Stocks Lower into Final Hour on Escalating Russia/Ukraine Tensions, Rising Emerging Markets Debt Angst, Global Growth Fears, Commodity/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.85 +3.85%

• Euro/Yen Carry Return Index 140.77 -.49%

• Emerging Markets Currency Volatility(VXY) 10.37 +.19%

• S&P 500 Implied Correlation 63.78 +3.51%

• ISE Sentiment Index 114.0 +5.56%

• Total Put/Call .86 +8.86%

• NYSE Arms 1.88 +91.4% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.35 -.15%
• America Energy Sector High-Yield CDS Index 684.0 +.93%

• European Financial Sector CDS Index 58.88 -4.41%

• Western Europe Sovereign Debt CDS Index 24.46 -4.49%
• Asia Pacific Sovereign Debt CDS Index 64.79 -.32%

• Emerging Market CDS Index 387.82 +2.76%

• iBoxx Offshore RMB China Corporates High Yield Index 113.80 +.06%
• 2-Year Swap Spread 29.5 +1.0 basis point

• TED Spread 24.75 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -23.0 +1.75 basis points

Economic Gauges:

• 3-Month T-Bill Yield .02% +1.0 basis point

• Yield Curve 145.0 -3.0 basis points

• China Import Iron Ore Spot $63.44/Metric Tonne n/a

• Citi US Economic Surprise Index -45.60 +1.8 points
• Citi Eurozone Economic Surprise Index 50.1 -6.0 points

• Citi Emerging Markets Economic Surprise Index -10.70 +1.0 point

• 10-Year TIPS Spread 1.76 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +3 open in Japan

• DAX Futures: Indicating -21 open in Germany

Portfolio: 

• Higher: On gains in my biotech/medical sector longs and emerging markets shorts

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

• Market Exposure: Moved to 25% Net Long