Stocks Reversing Lower into Final Hour on Global Growth Fears, Technical Selling, Profit-Taking, Gaming/Homebuilding Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Heavy

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.16 +1.08%

• Euro/Yen Carry Return Index 145.99 -.44%

• Emerging Markets Currency Volatility(VXY) 7.30 -.41%

• S&P 500 Implied Correlation 45.01 +3.09%

• ISE Sentiment Index 75.0 -44.0%

• Total Put/Call .80 -12.09%

• NYSE Arms .68 -38.17% 

Credit Investor Angst:

• North American Investment Grade CDS Index 56.34 -1.29%

• European Financial Sector CDS Index 56.66 -1.27%

• Western Europe Sovereign Debt CDS Index 26.90 -3.21%

• Asia Pacific Sovereign Debt CDS Index 62.60 -1.44%

• Emerging Market CDS Index 221.23 -.66%

• China Blended Corporate Spread Index 305.38 -1.51%

• 2-Year Swap Spread 24.0 -.25 basis point

• TED Spread 23.0 +1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -11.25 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 202.0 -4.0 basis points

• China Import Iron Ore Spot $81.70/Metric Tonne -1.57%

• Citi US Economic Surprise Index 20.00 +.2 point

• Citi Emerging Markets Economic Surprise Index -21.60 unch.

• 10-Year TIPS Spread 2.03 unch.

Overseas Futures:

• Nikkei Futures: Indicating -75 open in Japan

• DAX Futures: Indicating unh. open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them

• Market Exposure: 50% Net Long