Stocks Falling into Final Hour on Russia-Ukraine Tensions, Yen Strength, Technical Selling, Homebuilding/Technology Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.17 -.65%

• Euro/Yen Carry Return Index 143.91 -.11%

• Emerging Markets Currency Volatility(VXY) 6.36 -2.30%

• S&P 500 Implied Correlation 50.86 -.55%

• ISE Sentiment Index 105.0 +6.06%

• Total Put/Call .99 +20.73%

• NYSE Arms .78 -26.60% 

Credit Investor Angst:

• North American Investment Grade CDS Index 56.87 -.27%

• European Financial Sector CDS Index 59.14 -1.78%

• Western Europe Sovereign Debt CDS Index 29.72 -1.11%
• Asia Pacific Sovereign Debt CDS Index 61.91 -3.03%

• Emerging Market CDS Index 278.71 -2.52%

• China Blended Corporate Spread Index 309.77 -.64%
• 2-Year Swap Spread 21.0 +.25 basis point

• TED Spread 21.25 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -16.25 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 189.0 unch.

• China Import Iron Ore Spot $85.70/Metric Tonne -1.15%

• Citi US Economic Surprise Index 41.20 -2.3 points

• Citi Emerging Markets Economic Surprise Index -13.40 -.2 point

• 10-Year TIPS Spread 2.17 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -30 open in Japan

• DAX Futures: Indicating -15 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long