Stocks Falling into Afternoon on Greek Debt Deal Worries, Global Growth Concerns, China Bubble Fears, Commodity/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.41 +1.67%

• Euro/Yen Carry Return Index 145.48 -.33%

• Emerging Markets Currency Volatility(VXY) 8.95 +.34%

• S&P 500 Implied Correlation 62.14 -.50%

• ISE Sentiment Index 98.0 +10.11%

• Total Put/Call .83 -10.75%

• NYSE Arms 1.81 +185.60% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.91 -.51%

• America Energy Sector High-Yield CDS Index 1,554.0 -.29%

• European Financial Sector CDS Index 89.87 -1.29%

• Western Europe Sovereign Debt CDS Index 28.88 +.03%

• Asia Pacific Sovereign Debt CDS Index 61.22 -.15%

• Emerging Market CDS Index 308.90 +.62%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.59 +.10%

• 2-Year Swap Spread 25.25 -.5 basis point

• TED Spread 28.5 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -19.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 165.0 -5.0 basis points

• China Import Iron Ore Spot $61.36/Metric Tonne -.66%

• Citi US Economic Surprise Index -36.0 -.2 point

• Citi Eurozone Economic Surprise Index -2.80 -.9 point

• Citi Emerging Markets Economic Surprise Index -16.90 -.4 point

• 10-Year TIPS Spread 1.89 -2.0 basis points

Overseas Futures:

• Nikkei 225 Futures: Indicating -15 open in Japan 
• China A50 Futures: Indicating -13 open in China

• DAX Futures: Indicating +6 open in Germany

Portfolio: 

• Higher: On gains in my biotech/retail/medical sector longs and emerging markets shorts

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

• Market Exposure: Moved to 25% Net Long