Stocks Falling into Final Hour on Rising Global Growth Fears, Emerging Markets Debt Angst, Technical Selling, Biotech/Homebuilding Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Slightly Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.79 +2.76%

• Euro/Yen Carry Return Index 141.15 +.31%

• Emerging Markets Currency Volatility(VXY) 7.82 +.77%

• S&P 500 Implied Correlation 41.84 +3.65%

• ISE Sentiment Index 87.0 -28.69%

• Total Put/Call .98 +36.1%

• NYSE Arms .77 -13.22% 

Credit Investor Angst:

• North American Investment Grade CDS Index 72.93 +2.48%

• European Financial Sector CDS Index 120.85 +2.45%

• Western Europe Sovereign Debt CDS Index 69.0 -1.43%

• Emerging Market CDS Index 270.53 +2.50%

• 2-Year Swap Spread 11.75 unch.

• TED Spread 21.25 +1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.0 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% -1 basis point

• Yield Curve 221.0 +1 basis point

• China Import Iron Ore Spot $131.20/Metric Tonne -.08%

• Citi US Economic Surprise Index -2.1 -7.1 points

• Citi Emerging Markets Economic Surprise Index -9.10 -4.7 points

• 10-Year TIPS Spread 2.18 -1 basis point

Overseas Futures:

• Nikkei Futures: Indicating +68 open in Japan

• DAX Futures: Indicating -12 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them

• Market Exposure: 50% Net Long