Stocks Lower into Final Hour on Rising European Debt Angst, Global Growth Fears, Earnings Worries, Healthcare/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.93 +4.19%

• Euro/Yen Carry Return Index 138.0 +1.20%

• Emerging Markets Currency Volatility(VXY) 9.91 -.60%

• S&P 500 Implied Correlation 66.19 -1.68%

• ISE Sentiment Index 84.0 -26.96%

• Total Put/Call .95 +4.40%

• NYSE Arms .62 -36.45% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.31 +1.72%

• America Energy Sector High-Yield CDS Index 1,071.0 +1.0%

• European Financial Sector CDS Index 72.03 +2.06%

• Western Europe Sovereign Debt CDS Index 25.50 +.73%

• Asia Pacific Sovereign Debt CDS Index 60.21 +.84%

• Emerging Market CDS Index 295.0 +.34%
  

• iBoxx Offshore RMB China Corporates High Yield Index 117.77 +.04%

• 2-Year Swap Spread 23.75 unch.

• TED Spread 26.75 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -19.75 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% -1.0 basis point

• Yield Curve 148.0 +5.0 basis points

• China Import Iron Ore Spot $57.13/Metric Tonne -4.59%

• Citi US Economic Surprise Index -66.80 -8.3 points

• Citi Eurozone Economic Surprise Index 17.20 +1.0 point

• Citi Emerging Markets Economic Surprise Index -16.5 -.9 point

• 10-Year TIPS Spread 1.92 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -244 open in Japan

• DAX Futures: Indicating +68 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long