Stocks Slightly Lower into Final Hour on UK Election Uncertainty, Technical Selling, Profit-Taking, Utility/Gold & Silver Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Above Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 10.01 -3.66%

• Euro/Yen Carry Return Index 128.83 -.16%

• Emerging Markets Currency Volatility(VXY) 8.15 unch.

• S&P 500 Implied Correlation 39.17 -4.16%

• ISE Sentiment Index 104.0 +60.0%
  

• Total Put/Call .64 -28.9%

• NYSE Arms 1.14 +4.8%

Credit Investor Angst:

• North American Investment Grade CDS Index 61.32 +.66%
  

• America Energy Sector High-Yield CDS Index 414.0 +3.41%

• European Financial Sector CDS Index 66.56 -3.47%

• Western Europe Sovereign Debt CDS Index 7.80 -5.57%

• Asia Pacific Sovereign Debt CDS Index 18.18 -1.09%

• Emerging Market CDS Index 195.76 +.66%
  

• iBoxx Offshore RMB China Corporate High Yield Index 138.80 +.03%

• 2-Year Swap Spread 21.25 +.5 basis point

• TED Spread 23.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -33.25 -1.0 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 73.30 +.04%
• 3-Month T-Bill Yield .99% unch.
  

• Yield Curve 87.0 +1.0 basis point
  

• China Import Iron Ore Spot $55.43/Metric Tonne n/a

• Citi US Economic Surprise Index -43.20 -.8 point

• Citi Eurozone Economic Surprise Index 39.50 +.5 point

• Citi Emerging Markets Economic Surprise Index 11.0 +2.1 points

• 10-Year TIPS Spread 1.80 unch.
  
• 96.5% chance of Fed rate hike at July 26 meeting, 97.4% chance at Sept. 20 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +130 open in Japan 
• China A50 Futures: Indicating -11 open in China

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

• Higher: On gains in my biotech/tech sector longs 

• Disclosed Trades: None

• Market Exposure: 100% Net Long