Stocks Slightly Lower into Final Hour on Global Growth Fears, Emerging Markets Debt Angst, Oil Decline, Commodity/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.07 +.13%

• Euro/Yen Carry Return Index 141.33 -.26%

• Emerging Markets Currency Volatility(VXY) 11.23 +2.09%

• S&P 500 Implied Correlation 60.63 -1.16%

• ISE Sentiment Index 119.0 +32.22%

• Total Put/Call .91 +7.06%

• NYSE Arms 1.41 +10.92% 

Credit Investor Angst:

• North American Investment Grade CDS Index 81.15 -.71%

• America Energy Sector High-Yield CDS Index 1,054.0 +.44%

• European Financial Sector CDS Index 75.25 -3.22%

• Western Europe Sovereign Debt CDS Index 21.11 -.61%

• Asia Pacific Sovereign Debt CDS Index 74.80 -.37%

• Emerging Market CDS Index 330.19 +.82%
  

• iBoxx Offshore RMB China Corporates High Yield Index 121.54 +.02%

• 2-Year Swap Spread 11.75 -.25 basis point

• TED Spread 32.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -24.25 -.75 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.91 -.44%
• 3-Month T-Bill Yield -.01% unch.

• Yield Curve 143.0 +1.0 basis point

• China Import Iron Ore Spot $53.74/Metric Tonne n/a

• Citi US Economic Surprise Index -11.30 +3.5 points

• Citi Eurozone Economic Surprise Index 6.8 +.7 point

• Citi Emerging Markets Economic Surprise Index -18.10 -1.4 points

• 10-Year TIPS Spread 1.46 -3.0 basis points
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 6.50 -.39

Overseas Futures:

• Nikkei 225 Futures: Indicating +179 open in Japan 
• China A50 Futures: Indicating -5 open in China

• DAX Futures: Indicating -10 open in Germany

Portfolio: 

• Higher: On gains in my retail/medical/biotech/tech sector longs and emerging markets shorts 

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

• Market Exposure: 50% Net Long