Stocks Lower into Final Hour on Global Growth Fears, Fed Rate Hike Concerns, Technical Selling, Technology/Healthcare Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.29 +3.1%

• Euro/Yen Carry Return Index 154.27 +.86%

• Emerging Markets Currency Volatility(VXY) 8.0 +.6%

• S&P 500 Implied Correlation 39.85 +7.69%

• ISE Sentiment Index 87.0 -17.14%

• Total Put/Call .95 +9.2%

• NYSE Arms .86 +13.09% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.05 -.2%

• European Financial Sector CDS Index 67.58 -.5%

• Western Europe Sovereign Debt CDS Index 32.17 +4.38%
• Asia Pacific Sovereign Debt CDS Index 64.15 +.81%

• Emerging Market CDS Index 277.96 -2.35%

• China Blended Corporate Spread Index 325.50 +.65%
• 2-Year Swap Spread 21.25 unch.

• TED Spread 21.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -9.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 183.0 +1.0 basis point

• China Import Iron Ore Spot $70.20/Metric Tonne -2.23%

• Citi US Economic Surprise Index 10.60 +.1 point
• Citi Eurozone Economic Surprise Index -15.0 +.7 point

• Citi Emerging Markets Economic Surprise Index -1.10 +1.1 points

• 10-Year TIPS Spread 1.84 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +115 open in Japan

• DAX Futures: Indicating +2 open in Germany

Portfolio: 

• Slightly Higher: On gains in my retail sector longs and index hedges

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

• Market Exposure: Moved to 25% Net Long