Stocks Lower into Afternoon on Greece Debt Deal Worries, Rising Eurozone Debt Angst, Oil Decline, Healthcare/Transport 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) 12.71 +4.95%

• Euro/Yen Carry Return Index 144.97 +.26%

• Emerging Markets Currency Volatility(VXY) 8.69 -1.36%

• S&P 500 Implied Correlation 60.82 -.91%

• ISE Sentiment Index 103.0 +7.29%

• Total Put/Call .85 -11.46%

• NYSE Arms 1.29 +36.84% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.93 +.93%

• America Energy Sector High-Yield CDS Index 1,035.0 -32.52%

• European Financial Sector CDS Index 77.94 +3.36%

• Western Europe Sovereign Debt CDS Index 22.77 +3.17%

• Asia Pacific Sovereign Debt CDS Index 57.31 +.54%

• Emerging Market CDS Index 300.33 +1.07%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.82 +.06%

• 2-Year Swap Spread 21.5 -2.75 basis points

• TED Spread 28.25 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -19.25 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 170.0 -3.0 basis points

• China Import Iron Ore Spot $62.53/Metric Tonne +1.94%

• Citi US Economic Surprise Index -35.90 +.9 point

• Citi Eurozone Economic Surprise Index 10.4 -3.1 points

• Citi Emerging Markets Economic Surprise Index -18.50 -2.8 points

• 10-Year TIPS Spread 1.93 -1.0 basis point

Overseas Futures:

• Nikkei 225 Futures: Indicating -78 open in Japan 
• China A50 Futures: Indicating +13 open in China

• DAX Futures: Indicating -10 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long