Stocks Slightly Lower into Final Hour on Geopolitical Concerns, Emerging Markets/US High-Yield Debt Angst, Oil Decline, Telecom/Hospital Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 9.99 +.6%

• Euro/Yen Carry Return Index 135.38 -.64%

• Emerging Markets Currency Volatility(VXY) 7.46 +.81%

• S&P 500 Implied Correlation 29.89 -5.68%

• ISE Sentiment Index n/a
  

• Total Put/Call .85 -8.6%

• NYSE Arms .84 -16.8%

Credit Investor Angst:

• North American Investment Grade CDS Index 58.40 +1.04%
  

• America Energy Sector High-Yield CDS Index 432.0 +.26%

• European Financial Sector CDS Index 51.70 +1.03%

• Western Europe Sovereign Debt CDS Index 5.06 -7.84%

• Asia Pacific Sovereign Debt CDS Index 19.30 -.36%

• Emerging Market CDS Index 183.95 +.54%
  

• iBoxx Offshore RMB China Corporate High Yield Index 140.78 +.06%

• 2-Year Swap Spread 25.50 +.5 basis point

• TED Spread 28.0 +3.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -25.25 +.75 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 73.76 -.09%
• 3-Month T-Bill Yield 1.04% -1.0 basis point
  

• Yield Curve 92.0 +1.0 basis point

• China Import Iron Ore Spot $75.46/Metric Tonne -.93%

• Citi US Economic Surprise Index -31.40 +7.7 points

• Citi Eurozone Economic Surprise Index 10.60 -2.7 basis points

• Citi Emerging Markets Economic Surprise Index 14.50 -2.3 basis points

• 10-Year TIPS Spread 1.83 +2.0 basis points
  
• 21.2% chance of Fed rate hike at Nov. 1 meeting, 49.4% chance at Dec. 13 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -16 open in Japan 
• China A50 Futures: Indicating +41 open in China

• DAX Futures: Indicating -19 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech sector longs 

• Disclosed Trades: None

• Market Exposure: 100% Net Long