Stocks Falling into Afternoon on Global Growth Fears, Yen Strength, Technical Selling, Tech/Drug Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 17.88 +3.41%

• Euro/Yen Carry Return Index 136.58 -.81%

• Emerging Markets Currency Volatility(VXY) 11.38 -.61%

• S&P 500 Implied Correlation 59.34 +.66%

• ISE Sentiment Index 58.0 -22.67%

• Total Put/Call 1.06 +7.07%

• NYSE Arms .98 -65.83% 

Credit Investor Angst:

• North American Investment Grade CDS Index 88.39 +.14%

• America Energy Sector High-Yield CDS Index 1,703.0 +.62%

• European Financial Sector CDS Index 76.90 -.11%

• Western Europe Sovereign Debt CDS Index 16.28 -3.84%

• Asia Pacific Sovereign Debt CDS Index 73.61 +2.97%

• Emerging Market CDS Index 358.95 +.68%
  

• iBoxx Offshore RMB China Corporate High Yield Index 123.77 +.02%

• 2-Year Swap Spread 12.0 +2.0 basis points

• TED Spread 46.50 +6.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -18.5 +1.0 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 69.21 +.01%
• 3-Month T-Bill Yield .16% +3.0 basis points

• Yield Curve 122.0 unch.

• China Import Iron Ore Spot $43.57/Metric Tonne +.35%

• Citi US Economic Surprise Index -31.8 -4.3 points

• Citi Eurozone Economic Surprise Index 15.4 +.9 point

• Citi Emerging Markets Economic Surprise Index 12.90 unch.

• 10-Year TIPS Spread 1.58% +2.0 basis points
• 50.8% chance of next Fed rate hike at March 16 meeting, 56.3% chance at April 27 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -188 open in Japan 
• China A50 Futures: Indicating -222 open in China

• DAX Futures: Indicating +29 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech sector longs and emerging market shorts

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 25% Net Long