Stocks Falling into Final Hour on Central Bank Worries, Rising Global Growth Fears, Technical Selling, Homebuilder/REIT Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.17 -2.65%
• Euro/Yen Carry Return Index 134.02 +.64%
• Emerging Markets Currency Volatility(VXY) 10.55 +4.15%
• S&P 500 Implied Correlation 54.49 -3.8%

• ISE Sentiment Index 94.0 -2.08%

• Total Put/Call 1.08 +25.58%

• NYSE Arms 1.13 +91.93% 

Credit Investor Angst:

• North American Investment Grade CDS Index 86.28 +5.51%

• European Financial Sector CDS Index 153.45 -1.68%

• Western Europe Sovereign Debt CDS Index 90.0 +3.45%

• Emerging Market CDS Index 351.23 +8.61%

• 2-Year Swap Spread 16.0 unch.

• TED Spread 22.5 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -12.0 -.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 203.0 +10 bps

• China Import Iron Ore Spot $120.0/Metric Tonne +1.95%

• Citi US Economic Surprise Index -14.10 +.7 point
• Citi Emerging Markets Economic Surprise Index -45.40 +.8 point 

• 10-Year TIPS Spread 2.04 -4 bps

Overseas Futures:

• Nikkei Futures: Indicating +115 open in Japan

• DAX Futures: Indicating -42 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech/biotech/retail/medical sector longs 
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 25% Net Long