Stocks Slightly Lower into Final Hour on Rising Emerging Markets/Eurozone Debt Angst, Global Growth Fears, Technical Selling, Commodity/Construction Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.40 +1.74%

• Euro/Yen Carry Return Index 142.96 -.05%

• Emerging Markets Currency Volatility(VXY) 7.31 -6.32%

• S&P 500 Implied Correlation 65.17 +1.86%

• ISE Sentiment Index 126.0 unch.

• Total Put/Call .97 +10.23%

• NYSE Arms 1.70 +111.13% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.45 +.85%

• European Financial Sector CDS Index 67.58 +.71%

• Western Europe Sovereign Debt CDS Index 32.70 +2.16%
• Asia Pacific Sovereign Debt CDS Index 67.24 -.90%

• Emerging Market CDS Index 259.94 +1.82%

• China Blended Corporate Spread Index 331.86 +.65%
• 2-Year Swap Spread 26.25 unch.

• TED Spread 22.75 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -7.0 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 188.0 -1.0 basis point

• China Import Iron Ore Spot $79.52/Metric Tonne -1.19%

• Citi US Economic Surprise Index 12.0 -5.2 points
• Citi Eurozone Economic Surprise Index -40.50 -3.7 points

• Citi Emerging Markets Economic Surprise Index -17.30 +.3 point

• 10-Year TIPS Spread 1.90 unch.

Overseas Futures:

• Nikkei Futures: Indicating -49 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

• Higher: On gains in my tech/retail/biotech 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