Stocks Lower into Final Hour on Global Growth Fears, Eurozone/Emerging Markets Debt Angst, Yen Strength, Tech/Homebuilding Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.94 +6.90%

• Euro/Yen Carry Return Index 139.75 -.40%

• Emerging Markets Currency Volatility(VXY) 9.86 +.31%

• S&P 500 Implied Correlation 59.82 +1.86%

• ISE Sentiment Index 101.0 -14.01%

• Total Put/Call .95 -5.94%

• NYSE Arms .98 -23.33% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.47 +1.15%

• America Energy Sector High-Yield CDS Index 660.0 +2.81%

• European Financial Sector CDS Index 56.95 +2.11%

• Western Europe Sovereign Debt CDS Index 22.67 +5.03%

• Asia Pacific Sovereign Debt CDS Index 61.289 +2.14%

• Emerging Market CDS Index 375.86 +.46%

• iBoxx Offshore RMB China Corporates High Yield Index 114.46 +.13%

• 2-Year Swap Spread 24.75 -.5 basis point

• TED Spread 24.75 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -21.25 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 144.0 +2.0 basis points

• China Import Iron Ore Spot $62.24/Metric Tonne -.94%

• Citi US Economic Surprise Index -49.4 -.4 point

• Citi Eurozone Economic Surprise Index 61.8 +3.8 points

• Citi Emerging Markets Economic Surprise Index -6.2 -3.9 points

• 10-Year TIPS Spread 1.87 +4.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -85 open in Japan

• DAX Futures: Indicating +19 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long