Stocks Reversing Lower into Final Hour on Rising Russia/Ukraine Tensions, Surging Emerging Markets Debt Angst, Technical Selling, Bioetch/Metals & Mining Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.33 +.84%

• Euro/Yen Carry Return Index 149.47 +.31%

• Emerging Markets Currency Volatility(VXY) 8.67 -.23%

• S&P 500 Implied Correlation 54.76 +.62%

• ISE Sentiment Index 121.0 -37.54%

• Total Put/Call .79 -2.47%

• NYSE Arms 1.0 +35.77% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.91 +.27%

• European Financial Sector CDS Index 85.88 +.15%

• Western Europe Sovereign Debt CDS Index 48.68 -2.01%

• Asia Pacific Sovereign Debt CDS Index 95.86 +1.96%

• Emerging Market CDS Index 309.61 +4.41%

• China Blended Corporate Spread Index 355.45 -1.03%

• 2-Year Swap Spread 13.75 +.25 basis point

• TED Spread 19.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -1.75 +1.5 basis points

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 241.0 +2.0 basis points

• China Import Iron Ore Spot $114.2/Metric Tonne -2.31%

• Citi US Economic Surprise Index -31.20 -3.2 points

• Citi Emerging Markets Economic Surprise Index 14.30 +2.3 points

• 10-Year TIPS Spread 2.23 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -5 open in Japan

• DAX Futures: Indicating +27 open in Germany

Portfolio: 

• Slightly Higher: On gains in my retail sector longs, index hedges and emerging markets shorts

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

• Market Exposure: Moved to 25% Net Long