Stocks Lower into Final Hour on Rising Mid-East Urest, Emerging Markets Debt Angst, Rate Concerns, Homebuilding/Transport Sector Weakness

Click Here for Today's Market Take.

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) 12.89 +4.71%

• Euro/Yen Carry Return Index 135.60 -.17%

• Emerging Markets Currency Volatility(VXY) 9.38 +.32%

• S&P 500 Implied Correlation 49.14 +2.48%

• ISE Sentiment Index 148.0 +21.31%

• Total Put/Call .80 +5.26%

• NYSE Arms .74 -15.93% 

Credit Investor Angst:

• North American Investment Grade CDS Index 75.34 +.07%

• European Financial Sector CDS Index 133.83 -.29%

• Western Europe Sovereign Debt CDS Index 82.50 +.61%

• Emerging Market CDS Index 300.51 +2.50%

• 2-Year Swap Spread 17.75 -.5 bps

• TED Spread 21.75  unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -8.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 231.0 -1 bp

• China Import Iron Ore Spot $142.80/Metric Tonne +.71%

• Citi US Economic Surprise Index 39.0 -1.2 points

• Citi Emerging Markets Economic Surprise Index -29.20 +.4 point

• 10-Year TIPS Spread 2.22 -3 bps

Overseas Futures:

• Nikkei Futures: Indicating -130 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

• Slightly Lower: On losses in my retail/tech/medical/biotech sector longs

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

• Market Exposure: Moved to 25% Net Long