Stocks Lower into Final Hour on Greek Debt Deal Fears, Surging European/Emerging Markets/US High-Yield Debt Angst, China Bubble Concerns, Tech/Commodity 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) 15.21 +10.38%

• Euro/Yen Carry Return Index 145.36 +.09%

• Emerging Markets Currency Volatility(VXY) 9.46 +1.07%

• S&P 500 Implied Correlation 61.96 +1.34%

• ISE Sentiment Index 77.0 -33.04%

• Total Put/Call .87 -17.14%

• NYSE Arms 1.50 -19.06% 

Credit Investor Angst:

• North American Investment Grade CDS Index 69.73 +3.20%

• America Energy Sector High-Yield CDS Index 1,617.0 +1.28%

• European Financial Sector CDS Index 83.65 +6.53%

• Western Europe Sovereign Debt CDS Index 27.98 +8.95%

• Asia Pacific Sovereign Debt CDS Index 63.34 +1.29%

• Emerging Market CDS Index 320.88 +2.67%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.42 +.14%

• 2-Year Swap Spread 27.0 -.25 basis point

• TED Spread 27.75 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -19.75 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% -1.0 basis point

• Yield Curve 166.0 unch.

• China Import Iron Ore Spot $64.25/Metric Tonne -1.35%

• Citi US Economic Surprise Index -30.40 +2.6 points

• Citi Eurozone Economic Surprise Index 3.3 -1.4 points

• Citi Emerging Markets Economic Surprise Index -16.30 -.5 point

• 10-Year TIPS Spread 1.87 +1.0 basis point

Overseas Futures:

• Nikkei 225 Futures: Indicating -12 open in Japan 
• China A50 Futures: Indicating -268 open in China

• DAX Futures: Indicating +3 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 25% Net Long