Stocks Slightly Lower into Final Hour on Eurozone/Emerging Markets Debt Angst, Global Growth Worries, Technical Selling, Technology/Commodity Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.99 +.93%

• Euro/Yen Carry Return Index 148.52 +.04%

• Emerging Markets Currency Volatility(VXY) 8.96 -1.97%

• S&P 500 Implied Correlation 49.82 -.20%

• ISE Sentiment Index 138.0 -8.61%

• Total Put/Call .73 +4.29%

• NYSE Arms 1.19 +43.15% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.96 -.11%

• European Financial Sector CDS Index 86.15 +2.69%

• Western Europe Sovereign Debt CDS Index 50.0 -3.85%

• Emerging Market CDS Index 280.90 -.38%

• 2-Year Swap Spread 11.75 +.75 basis point

• TED Spread 20.50 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 254.0 -3 basis points

• China Import Iron Ore Spot $131.0/Metric Tonne -.38%

• Citi US Economic Surprise Index 63.90 +.5 point

• Citi Emerging Markets Economic Surprise Index 4.70 +1.6 points

• 10-Year TIPS Spread 2.30 +2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +71 open in Japan

• DAX Futures: Indicating +35 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 25% Net Long