Stocks Slightly Lower Midday on Global Growth Fears, Earnings Outlook Concerns, Technical Selling, Biotech/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 18.81 +2.23%

• Euro/Yen Carry Return Index 141.31 +.32%

• Emerging Markets Currency Volatility(VXY) 11.34 unch.

• S&P 500 Implied Correlation 60.20 -.35%

• ISE Sentiment Index 91.0 -8.08%

• Total Put/Call 1.0 -8.26%

• NYSE Arms 1.37 +86.12% 

Credit Investor Angst:

• North American Investment Grade CDS Index 84.03 +.6%

• America Energy Sector High-Yield CDS Index 1,023.0 -.91%

• European Financial Sector CDS Index 83.40 +1.44%

• Western Europe Sovereign Debt CDS Index 21.10 +.98%

• Asia Pacific Sovereign Debt CDS Index 83.48 +2.62%

• Emerging Market CDS Index 337.73 -1.22%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.48 +.12%

• 2-Year Swap Spread 12.25 +.25 basis point

• TED Spread 32.25 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -24.0 +1.5 basis points

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.66 +.28%
• 3-Month T-Bill Yield -.01% unch.

• Yield Curve 144.0 unch.

• China Import Iron Ore Spot $55.97/Metric Tonne +5.33%

• Citi US Economic Surprise Index -26.80 +2.1 points

• Citi Eurozone Economic Surprise Index 8.40 unch.

• Citi Emerging Markets Economic Surprise Index -18.50 +3.1 points

• 10-Year TIPS Spread 1.57 +2.0 basis points
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 6.44 +.38

Overseas Futures:

• Nikkei 225 Futures: Indicating +99 open in Japan 
• China A50 Futures: Indicating +121 open in China

• DAX Futures: Indicating unch. open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long