Stocks Slightly Lower into Final Hour on Earnings Worries, Oil Weakness, Techincal Selling, Energy/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Around Even
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.18 -.90%

• Euro/Yen Carry Return Index 134.31 +.44%

• Emerging Markets Currency Volatility(VXY) 9.97 +.10%

• S&P 500 Implied Correlation 68.22 +.59%

• ISE Sentiment Index 142.0 +52.69%

• Total Put/Call .87 +11.54%

• NYSE Arms 1.60 +34.62% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.21 -.49%

• America Energy Sector High-Yield CDS Index 1,065.0 +.52%

• European Financial Sector CDS Index 75.34 -1.56%

• Western Europe Sovereign Debt CDS Index 26.75 +1.69%

• Asia Pacific Sovereign Debt CDS Index 59.68 -1.20%

• Emerging Market CDS Index 302.82 +.74%
  

• iBoxx Offshore RMB China Corporates High Yield Index 116.78 +.09%

• 2-Year Swap Spread 27.25 +1.0 basis point

• TED Spread 26.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -22.25 +1.5 basis points

Economic Gauges:

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

• Yield Curve 139.0 +2.0 basis points

• China Import Iron Ore Spot $51.04/Metric Tonne -1.03%

• Citi US Economic Surprise Index -53.10 +1.2 points

• Citi Eurozone Economic Surprise Index 47.80 -2.1 points

• Citi Emerging Markets Economic Surprise Index -12.8 -.3 point

• 10-Year TIPS Spread 1.87 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +125 open in Japan

• DAX Futures: Indicating +51 open in Germany

Portfolio: 

• Slightly Higher: On gains in my biotech/retail/medical sector longs

• Disclosed Trades: None

• Market Exposure: 50% Net Long