Stocks Falling into Final Hour on Syria Concerns, Rising Eurozone Debt Angst, Technical Selling, Homebuilding/Transport Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 17.20 +2.32%
• Euro/Yen Carry Return Index 135.20 -.45%
• Emerging Markets Currency Volatility(VXY) 11.74 +.17%
• S&P 500 Implied Correlation 55.27 -.16%

• ISE Sentiment Index 90.0 unch.

• Total Put/Call 1.12 +16.67%

• NYSE Arms 1.04 -.28% 

Credit Investor Angst:

• North American Investment Grade CDS Index 83.81 +1.62%

• European Financial Sector CDS Index 150.21 +2.28%

• Western Europe Sovereign Debt CDS Index 87.50 +2.34%

• Emerging Market CDS Index 349.54 +2.14%

• 2-Year Swap Spread 17.25 unch.

• TED Spread 24.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -9.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 238.0 +3 bps

• China Import Iron Ore Spot $137.70/Metric Tonne -.43%

• Citi US Economic Surprise Index 30.80 +.2 point
• Citi Emerging Markets Economic Surprise Index -17.90 +4.5 points

• 10-Year TIPS Spread 2.11 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating -65 open in Japan

• DAX Futures: Indicating +6 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/retail/tech/medical sector longs and emerging markets shorts
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back
• Market Exposure: 25% Net Long