Stocks Slightly Lower into Final Hour on Rising Global Growth Fears, Technical Selling, Profit-Taking, Metals&Mining/Homebuilding Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 11.52 -.43%

• Euro/Yen Carry Return Index 144.87 +.25%

• Emerging Markets Currency Volatility(VXY) 6.89 -.58%

• S&P 500 Implied Correlation 55.06 +1.21%

• ISE Sentiment Index 103.0 +18.39%

• Total Put/Call .88 +27.54%

• NYSE Arms 1.13 +34.91% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.32 +.18%

• European Financial Sector CDS Index 72.79 +.37%

• Western Europe Sovereign Debt CDS Index 34.85 -.01%

• Asia Pacific Sovereign Debt CDS Index 79.21 -1.14%

• Emerging Market CDS Index 246.83 +.29%

• China Blended Corporate Spread Index 328.99 -5.65%

• 2-Year Swap Spread 14.0 +1.0 basis point

• TED Spread 19.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -8.75 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 210.0 +2.0 basis points

• China Import Iron Ore Spot $91.80/Metric Tonne -4.08%

• Citi US Economic Surprise Index-4.80 -1.9 points

• Citi Emerging Markets Economic Surprise Index -20.40 -1.1 points

• 10-Year TIPS Spread 2.21 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +85 open in Japan

• DAX Futures: Indicating +4 open in Germany

Portfolio: 

• Higher: On gains in my medical/retail sector longs and emerging markets shorts

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

• Market Exposure: Moved to 25% Net Long