Stocks Slightly Lower into Final Hour on Global Growth Fears, Earnings Outlook Concerns, Technical Selling, Biotech/Homebuilding Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 19.48 -.31%

• Euro/Yen Carry Return Index 141.54 +.51%

• Emerging Markets Currency Volatility(VXY) 11.39 -2.23%

• S&P 500 Implied Correlation 61.37 +2.07%

• ISE Sentiment Index 54.0 -48.08%

• Total Put/Call .91 -9.0%

• NYSE Arms .67 +42.06% 

Credit Investor Angst:

• North American Investment Grade CDS Index 87.52 -1.01%

• America Energy Sector High-Yield CDS Index 1,099.0 -1.92%

• European Financial Sector CDS Index 84.81 -3.12%

• Western Europe Sovereign Debt CDS Index 20.58 -3.38%

• Asia Pacific Sovereign Debt CDS Index 83.82 -.29%

• Emerging Market CDS Index 348.88 -.47%
  

• iBoxx Offshore RMB China Corporates High Yield Index 119.88 +.02%

• 2-Year Swap Spread 12.25 -.75 basis point

• TED Spread 33.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -25.50 unch.

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 71.99 +.79%
• 3-Month T-Bill Yield -.01% unch.

• Yield Curve 143.0 -2.0 basis points

• China Import Iron Ore Spot $53.14/Metric Tonne n/a

• Citi US Economic Surprise Index -29.40 +.3 point

• Citi Eurozone Economic Surprise Index 13.90 -4.8 points

• Citi Emerging Markets Economic Surprise Index -20.30 unch.

• 10-Year TIPS Spread 1.53 +2.0 basis points
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 6.97 unch.

Overseas Futures:

• Nikkei 225 Futures: Indicating +104 open in Japan 
• China A50 Futures: Indicating n/a open in China

• DAX Futures: Indicating -8 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them

• Market Exposure: 50% Net Long