Stocks Reversing Lower into Final Hour on Global Growth Fears, US High-Yield Debt Angst, Profit-Taking, Utility/Healthcare Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 18.90 +18.72%

• Euro/Yen Carry Return Index 151.50 -.09%

• Emerging Markets Currency Volatility(VXY) 10.79 -.74%

• S&P 500 Implied Correlation 67.64 +3.19%

• ISE Sentiment Index 52.0 -49.41%

• Total Put/Call .89 -10.10%

• NYSE Arms 1.29 +11.82% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.12 unch.
• America Energy Sector High-Yield CDS Index 641.0 +1.05%

• European Financial Sector CDS Index 67.44 +1.46%

• Western Europe Sovereign Debt CDS Index 27.20 -2.37%
• Asia Pacific Sovereign Debt CDS Index 67.15 +.34%

• Emerging Market CDS Index 338.33 +.84%

• China Blended Corporate Spread Index 331.44 -3.02%
• 2-Year Swap Spread 23.0 +2.75 basis points

• TED Spread 24.0 -1.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -14.5 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .04% +3.0 basis points

• Yield Curve 151.0 +1.0 basis point

• China Import Iron Ore Spot $71.26/Metric Tonne +.15%

• Citi US Economic Surprise Index 34.70 -3.7 points
• Citi Eurozone Economic Surprise Index 10.20 +1.0 point

• Citi Emerging Markets Economic Surprise Index -12.40 +.6 point

• 10-Year TIPS Spread 1.68 +4.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -21 open in Japan

• DAX Futures: Indicating +38 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long