Stocks Falling into Final Hour on Global Growth Fears, Earnings Worries, Oil Plunge, Commodity/Construction Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.67 +8.11%

• Euro/Yen Carry Return Index 132.66 -1.54%

• Emerging Markets Currency Volatility(VXY) 11.0 +4.27%

• S&P 500 Implied Correlation 61.22 +3.19%

• ISE Sentiment Index 71.0 -7.79%

• Total Put/Call 1.14 +6.54%

• NYSE Arms 1.72 +70.32% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.20 +3.47%
• America Energy Sector High-Yield CDS Index 733.0 +.36%

• European Financial Sector CDS Index 55.90 -.75%

• Western Europe Sovereign Debt CDS Index 21.10 +.98%
• Asia Pacific Sovereign Debt CDS Index 66.64 +2.69%

• Emerging Market CDS Index 418.59 +2.64%

• iBoxx Offshore RMB China Corporates High Yield Index 113.84 +.06%
• 2-Year Swap Spread 27.75 +.25 basis point

• TED Spread 25.0 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -19.25 -1.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .03% +1.0 basis point

• Yield Curve 147.0 +3.0 basis points

• China Import Iron Ore Spot $57.66/Metric Tonne -.53%

• Citi US Economic Surprise Index -60.10 -4.5 points
• Citi Eurozone Economic Surprise Index 44.1 -1.2 points

• Citi Emerging Markets Economic Surprise Index 5.60 +.7 point

• 10-Year TIPS Spread 1.69 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -25 open in Japan

• DAX Futures: Indicating +35 open in Germany

Portfolio: 

• Lower: On losses in my medical/tech sector longs 

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

• Market Exposure: Moved to 25% Net Long