Stocks Reversing Slightly Lower into Final Hour on Global Growth Fears, Earnings Worries, Profit-Taking, Biotech/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.83 -.68%

• Euro/Yen Carry Return Index 139.94 +.19%

• Emerging Markets Currency Volatility(VXY) 9.91 +.92%

• S&P 500 Implied Correlation 60.20-.79%

• ISE Sentiment Index 110.0 -25.68%

• Total Put/Call .98 -3.92%

• NYSE Arms 1.24 -24.30% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.26 -.42%
• America Energy Sector High-Yield CDS Index 650.0 -.80%

• European Financial Sector CDS Index 54.30 +.66%

• Western Europe Sovereign Debt CDS Index 22.51 -.75%
• Asia Pacific Sovereign Debt CDS Index 60.39 -1.09%

• Emerging Market CDS Index 376.06 -.70%

• iBoxx Offshore RMB China Corporates High Yield Index 114.42 +.13%
• 2-Year Swap Spread 24.75 +.25 basis point

• TED Spread 24.5 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -22.75 -2.0 basis points

Economic Gauges:

• 3-Month T-Bill Yield .01% -1.0 basis point

• Yield Curve 137.0 -1.0 basis point

• China Import Iron Ore Spot $62.56/Metric Tonne +.30%

• Citi US Economic Surprise Index -46.70 -4.9 points
• Citi Eurozone Economic Surprise Index 51.0 +1.1 points

• Citi Emerging Markets Economic Surprise Index -7.3 -.3 point

• 10-Year TIPS Spread 1.84 +4.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +42 open in Japan

• DAX Futures: Indicating -17 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/tech sector longs and emerging markets shorts 

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

• Market Exposure: Moved to 25% Net Long