Stocks Reversing Lower into Final Hour on Global Growth Worries, Technical Selling, Profit-Taking, Biotech/Healthcare Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.04 +6.10%

• Euro/Yen Carry Return Index 135.38 +.19%

• Emerging Markets Currency Volatility(VXY) 9.93 -.10%

• S&P 500 Implied Correlation 67.78 -.95%

• ISE Sentiment Index 115.0 +21.05%

• Total Put/Call .90 +18.42%

• NYSE Arms .84 -16.20% 

Credit Investor Angst:

• North American Investment Grade CDS Index 60.99 -.56%

• America Energy Sector High-Yield CDS Index 1,058.0 -.92%

• European Financial Sector CDS Index 70.64 -3.86%

• Western Europe Sovereign Debt CDS Index 26.60 +1.88%

• Asia Pacific Sovereign Debt CDS Index 59.30 -2.34%

• Emerging Market CDS Index 292.99 -.18%
  

• iBoxx Offshore RMB China Corporates High Yield Index 117.59 +.26%

• 2-Year Swap Spread 25.75 -.25 basis point

• TED Spread 26.5 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -19.75 +.75 basis point

Economic Gauges:

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

• Yield Curve 140.0 unch.

• China Import Iron Ore Spot $59.09/Metric Tonne +2.21%

• Citi US Economic Surprise Index -56.0 +1.7 points

• Citi Eurozone Economic Surprise Index 17.40 -3.1 points

• Citi Emerging Markets Economic Surprise Index -14.1 -.7 point

• 10-Year TIPS Spread 1.91 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +102 open in Japan

• DAX Futures: Indicating +1 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long