Stocks Lower into Final Hour on Rising Syria/Russia Tensions, Reversal Higher in Long-Term Rates, Profit-Taking, Commodity/Transport Sector Weakness

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) 14.24 +3.04%

• Euro/Yen Carry Return Index 137.86 -.56%

• Emerging Markets Currency Volatility(VXY) 10.39 -.48%

• S&P 500 Implied Correlation 46.30 +5.89%

• ISE Sentiment Index 92.0 -.20%

• Total Put/Call .84 -8.70%

• NYSE Arms 1.10 +54.17% 

Credit Investor Angst:

• North American Investment Grade CDS Index 77.35 +1.74%

• European Financial Sector CDS Index 138.09 +3.53%

• Western Europe Sovereign Debt CDS Index 90.0unch.

• Emerging Market CDS Index 309.90 +1.07%

• 2-Year Swap Spread 15.25 unch.

• TED Spread 24.50 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -8.5 unch.

Economic Gauges:

• 3-Month T-Bill Yield .01% -1 bp

• Yield Curve 247.0 +1 bp

• China Import Iron Ore Spot $135.20/Metric Tonne +.07%

• Citi US Economic Surprise Index 56.80 +3.3 points

• Citi Emerging Markets Economic Surprise Index 3.80 +7.9 points

• 10-Year TIPS Spread 2.11 -2 bps

Overseas Futures:

• Nikkei Futures: Indicating -37 open in Japan

• DAX Futures: Indicating -7 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long