Stocks Falling into Afternoon on Greece Debt Deal Worries, Rising Eurozone/Emerging Markets/US HIgh-Yield Debt Angst, Oil Drop, Biotech/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.65 +6.38%

• Euro/Yen Carry Return Index 145.36 +.16%

• Emerging Markets Currency Volatility(VXY) 9.36 -.21%

• S&P 500 Implied Correlation 61.03 +1.45%

• ISE Sentiment Index 107.0 +72.58%

• Total Put/Call 1.10 +32.53%

• NYSE Arms 2.06 +82.89% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.40 +2.44%

• America Energy Sector High-Yield CDS Index 1,576.0 +2.61%

• European Financial Sector CDS Index 78.32 +2.19%

• Western Europe Sovereign Debt CDS Index 25.69 +11.3%

• Asia Pacific Sovereign Debt CDS Index 62.23 +2.17%

• Emerging Market CDS Index 312.67 +.91%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.25 -.01%

• 2-Year Swap Spread 27.25 +1.25 basis points

• TED Spread 28.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -20.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 166.0 -1.0 basis point

• China Import Iron Ore Spot $65.13/Metric Tonne -.73%

• Citi US Economic Surprise Index -33.0 +4.7 points

• Citi Eurozone Economic Surprise Index 4.7 -.4 point

• Citi Emerging Markets Economic Surprise Index -15.80 +5.0 points

• 10-Year TIPS Spread 1.86 unch.

Overseas Futures:

• Nikkei 225 Futures: Indicating -78 open in Japan 
• China A50 Futures: Indicating -33 open in China

• DAX Futures: Indicating -19 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/medical/tech sector longs 

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

• Market Exposure: Moved to 25% Net Long