Stocks Slightly Lower into Final Hour on Rising Asian Debt Angst, Rate Worries, Rising Global Growth Fears, Energy/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.42 +5.5%
• Euro/Yen Carry Return Index 135.28 -.59%
• Emerging Markets Currency Volatility(VXY) 9.25 +1.54%
• S&P 500 Implied Correlation 50.40 +.98%

• ISE Sentiment Index 109.0 +12.37%

• Total Put/Call .81 -19.0%

• NYSE Arms .92 -16.11% 

Credit Investor Angst:

• North American Investment Grade CDS Index 76.11 +2.60%

• European Financial Sector CDS Index 148.46 +.87%

• Western Europe Sovereign Debt CDS Index 88.15 -.96%

• Emerging Market CDS Index 308.76 +2.33%

• 2-Year Swap Spread 16.25 unch.

• TED Spread 25.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -9.5 -.75 bp

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 227.0 +2 bps

• China Import Iron Ore Spot $131.70/Metric Tonne -.68%

• Citi US Economic Surprise Index -5.50 -2.1 points
• Citi Emerging Markets Economic Surprise Index -27.10 +2.9 points

• 10-Year TIPS Spread 2.14 unch.

Overseas Futures:

• Nikkei Futures: Indicating -103 open in Japan

• DAX Futures: Indicating +14 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/tech sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my (EEM) short
• Market Exposure: Moved to 50% Net Long