Stocks Falling into Final Hour on Protectionism Fears, European/Emerging Markets/US High-Yield Debt Angst, Oil Decline, Energy/Hospital 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) 12.2 +15.5%

• Euro/Yen Carry Return Index 126.91 -1.32%

• Emerging Markets Currency Volatility(VXY) 10.75 -.28%

• S&P 500 Implied Correlation 47.73 +12.3%

• ISE Sentiment Index 91.0 +9.6%
  

• Total Put/Call 1.07 +8.1%

• NYSE Arms 1.79 +76.19%

Credit Investor Angst:

• North American Investment Grade CDS Index 65.84 +2.60%
  

• America Energy Sector High-Yield CDS Index 414.0 +2.93%

• European Financial Sector CDS Index 89.54 +2.75%

• Western Europe Sovereign Debt CDS Index 23.06 +5.68%

• Asia Pacific Sovereign Debt CDS Index 32.79 +1.82%

• Emerging Market CDS Index 237.43 +1.11%
  

• iBoxx Offshore RMB China Corporate High Yield Index 133.47 +.05%

• 2-Year Swap Spread 30.0 +.25 basis point

• TED Spread 52.75 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -33.0 +4.5 basis points
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 70.59 +.23%
• 3-Month T-Bill Yield .50% unch.

• Yield Curve 128.0 +1.0 basis point
  

• China Import Iron Ore Spot $83.34/Metric Tonne n/a

• Citi US Economic Surprise Index 31.60 -4.2 points

• Citi Eurozone Economic Surprise Index 55.0 +4.0 points

• Citi Emerging Markets Economic Surprise Index 36.70 -2.8 points

• 10-Year TIPS Spread 2.07 unch.
• 32.9% chance of Fed rate hike at March 15 meeting, 47.7% chance at May 3 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -193 open in Japan 
• China A50 Futures: Indicating n/a open in China

• DAX Futures: Indicating +15 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long