Stocks Lower into Afternoon on Global Growth Concerns, Oil Decline, Yen Strength, Road & Rail/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 14.36 -.35%

• Euro/Yen Carry Return Index 128.45 -.89%

• Emerging Markets Currency Volatility(VXY) 10.84 +1.12%

• S&P 500 Implied Correlation 53.38 -.35%

• ISE Sentiment Index 88.0 -6.38%

• Total Put/Call .92 -27.56%

• NYSE Arms 1.75 +22.26% 

Credit Investor Angst:

• North American Investment Grade CDS Index 81.49 +.53%
  

• America Energy Sector High-Yield CDS Index 924.0 -4.29%

• European Financial Sector CDS Index 97.87 +.51%

• Western Europe Sovereign Debt CDS Index 25.87 +.79%

• Asia Pacific Sovereign Debt CDS Index 53.38 +.68%

• Emerging Market CDS Index 289.17 +.46%
  

• iBoxx Offshore RMB China Corporate High Yield Index 127.93 unch.

• 2-Year Swap Spread 13.25 +.25 basis point
  

• TED Spread 36.25 -1.25 basis points

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

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 71.62 -.62%
• 3-Month T-Bill Yield .27% unch.

• Yield Curve 96.0 -4.0 basis points
  

• China Import Iron Ore Spot $54.54/Metric Tonne -.93%

• Citi US Economic Surprise Index -33.0 +5.5 points

• Citi Eurozone Economic Surprise Index -7.4 +2.5 points

• Citi Emerging Markets Economic Surprise Index .1 -3.5 points

• 10-Year TIPS Spread 1.62% -1.0 basis point
  
• 17.4% chance of Fed rate hike at July 27 meeting, 35.6% chance at September 21 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +18 open in Japan 
• China A50 Futures: Indicating -69 open in China

• DAX Futures: Indicating -39 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 25% Net Long