Stocks Lower into Final Hour on Rising Global Growth Fears, Yen Strength, Technical Selling, Healthcare/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.22 -.07%

• Euro/Yen Carry Return Index 146.40 +.35%

• Emerging Markets Currency Volatility(VXY) 8.71 +.46%

• S&P 500 Implied Correlation 52.53 +.19%

• ISE Sentiment Index 101.0 -16.53%

• Total Put/Call .78 +1.30%

• NYSE Arms 1.06 -4.96% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.71 +1.30%

• European Financial Sector CDS Index 86.89 +.11%

• Western Europe Sovereign Debt CDS Index 53.0 unch.

• Asia Pacific Sovereign Debt CDS Index 103.14 -2.49%

• Emerging Market CDS Index 303.09 +.20%

• China Blended Corporate Spread Index 358.50 +.06%

• 2-Year Swap Spread 13.5 +.25 basis point

• TED Spread 19.25 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -5.75 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 239.0 -3.0 basis points

• China Import Iron Ore Spot $119.10/Metric Tonne -.67%

• Citi US Economic Surprise Index -14.60 -2.8 points

• Citi Emerging Markets Economic Surprise Index 13.90 +.2 point

• 10-Year TIPS Spread 2.17 +1 basis point

Overseas Futures:

• Nikkei Futures: Indicating -160 open in Japan

• DAX Futures: Indicating -30 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my (EEM) short

• Market Exposure: Moved to 25% Net Long