Stocks Slightly Lower into Final Hour on Rising Long-Term Rates, Technical Selling, Global Growth Worries, Homebuilding/Transport Sector Weakness

Click Here for Today's Market Take.

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 11.96 -.17%

• Euro/Yen Carry Return Index 135.87 -.84%

• Emerging Markets Currency Volatility(VXY) 9.30 -2.92%

• S&P 500 Implied Correlation 46.05 -1.58%

• ISE Sentiment Index 95.0 -29.10%

• Total Put/Call .87 -1.14%

• NYSE Arms .79 -20.27% 

Credit Investor Angst:

• North American Investment Grade CDS Index 72.74 +.01%

• European Financial Sector CDS Index 134.29 -.52%

• Western Europe Sovereign Debt CDS Index 83.13 -.54%

• Emerging Market CDS Index 300.96 +1.70%

• 2-Year Swap Spread 17.75 +.75 bp

• TED Spread 23.0 -.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -8.75 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 234.0 +4 bps

• China Import Iron Ore Spot $130.20/Metric Tonne +.08%

• Citi US Economic Surprise Index 18.80 +7.9 points

• Citi Emerging Markets Economic Surprise Index -28.10 -2.7 points

• 10-Year TIPS Spread 2.23 +3 bps

Overseas Futures:

• Nikkei Futures: Indicating +39 open in Japan

• DAX Futures: Indicating +4 open in Germany

Portfolio: 

• Higher: On gains in my tech sector longs and emerging markets shorts

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

• Market Exposure: Moved to 50% Net Long