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

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Every Sector Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 17.35 +9.19%

• Euro/Yen Carry Return Index 147.16 +.02%

• Emerging Markets Currency Volatility(VXY) 8.34 +.85%

• S&P 500 Implied Correlation 58.82 +5.09%

• ISE Sentiment Index 76.0 +4.11%

• Total Put/Call 1.19 +17.82% 

• NYSE Arms 1.33 -40.38% 

Credit Investor Angst:

• North American Investment Grade CDS Index 69.86 +3.28%

• European Financial Sector CDS Index 82.67 +1.86%

• Western Europe Sovereign Debt CDS Index 42.36 unch.

• Asia Pacific Sovereign Debt CDS Index 88.28 +1.98%

• Emerging Market CDS Index 279.80 +2.64%

• China Blended Corporate Spread Index 351.33 n/a

• 2-Year Swap Spread 13.75 +.25 basis point

• TED Spread 19.5 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.5 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 227.0 -1.0 basis point

• China Import Iron Ore Spot $116.90/Metric Tonne -1.85%

• Citi US Economic Surprise Index -40.20 +1.6 points

• Citi Emerging Markets Economic Surprise Index -21.10 -9.9 points

• 10-Year TIPS Spread 2.14 unch.

Overseas Futures:

• Nikkei Futures: Indicating -61 open in Japan

• DAX Futures: Indicating -36 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts

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

• Market Exposure: 25% Net Long