Stocks Falling Substantially into Final Hour on Greek Debt Deal Fears, Soaring Eurozone/Emerging Markets/US High-Yield Debt Angst, China Bubble-Bursting Worries, Financial/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 18.38 +31.10%

• Euro/Yen Carry Return Index 143.85 -.47%

• Emerging Markets Currency Volatility(VXY) 9.08 +3.89%

• S&P 500 Implied Correlation 64.52 +6.22%

• ISE Sentiment Index 90.0 +13.92%

• Total Put/Call 1.40 +32.08%

• NYSE Arms 1.44 +84.64% 

Credit Investor Angst:

• North American Investment Grade CDS Index 71.590 +5.96%

• America Energy Sector High-Yield CDS Index 1,125.0 +2.09%

• European Financial Sector CDS Index 90.92 +18.5%

• Western Europe Sovereign Debt CDS Index 27.86 +25.61%

• Asia Pacific Sovereign Debt CDS Index 60.64 +4.33%

• Emerging Market CDS Index 312.72 +2.92%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.86 unch.

• 2-Year Swap Spread 25.25 +2.0 basis points

• TED Spread 28.25 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -21.75 -1.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 169.0 -8.0 basis points

• China Import Iron Ore Spot $61.29/Metric Tonne -1.16%

• Citi US Economic Surprise Index -29.10 +1.5 points

• Citi Eurozone Economic Surprise Index 1.90 -5.5 points

• Citi Emerging Markets Economic Surprise Index -20.90 -.1 point

• 10-Year TIPS Spread 1.89 -5.0 basis points

Overseas Futures:

• Nikkei 225 Futures: Indicating +56 open in Japan 
• China A50 Futures: Indicating -183 open in China

• DAX Futures: Indicating -73 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 25% Net Long