Stocks Falling into Final Hour on Global Growth Fears, Rising Emerging Markets/European Debt Angst, Technical Selling, Commodity/Homebuilding Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Every Sector Declining
  

• Volume: Slightly Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.82 +14.12%

• Euro/Yen Carry Return Index 145.81 -.20%

• Emerging Markets Currency Volatility(VXY) 7.40 +1.47%

• S&P 500 Implied Correlation 51.64 +15.35%

• ISE Sentiment Index 57.0 -29.63%

• Total Put/Call 1.07 +30.48%

• NYSE Arms 1.13 +24.04% 

Credit Investor Angst:

• North American Investment Grade CDS Index 58.23 +3.75%

• European Financial Sector CDS Index 57.94 +2.43%

• Western Europe Sovereign Debt CDS Index 26.52 -1.03%

• Asia Pacific Sovereign Debt CDS Index 63.23 +1.0%

• Emerging Market CDS Index 223.28 +.90%

• China Blended Corporate Spread Index 305.21 -.05%

• 2-Year Swap Spread 24.50 +.5 basis point

• TED Spread 22.25 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -10.25 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% -1.0 basis point

• Yield Curve 202.0 unch.

• China Import Iron Ore Spot $79.80/Metric Tonne -2.33%

• Citi US Economic Surprise Index 21.0 +1.0 point

• Citi Emerging Markets Economic Surprise Index -21.80 -.2 point

• 10-Year TIPS Spread 1.99 -4.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -95 open in Japan

• DAX Futures: Indicating -12 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long