Stocks Falling into Final Hour on Russia/Ukraine Tensions, Rising Emerging Markets/European Debt Angst, Yen Strength, Biotech/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.50 +8.86%

• Euro/Yen Carry Return Index 147.47 -.12%

• Emerging Markets Currency Volatility(VXY) 8.38 -.24%

• S&P 500 Implied Correlation 59.57 +4.11%

• ISE Sentiment Index 76.0 -34.48%

• Total Put/Call 1.13 +43.04% 

• NYSE Arms 1.70 +57.30% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.23 +1.69%

• European Financial Sector CDS Index 83.68 +4.88%

• Western Europe Sovereign Debt CDS Index 35.32 +2.32%

• Asia Pacific Sovereign Debt CDS Index 88.88 +1.26%

• Emerging Market CDS Index 295.77 +3.57%

• China Blended Corporate Spread Index 349.88 -.68%

• 2-Year Swap Spread 10.75 +.25 basis point

• TED Spread 21.75 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.0 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% +1.0 basis point

• Yield Curve 223.0 -2.0 basis points

• China Import Iron Ore Spot $111.0/Metric Tonne -1.94%

• Citi US Economic Surprise Index -25.30 +2.8 points

• Citi Emerging Markets Economic Surprise Index -25.60 +.9 point

• 10-Year TIPS Spread 2.20 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -119 open in Japan

• DAX Futures: Indicating +13 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long