Stocks Mostly Lower into Final Hour on Eurozone Debt Angst, Yen Strength, Profit-Taking, Retail/Road & Rail Sector Weakness

 Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Mixed
  

• Volume: Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.0 unch.

• Euro/Yen Carry Return Index 136.47 -.57%

• Emerging Markets Currency Volatility(VXY) 10.26 +1.68%

• S&P 500 Implied Correlation 34.32 -1.15%

• ISE Sentiment Index 138.0 +58.6%
  

• Total Put/Call .80 -20.0%

• NYSE Arms .72 +16.3%

Credit Investor Angst:

• North American Investment Grade CDS Index 59.16 +1.43%
  

• America Energy Sector High-Yield CDS Index 411.0 +7.96%

• European Financial Sector CDS Index 88.19 +3.81%

• Italian/German 10Y Yld Spread 303.0 +20.25 basis points
  

• Asia Pacific Sovereign Debt CDS Index 9.09 +3.12%

• Emerging Market CDS Index 192.03 -.75%
  

• iBoxx Offshore RMB China Corporate High Yield Index 150.78 +.08%

• 2-Year Swap Spread 17.25 +.5 basis point

• TED Spread 18.75 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -41.0 +.25 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 66.77 -.28%
• 3-Month T-Bill Yield 2.21% +1.0 basis point

• Yield Curve 24.25 -1.5 basis points

• China Iron Ore Spot 69.0 USD/Metric Tonne +.29%

• Citi US Economic Surprise Index -7.7 -.1 point

• Citi Eurozone Economic Surprise Index -29.30 -.6 point

• Citi Emerging Markets Economic Surprise Index -10.8 +.8 point

• 10-Year TIPS Spread 2.13 -1.0 basis point
• 77.2% chance of Fed rate hike at Dec. 19th meeting, 78.6% chance at Jan. 30th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -20 open in Japan 
• China A50 Futures: Indicating -193 open in China

• DAX Futures: Indicating -31 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long