/Metric Tonne -.18%

• Citi US Economic Surprise Index -33.80 -1.2 points

• Citi Emerging Markets Economic Surprise Index -4.80 -.6 point

• 10-Year TIPS Spread 2.16 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -110 open in Japan

• DAX Futures: Indicating +45 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/medical/tech sector longs and emerging markets shorts

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short

• Market Exposure: Moved to 50% Net Long