Stocks Lower into Final Hour on Earnings Concerns, Global Growth Fears, Emerging Markets Debt Angst, REIT/Metals & Mining Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.49 +4.55%

• Euro/Yen Carry Return Index 138.47 -.93%

• Emerging Markets Currency Volatility(VXY) 10.03 +1.42%

• S&P 500 Implied Correlation 58.84 -1.08%

• ISE Sentiment Index 111.0 +21.98%

• Total Put/Call .94 -3.09%

• NYSE Arms 1.56 +46.40% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.81 +.09%
• America Energy Sector High-Yield CDS Index 666.0 +.31%

• European Financial Sector CDS Index 56.13 -1.66%

• Western Europe Sovereign Debt CDS Index 22.71 +.20%
• Asia Pacific Sovereign Debt CDS Index 62.72 +2.17%

• Emerging Market CDS Index 381.95 +1.55%

• iBoxx Offshore RMB China Corporates High Yield Index 114.30 -.14%
• 2-Year Swap Spread 24.75 unch.

• TED Spread 25.5 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -22.25 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 146.0 +2.0 basis points

• China Import Iron Ore Spot $61.94/Metric Tonne -.48%

• Citi US Economic Surprise Index -49.6 -.2 point
• Citi Eurozone Economic Surprise Index 55.6 -6.2 points

• Citi Emerging Markets Economic Surprise Index -6.5 -.3 points

• 10-Year TIPS Spread 1.88 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +2 open in Japan

• DAX Futures: Indicating +19 open in Germany

Portfolio: 

• Higher: On gains in my biotech sector longs, index hedges and emerging markets shorts

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long