Stocks Falling into Afternoon on Global Growth Fears, Fed Rate Hike Concerns, Scotland Independece Worries, Biotech/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Slightly Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.10 +5.94%

• Euro/Yen Carry Return Index 144.82 -.36%

• Emerging Markets Currency Volatility(VXY) 7.35 +1.24%

• S&P 500 Implied Correlation 51.43 +3.41%

• ISE Sentiment Index 128.0 +5.79%

• Total Put/Call .83. +5.68%

• NYSE Arms .76 -1.05% 

Credit Investor Angst:

• North American Investment Grade CDS Index 60.95 +1.90%

• European Financial Sector CDS Index 60.62 +3.11%

• Western Europe Sovereign Debt CDS Index 28.44 +2.25%
• Asia Pacific Sovereign Debt CDS Index 66.46 +3.45%

• Emerging Market CDS Index 254.58 +.99%

• China Blended Corporate Spread Index 308.26 -.21%
• 2-Year Swap Spread 24.25 +.5 basis point

• TED Spread 23.0 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -13.75 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 204.0 -1.0 basis point

• China Import Iron Ore Spot $85.20/Metric Tonne +3.9%

• Citi US Economic Surprise Index 31.90 -4.3 points

• Citi Emerging Markets Economic Surprise Index -19.60 -6.7 basis points

• 10-Year TIPS Spread 2.13 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -75 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts

• Disclosed Trades: Covered some of my (IWM), (QQQ) hedges

• Market Exposure: Moved to 50% Net Long