Stocks Falling Substantially into Afternoon on Global Growth Fears, Fed Rate Hike Worries, Oil Decline, Commodity/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 28.92 +12.92%

• Euro/Yen Carry Return Index 138.57 -.68%

• Emerging Markets Currency Volatility(VXY) 12.26 n/a

• S&P 500 Implied Correlation 65.56 +1.83%

• ISE Sentiment Index 83.0 +5.0%

• Total Put/Call 1.44 +28.57%

• NYSE Arms 2.71 +284.26% 

Credit Investor Angst:

• North American Investment Grade CDS Index 83.53 +1.93%

• America Energy Sector High-Yield CDS Index 1,802.0 -3.34%

• European Financial Sector CDS Index 84.05 +2.70%

• Western Europe Sovereign Debt CDS Index 21.87 +2.80%

• Asia Pacific Sovereign Debt CDS Index 83.42 +2.49%

• Emerging Market CDS Index 360.77 +3.13%
  

• iBoxx Offshore RMB China Corporates High Yield Index 116.86 +.02%

• 2-Year Swap Spread 13.25 -1.0 basis point

• TED Spread 31.75 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -23.75 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% +1.0 basis point

• Yield Curve 143.0 -4.0 basis points

• China Import Iron Ore Spot $56.50/Metric Tonne n/a

• Citi US Economic Surprise Index -15.6 -.9 point

• Citi Eurozone Economic Surprise Index 25.4 -1.5 points

• Citi Emerging Markets Economic Surprise Index -23.8 -.6 point

• 10-Year TIPS Spread 1.51 -3.0 basis points

• # of Months to 1st Fed Rate Hike(Morgan Stanley) 4.39 n/a

Overseas Futures:

• Nikkei 225 Futures: Indicating -283 open in Japan 

• China A50 Futures: Indicating n/a open in China

• DAX Futures: Indicating -61 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 25% Net Long