Stocks Lower into Final Hour on Earnings Concerns, Oil Decline, Profit-Taking, Commodity/Road & Rail Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.26 +2.96%

• Euro/Yen Carry Return Index 139.64 -1.0%

• Emerging Markets Currency Volatility(VXY) 9.75 +.41%

• S&P 500 Implied Correlation 60.36 -.35%

• ISE Sentiment Index 9164.0 +86.36%

• Total Put/Call 1.03 +3.0%

• NYSE Arms 1.52 +48.21% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.86 +.22%
• America Energy Sector High-Yield CDS Index 648.0 -1.80%

• European Financial Sector CDS Index 53.95 -5.06%

• Western Europe Sovereign Debt CDS Index 22.68 -2.28%
• Asia Pacific Sovereign Debt CDS Index 60.65 -4.0%

• Emerging Market CDS Index 377.14 -.54%

• iBoxx Offshore RMB China Corporates High Yield Index 114.27 +.09%
• 2-Year Swap Spread 24.5 -.25 basis point

• TED Spread 24.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -20.75 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 137.0 +1.0 basis point

• China Import Iron Ore Spot $62.37/Metric Tonne -.91%

• Citi US Economic Surprise Index -41.80 -5.3 points
• Citi Eurozone Economic Surprise Index 49.90 -.7 point

• Citi Emerging Markets Economic Surprise Index -7.0 +.3 point

• 10-Year TIPS Spread 1.80 +6.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +55 open in Japan

• DAX Futures: Indicating -15 open in Germany

Portfolio: 

• Slightly Higher: On gains in my biotech/tecch sector longs 

• Disclosed Trades: None

• Market Exposure: 50% Net Long