Stocks Reversing Slightly Lower into Afternoon on Global Growth Fears, Earnings Concerns, Technical Selling, Tech/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.65 -.81%

• Euro/Yen Carry Return Index 142.66 +.42%

• Emerging Markets Currency Volatility(VXY) 9.41 -2.39%

• S&P 500 Implied Correlation 63.38 -.44%

• ISE Sentiment Index 83.0 -62.27%

• Total Put/Call .87 +10.13%

• NYSE Arms .90 -30.59% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.94 -1.42%

• America Energy Sector High-Yield CDS Index 1,056.0 -.43%

• European Financial Sector CDS Index 73.11 -.31%

• Western Europe Sovereign Debt CDS Index 21.67 -1.81%

• Asia Pacific Sovereign Debt CDS Index 59.70 -1.01%

• Emerging Market CDS Index 290.81 -.06%
  

• iBoxx Offshore RMB China Corporates High Yield Index 118.91 +.11%

• 2-Year Swap Spread 26.25 -.5 basis point

• TED Spread 26.50 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -18.75 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 160.0 -9.0 basis points

• China Import Iron Ore Spot $61.31/Metric Tonne -1.59%

• Citi US Economic Surprise Index -71.6 -9.4 points

• Citi Eurozone Economic Surprise Index 1.90 -.3 point

• Citi Emerging Markets Economic Surprise Index -14.0 +5.0 points

• 10-Year TIPS Spread 1.86 -2.0 basis points

Overseas Futures:

• Nikkei 225 Futures: Indicating +23 open in Japan 
• China A50 Futures: Indicating -136 open in China

• DAX Futures: Indicating -85 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 25% Net Long