Stocks Lower into Final Hour on Rising Global Growth Fears, Earnings Concerns, Technical Selling, Tech/Energy 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) 13.59 +1.95%

• Euro/Yen Carry Return Index 139.83 -.85%

• Emerging Markets Currency Volatility(VXY) 8.34 +1.71%

• S&P 500 Implied Correlation 37.81 -3.58%

• ISE Sentiment Index 108.0 -8.47%

• Total Put/Call .85 +2.41%

• NYSE Arms 1.68 +40.17% 

Credit Investor Angst:

• North American Investment Grade CDS Index 71.98 +2.62%

• European Financial Sector CDS Index 120.22 +.85%

• Western Europe Sovereign Debt CDS Index 70.73 -3.11%

• Emerging Market CDS Index 258.99 +.30%

• 2-Year Swap Spread 13.25 unch.

• TED Spread 20.75 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -4.5 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 219.0 -3 basis points

• China Import Iron Ore Spot $133.20/Metric Tonne -.08%

• Citi US Economic Surprise Index 18.20 -1.2 points

• Citi Emerging Markets Economic Surprise Index -9.10 +1.1 points

• 10-Year TIPS Spread 2.16 -2 basis points

Overseas Futures:

• Nikkei Futures: Indicating -81 open in Japan

• DAX Futures: Indicating +11 open in Germany

Portfolio: 

• Higher: On gains in my medical/biotech/retail sector longs, index hedges and emerging markets shorts

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long