Stocks Falling into Final Hour on Global Growth Fears, Russia-Ukraine Tensions, Rising Emerging Markets/European Debt Angst, Transport/Alt Energy 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) 14.42 +8.18%

• Euro/Yen Carry Return Index 154.15 -.04%

• Emerging Markets Currency Volatility(VXY) 8.37 +4.36%

• S&P 500 Implied Correlation 68.23 -.44%

• ISE Sentiment Index 89.0 +20.27%

• Total Put/Call .97 unch.

• NYSE Arms 1.19 -4.45% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.95 +2.95%

• European Financial Sector CDS Index 59.53 +.17%

• Western Europe Sovereign Debt CDS Index 28.40 +1.0%
• Asia Pacific Sovereign Debt CDS Index 63.96 +2.59%

• Emerging Market CDS Index 287.55 +5.10%

• China Blended Corporate Spread Index 328.77 +1.51%
• 2-Year Swap Spread 20.50 +.25 basis point

• TED Spread 22.75 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -11.75 -2.75 basis points

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 173.0 unch.

• China Import Iron Ore Spot $71.11/Metric Tonne -.29%

• Citi US Economic Surprise Index 7.80 +1.6 points
• Citi Eurozone Economic Surprise Index -20.80 +2.1 points

• Citi Emerging Markets Economic Surprise Index -2.7 -3.5 points

• 10-Year TIPS Spread 1.81 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -50 open in Japan

• DAX Futures: Indicating -3 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and added to my (EEM) short

• Market Exposure: Moved to 25% Net Long