Stocks Reversing Lower into Afternoon on China Bubble-Bursting Fears, Greece Unrest, Fed Rate Hike Concerns, Gaming/Commodity Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.29 -.60%

• Euro/Yen Carry Return Index 141.44 -.32%

• Emerging Markets Currency Volatility(VXY) 8.46 -2.20%

• S&P 500 Implied Correlation 59.87 -1.37%

• ISE Sentiment Index 99.0 -1.98%

• Total Put/Call .95 -2.06%

• NYSE Arms 1.16 +55.30% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.29 +.24%

• America Energy Sector High-Yield CDS Index 1,277.0 +1.33%

• European Financial Sector CDS Index 74.08 -2.0%

• Western Europe Sovereign Debt CDS Index 23.17 +.83%

• Asia Pacific Sovereign Debt CDS Index 59.02 -.51%

• Emerging Market CDS Index 305.49 +1.74%
  

• iBoxx Offshore RMB China Corporates High Yield Index 119.81 +.08%

• 2-Year Swap Spread 24.75 -.5 basis point

• TED Spread 28.25 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -20.0 -1.5 basis points

Economic Gauges:

• 3-Month T-Bill Yield .01% +2.0 basis points

• Yield Curve 172.0 -4.0 basis points

• China Import Iron Ore Spot $50.55/Metric Tonne +.98%

• Citi US Economic Surprise Index -21.5 +1.4 points

• Citi Eurozone Economic Surprise Index -1.1 +.6 point

• Citi Emerging Markets Economic Surprise Index -9.60 +7.6 points

• 10-Year TIPS Spread 1.85 -2.0 basis points
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 6.57 +.33

Overseas Futures:

• Nikkei 225 Futures: Indicating +66 open in Japan 
• China A50 Futures: Indicating -561 open in China

• DAX Futures: Indicating -43 open in Germany

Portfolio: 

• Higher: On gains in my biotech sector longs, index hedges and emerging markets shorts

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

• Market Exposure: Moved to 25% Net Long