Stocks Falling into Final Hour on Global Growth Worries, Greece Deal Concerns, China Bubble Fears, Technology/Healthcare Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 15.05 +10.18%

• Euro/Yen Carry Return Index 146.09 -.12%

• Emerging Markets Currency Volatility(VXY) 9.60 +1.59%

• S&P 500 Implied Correlation 63.94 +2.81%

• ISE Sentiment Index 84.0 -37.3%

• Total Put/Call 1.08 +18.68%

• NYSE Arms 1.53 +53.27% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.20 +1.60%

• America Energy Sector High-Yield CDS Index 1,143.0 -.54%

• European Financial Sector CDS Index 74.63 +.48%

• Western Europe Sovereign Debt CDS Index 22.39 -4.21%

• Asia Pacific Sovereign Debt CDS Index 60.83 +1.69%

• Emerging Market CDS Index 302.54 +2.27%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.04 +.02%

• 2-Year Swap Spread 24.5 +.25 basis point

• TED Spread 26.75 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -18.75 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 164.0 -5.0 basis points

• China Import Iron Ore Spot $64.77/Metric Tonne +2.27%

• Citi US Economic Surprise Index -50.50 +1.0 point

• Citi Eurozone Economic Surprise Index 4.40 -.2 point

• Citi Emerging Markets Economic Surprise Index -19.50 -.5 point

• 10-Year TIPS Spread 1.84 -1.0 basis point

Overseas Futures:

• Nikkei 225 Futures: Indicating -60 open in Japan 
• China A50 Futures: Indicating -242 open in China

• DAX Futures: Indicating -75 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts

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

• Market Exposure: Moved to 25% Net Long