Stocks Slightly Lower into Final Hour on Growing Hong Kong Unrest, Fed Rate Hike Worries, Global Growth Fears, Commodity/Homebuilding Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.33 +9.97%

• Euro/Yen Carry Return Index 144.99 +.19%

• Emerging Markets Currency Volatility(VXY) 8.26 +6.44%

• S&P 500 Implied Correlation 56.62 +9.35%

• ISE Sentiment Index 79.0 -3.66%

• Total Put/Call .87 -22.32%

• NYSE Arms 1.93 +166.32% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.75 +3.72%

• European Financial Sector CDS Index 67.08 +6.28%

• Western Europe Sovereign Debt CDS Index 30.44 +8.40%
• Asia Pacific Sovereign Debt CDS Index 71.99 +4.14%

• Emerging Market CDS Index 279.16 +5.93%

• China Blended Corporate Spread Index 311.26 +.13%
• 2-Year Swap Spread 24.75 +2.25 basis points

• TED Spread 22.75 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -10.0 -1.5 basis points

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 192.0 -3.0 basis points

• China Import Iron Ore Spot $77.70/Metric Tonne -1.15%

• Citi US Economic Surprise Index 24.90 -2.0 basis points

• Citi Emerging Markets Economic Surprise Index -14.30 +2.9 points

• 10-Year TIPS Spread 1.95 -6.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -25 open in Japan

• DAX Futures: Indicating -1 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long