Stocks Slightly Lower into Final Hour on Emerging Markets Debt Angst, Technical Selling, Profit-Taking, Financial/Commodity Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.45 +7.95%

• Euro/Yen Carry Return Index 151.33 +.36%

• Emerging Markets Currency Volatility(VXY) 9.25 -.11%

• S&P 500 Implied Correlation 50.53 +2.62%

• ISE Sentiment Index 91.0 -1.09%

• Total Put/Call .72 unch.

• NYSE Arms 1.13 +73.53% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.73 +.75%

• European Financial Sector CDS Index 87.73 +2.57%

• Western Europe Sovereign Debt CDS Index 59.85 -1.0%

• Emerging Market CDS Index 273.87 +.14%

• 2-Year Swap Spread 9.5 unch.

• TED Spread 18.50 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -3.75 -2.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 259.0 -2.0 basis points

• China Import Iron Ore Spot $134.20/Metric Tonne +.15%
  

• Citi US Economic Surprise Index 50.20 +.8 point

• Citi Emerging Markets Economic Surprise Index -6.70 +2.3 points

• 10-Year TIPS Spread 2.21 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +54 open in Japan

• DAX Futures: Indicating +49 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long