Stocks Falling into Final Hour on Russia/Ukraine Tensions, Yen Strength, Technical Selling, Homebuilding/Financial Sector Weakenss

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.78 +3.69%

• Euro/Yen Carry Return Index 147.70 -.10%

• Emerging Markets Currency Volatility(VXY) 7.57 -2.20%

• S&P 500 Implied Correlation 58.05 +1.06%

• ISE Sentiment Index 91.0 -19.47%

• Total Put/Call .89 +3.49% 

• NYSE Arms 1.17 -9.18% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.55 +1.67%

• European Financial Sector CDS Index 78.71 +.69%

• Western Europe Sovereign Debt CDS Index 33.60 -1.57%
• Asia Pacific Sovereign Debt CDS Index 87.37 -.58%

• Emerging Market CDS Index 281.21 -.16%

• China Blended Corporate Spread Index 352.88 +.45%
• 2-Year Swap Spread 13.75 -.25 basis point

• TED Spread 20.5 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -2.75 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 217.0 -2.0 basis points

• China Import Iron Ore Spot $106.0/Metric Tonne +.09%

• Citi US Economic Surprise Index -12.0 +.6 point

• Citi Emerging Markets Economic Surprise Index -29.10 +.1 point

• 10-Year TIPS Spread 2.16 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -230 open in Japan

• DAX Futures: Indicating -16 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long