Stocks Mostly Lower into Final Hour on Earnings Outlooks, Long-Term Rates, Technical Selling, Biotech/Tech Sector Weakness

 Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Heavy

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 12.24 -.41%

• Euro/Yen Carry Return Index 134.8 -.49%

• Emerging Markets Currency Volatility(VXY) 10.02 +1.31%

• S&P 500 Implied Correlation 28.4 +5.6%

• ISE Sentiment Index 106.0 +2.9%
  

• Total Put/Call .75 -7.4%

• NYSE Arms 1.19 +21.7%

Credit Investor Angst:

• North American Investment Grade CDS Index 57.95 -2.74%
  

• America Energy Sector High-Yield CDS Index 367.0 -.49%

• European Financial Sector CDS Index 71.84 -5.58%

• Italian/German 10Y Yld Spread 230.0 +1.75 basis points
  

• Asia Pacific Sovereign Debt CDS Index 12.33 -3.15%

• Emerging Market CDS Index 164.59 -.95%
  

• iBoxx Offshore RMB China Corporate High Yield Index 149.04 +.14%

• 2-Year Swap Spread 19.0 -1.0 basis point

• TED Spread 34.50 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -4.5 -1.75 basis points

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 69.85 -.38%
• 3-Month T-Bill Yield 1.98% -1.0 basis point
  

• Yield Curve 29.25 +.5 basis point

• China Iron Ore Spot 66.95 USD/Metric Tonne +2.06%

• Citi US Economic Surprise Index -4.40 +1.0 point

• Citi Eurozone Economic Surprise Index -29.80 +3.0 points

• Citi Emerging Markets Economic Surprise Index -1.2 -.4 point

• 10-Year TIPS Spread 2.13 unch.
  
• 80.2% chance of Fed rate hike at Sept. 26th meeting, 81.3% chance at November 8th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +63 open in Japan 
• China A50 Futures: Indicating +38 open in China

• DAX Futures: Indicating -1 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long