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

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.68 +4.51%

• Euro/Yen Carry Return Index 148.61 -.39%

• Emerging Markets Currency Volatility(VXY) 8.46 +1.08%

• S&P 500 Implied Correlation 53.36 +.57%

• ISE Sentiment Index 99.0 -10.81%

• Total Put/Call .86 +32.31% 

• NYSE Arms 1.06 +72.40% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.87 -.64%

• European Financial Sector CDS Index 88.49 -3.11%

• Western Europe Sovereign Debt CDS Index 43.86 -1.86%

• Asia Pacific Sovereign Debt CDS Index 89.89 +2.77%

• Emerging Market CDS Index 288.95 +.13%

• China Blended Corporate Spread Index 350.68 -.91%

• 2-Year Swap Spread 12.25 +1.0 basis point

• TED Spread 21.50 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.25 +2.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 234.0 -1.0 basis point

• China Import Iron Ore Spot $115.50/Metric Tonne +.17%

• Citi US Economic Surprise Index -41.80 -9.0 points

• Citi Emerging Markets Economic Surprise Index -6.70 +1.5 point

• 10-Year TIPS Spread 2.15 unch.

Overseas Futures:

• Nikkei Futures: Indicating +13 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long