Stocks Slightly Lower into Final Hour on Global Growth Worries, Yen Strength, Technical Selling, Homebuilding/Transport Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Slightly Above Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.31 -3.27%

• Euro/Yen Carry Return Index 148.28 -.19%

• Emerging Markets Currency Volatility(VXY) 9.41 +.32%

• S&P 500 Implied Correlation 50.13 -2.90%

• ISE Sentiment Index 139.0 +23.0%

• Total Put/Call .71 -21.11%

• NYSE Arms .88 -42.09% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.86 +.19%

• European Financial Sector CDS Index 81.75 -2.0%

• Western Europe Sovereign Debt CDS Index 54.15 +.29%

• Emerging Market CDS Index 272.83 -.42%

• 2-Year Swap Spread 10.75 unch.

• TED Spread 19.25 +1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -4.25 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% -1 basis point

• Yield Curve 257.0 -3 basis points

• China Import Iron Ore Spot $134.80/Metric Tonne -.15%

• Citi US Economic Surprise Index 49.10 -4.3 points

• Citi Emerging Markets Economic Surprise Index 1.6 +2.0 points

• 10-Year TIPS Spread 2.25 unch.

Overseas Futures:

• Nikkei Futures: Indicating -40 open in Japan

• DAX Futures: Indicating +21 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long