Stocks Slightly Lower into Final Hour on Global Growth Fears, Emerging Markets/US High-Yield Debt Angst, Earnings Concerns, Energy/Biotech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 17.47 +.81%

• Euro/Yen Carry Return Index 139.97 -.71%

• Emerging Markets Currency Volatility(VXY) 10.67 +.57%

• S&P 500 Implied Correlation 65.30 +1.89%

• ISE Sentiment Index 129.0 +31.63%

• Total Put/Call .93 -1.06%

• NYSE Arms 1.04 +97.87% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.68 +1.09%
• America Energy Sector High-Yield CDS Index 750.0 -3.37%

• European Financial Sector CDS Index 62.40 -.55%

• Western Europe Sovereign Debt CDS Index 24.71 -2.77%
• Asia Pacific Sovereign Debt CDS Index 68.41 +.93%

• Emerging Market CDS Index 390.45 +1.78%

• iBoxx Offshore RMB China Corporates High Yield Index 113.60 +.09%
• 2-Year Swap Spread 24.75 -.25 basis point

• TED Spread 24.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -16.5 -1.25 basis points

Economic Gauges:

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

• Yield Curve 128.0 +1.0 basis point

• China Import Iron Ore Spot $62.58/Metric Tonne -.95%

• Citi US Economic Surprise Index -13.0 unch.
• Citi Eurozone Economic Surprise Index 20.80 +8.2 points

• Citi Emerging Markets Economic Surprise Index -5.90 unch.

• 10-Year TIPS Spread 1.71 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -5 open in Japan

• DAX Futures: Indicating -25 open in Germany

Portfolio: 

• Higher: On gains in my retail/tech/medical sector longs 

• Disclosed Trades: None

• Market Exposure: 50% Net Long