Stocks Reversing Slightly Lower into Final Hour on Earnings Concerns, Profit-Taking, Technical Selling, Tech/Homebuilding 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) 13.68 -.07%

• Euro/Yen Carry Return Index 140.99 +.05%

• Emerging Markets Currency Volatility(VXY) 9.80 -2.87%

• S&P 500 Implied Correlation 59.70 -1.70%

• ISE Sentiment Index 91.0 +3.41%

• Total Put/Call 1.03 +3.0%

• NYSE Arms 1.11 +14.07% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.64 -.56%
• America Energy Sector High-Yield CDS Index 650.0 -5.30%

• European Financial Sector CDS Index 56.70 +.44%

• Western Europe Sovereign Debt CDS Index 23.21 -.62%
• Asia Pacific Sovereign Debt CDS Index 63.60 -2.17%

• Emerging Market CDS Index 379.73 +.49%

• iBoxx Offshore RMB China Corporates High Yield Index 114.17 +.30%
• 2-Year Swap Spread 24.75 -4.25 basis points

• TED Spread 24.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -19.75 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 136.0 -7.0 basis points

• China Import Iron Ore Spot $62.94/Metric Tonne -1.67%

• Citi US Economic Surprise Index -47.10 +.7 point
• Citi Eurozone Economic Surprise Index 50.6 +.8 point

• Citi Emerging Markets Economic Surprise Index -7.30 +2.4 points

• 10-Year TIPS Spread 1.74 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +39 open in Japan

• DAX Futures: Indicating -7 open in Germany

Portfolio: 

• Higher: On gains in my biotech/retail sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long