Stocks Plunging into Final Hour on Rising European/Emerging Markets Debt Angst, Fed Rate Hike Worries, Global Growth Fears, Biotech/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Every Sector Declining
  

• Volume: Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 16.35 +22.73%

• Euro/Yen Carry Return Index 143.78 +.02%

• Emerging Markets Currency Volatility(VXY) 6.80 +6.75%

• S&P 500 Implied Correlation 60.50 +10.08%

• ISE Sentiment Index 61.0 -40.20%

• Total Put/Call .96 -1.03%

• NYSE Arms .43 -44.32% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.96 +6.06%

• European Financial Sector CDS Index 73.23 +7.44%

• Western Europe Sovereign Debt CDS Index 35.19 +3.23%
• Asia Pacific Sovereign Debt CDS Index 74.33 +4.62%

• Emerging Market CDS Index 271.86 +3.57%

• China Blended Corporate Spread Index 305.91 +.72%
• 2-Year Swap Spread 20.25 +2.25 basis points

• TED Spread 21.75 +1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -9.5 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% -1.0 basis point

• Yield Curve 203.0 +3.0 basis points

• China Import Iron Ore Spot $95.60/Metric Tonne -.31%

• Citi US Economic Surprise Index -12.50 -7.3 points

• Citi Emerging Markets Economic Surprise Index -2.40 -.2 point

• 10-Year TIPS Spread 2.28 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -95 open in Japan

• DAX Futures: Indicating -13 open in Germany

Portfolio: 

• Slightly Lower: On losses in my retail/biotech/medical/tech sector longs 

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

• Market Exposure: Moved to 25% Net Long