Stocks Falling into Final Hour on Russia-Ukraine Tensions, Global Growth Fears, Fed Rate Hike Concerns, REIT/Energy Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.14 +10.47%

• Euro/Yen Carry Return Index 145.07 +.40%

• Emerging Markets Currency Volatility(VXY) 7.27 +2.83%

• S&P 500 Implied Correlation 52.89 +10.6%

• ISE Sentiment Index 123.0 +20.59%

• Total Put/Call .86 -14.0%

• NYSE Arms .67 +6.25% 

Credit Investor Angst:

• North American Investment Grade CDS Index 60.17 +1.89%

• European Financial Sector CDS Index 58.50 -.69%

• Western Europe Sovereign Debt CDS Index 27.71 -3.77%
• Asia Pacific Sovereign Debt CDS Index 64.24 +.95%

• Emerging Market CDS Index 248.19 +1.95%

• China Blended Corporate Spread Index 308.91 +1.19%
• 2-Year Swap Spread 23.75 +.25 basis point

• TED Spread 22.50 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -14.25 +1.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 205.0 +7.0 basis points

• China Import Iron Ore Spot $82.0/Metric Tonne +.12%

• Citi US Economic Surprise Index 36.20 +.7 point

• Citi Emerging Markets Economic Surprise Index -12.90 -1.2 basis points

• 10-Year TIPS Spread 2.14 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -85 open in Japan

• DAX Futures: Indicating -22 open in Germany

Portfolio: 

• Slightly Higher: On gains in my retail sector longs, index hedges and emerging markets shorts

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

• Market Exposure: Moved to 25% Net Long