Stocks Lower into Final Hour on Rising Global Growth Fears, Yen Strength, Earnings Concerns, Energy/Biotech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 19.52 +2.20%

• Euro/Yen Carry Return Index 143.11 -.13%

• Emerging Markets Currency Volatility(VXY) 9.68 -1.02%

• S&P 500 Implied Correlation 59.25 -1.55%

• ISE Sentiment Index 122.0 -17.57%

• Total Put/Call 1.01 unch.

• NYSE Arms .90 +27.42% 

Credit Investor Angst:

• North American Investment Grade CDS Index 72.98 +.07%

• European Financial Sector CDS Index 99.37 -2.33%

• Western Europe Sovereign Debt CDS Index 55.0 -1.22%

• Asia Pacific Sovereign Debt CDS Index 114.19 -2.26%

• Emerging Market CDS Index 331.72 unch.

• 2-Year Swap Spread 12.75 -.5 basis point

• TED Spread 18.0 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -7.0 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .06% +1.0 basis point

• Yield Curve 235.0 +4.0 basis points

• China Import Iron Ore Spot $122.40/Metric Tonne -.16%

• Citi US Economic Surprise Index 30.30 -.8 point

• Citi Emerging Markets Economic Surprise Index 10.20 -.8 point

• 10-Year TIPS Spread 2.12 unch.

Overseas Futures:

• Nikkei Futures: Indicating +38 open in Japan

• DAX Futures: Indicating +18 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech/medical sector longs and index hedges

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short

• Market Exposure: Moved to 75% Net Long