Stocks Slightly Lower into Final Hour on Surging Eurozone Debt Angst, Global Growth Fears, Yen Strength, Homebuilding/Metals & Mining Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.6 -1.87%

• Euro/Yen Carry Return Index 134.04 +.80%

• Emerging Markets Currency Volatility(VXY) 9.77 unch.

• S&P 500 Implied Correlation 67.18 +1.59%

• ISE Sentiment Index 174.0 +53.98%

• Total Put/Call .84 +7.69%

• NYSE Arms 1.06 +16.16% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.44 +1.48%

• America Energy Sector High-Yield CDS Index 1,111.0 -1.77%

• European Financial Sector CDS Index 70.78 +8.32%

• Western Europe Sovereign Debt CDS Index 24.71 +7.27%

• Asia Pacific Sovereign Debt CDS Index 59.21 +.05%

• Emerging Market CDS Index 297.94 -.01%
  

• iBoxx Offshore RMB China Corporates High Yield Index 116.23 +.06%

• 2-Year Swap Spread 26.5 unch.

• TED Spread 26.50 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -23.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 140.0 +1.0 basis point

• China Import Iron Ore Spot $49.78/Metric Tonne -1.09%

• Citi US Economic Surprise Index -56.70 -7.7 points

• Citi Eurozone Economic Surprise Index 54.40 -.9 point

• Citi Emerging Markets Economic Surprise Index -13.6 -.4 point

• 10-Year TIPS Spread 1.85 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -55 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech sector longs and emerging markets shorts

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

• Market Exposure: Moved to 50% Net Long