Stocks Falling into Final Hour on Fed Rate Hike Worries, Russia/Ukraine Tensions, Eurozone/Emerging Markets Debt Angst, Homebuilding/Biotech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 15.32 +6.46%

• Euro/Yen Carry Return Index 143.62 -.09%

• Emerging Markets Currency Volatility(VXY) 7.33 +.83%

• S&P 500 Implied Correlation 58.67 +3.87%

• ISE Sentiment Index 89.0 -3.26%

• Total Put/Call 1.0 +1.01%

• NYSE Arms 1.06 +39.13% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.02 +2.43%

• European Financial Sector CDS Index 68.31 +2.10%

• Western Europe Sovereign Debt CDS Index 32.40 -1.49%
• Asia Pacific Sovereign Debt CDS Index 63.92 -1.35%

• Emerging Market CDS Index 251.43 +.87%

• China Blended Corporate Spread Index 330.78 -.86%
• 2-Year Swap Spread 21.5 -4.0 basis points

• TED Spread 22.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -8.25 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 183.0 -7.0 basis points

• China Import Iron Ore Spot $79.09/Metric Tonne -.16%

• Citi US Economic Surprise Index 12.50 -.5 point
• Citi Eurozone Economic Surprise Index -37.3 +1.5 points

• Citi Emerging Markets Economic Surprise Index -16.80 +.2 point

• 10-Year TIPS Spread 1.92 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +71 open in Japan

• DAX Futures: Indicating -14 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long